# D-Wave Quantum Inc. (QBTS) · Edgar & Edgarette company card

> D-Wave Quantum (QBTS) grew revenue 179% in FY2025 to $25 million, operating margin -408% against a 7.7% median for computer processing & data preparation, equity 93.1% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1907982 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/QBTS) · [JSON](https://www.pops4.com/boards/company/QBTS.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $25M |
| Revenue growth, 1 year | 178.5% |
| Revenue growth per year | 40.7% |
| Operating margin | -408.2% (prior year -874.8%) |
| Net margin | -1444.1% |
| Operating cash flow | −$72M |
| Capital spending | $4M |
| Free cash flow | −$76M |
| Cash | $635M |
| Long-term debt | $36M |
| Total assets | $916M |
| Total equity | $852M |
| Equity ÷ assets | 93.1% |
| Return on equity | -41.7% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 16.11 (safe zone)
- Piotroski F: 5 of 9 (middling)
- Beneish M: -2.94 (below the −1.78 line)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -408.2% in FY2025; revenue is hard to predict: its 80% range is ±61%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $24.6M (FY2025), total debt $35.8M. Experience: revenue up 178.5% on the year, up 40.7% a year over 4 years; operating margin -408.2%, up from -874.8%. Soundness: equity 93.1% of assets, return on equity -41.7%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $25.5M and $105.7M next year (method v4.1: its own 5-year record of growth weighed at 57% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $23.1M to $116.9M. A statistical range, not company guidance. Against peers (35 filers, $50M+ revenue, services-computer processing & data preparation): operating margin -408.2% against a 7.7% median; growth 178.5% against 10.2%.

Range logged 2026-09-24, receipt c990f14920dbf12a, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-07-14 ([filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000099/0001907982-26-000099-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-09-21 ([filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000152/0001907982-26-000152-index.htm))

## Recent filings

- 8-K · filed 2026-11-04 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000172/0001907982-26-000172-index.htm)
- 8-K · filed 2026-10-28 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000169/0001907982-26-000169-index.htm)
- 8-K · filed 2026-10-01 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000159/0001907982-26-000159-index.htm)
- 8-K · filed 2026-09-21 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000152/0001907982-26-000152-index.htm)
- 8-K · filed 2026-09-17 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000150/0001907982-26-000150-index.htm)
- 8-K · filed 2026-09-15 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000148/0001907982-26-000148-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001907982.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1907982

## Cite

POPS4, Edgar & Edgarette: D-Wave Quantum Inc. (QBTS) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/QBTS. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.