D-Wave Quantum Inc. Common Shares (QBTS)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach D-Wave as a speculator's quantum story, not a Graham bargain. The company sells Advantage quantum computers, Ocean software, and the Leap cloud service. That is a real, technically difficult business with 382 employees. But the financial record is unforgiving. In fiscal 2025, the year ended 2025-12-31, revenue was $24.6M and net loss was $355.1M. In fiscal 2024, revenue was $8.8M and net loss $143.9M; in fiscal 2023, revenue was $8.8M and net loss $82.7M. So the losses are far larger than sales, and FairStock's Lynch category is none because the company lost money in each of the last four years. In the latest filed quarter, fiscal Q2 2026 ended 2026-06-30, revenue was $3.1M and net loss was $48.0M. The year-over-year loss narrowed from $167.3M in fiscal Q2 2025, but the absolute loss remains huge. Free cash flow is negative, at -$119.8M trailing, and FairStock's FCF yield is -2.4%. Balance-sheet leverage is low, D/E 0.04, and Altman Z 38.49, but Piotroski F-Score 2/9 and negative ROE/ROCE show poor profitability. At the 2026-10-13 close of $13.38, market cap is $4.9B, P/B 4.60, and P/E -19.11 on FairStock calculations. Paying almost $5B for $24.6M of fiscal 2025 revenue requires believing quantum computing becomes a very large market and D-Wave captures meaningful share. I see no durable moat yet, only intellectual property and cloud access in an unproven field. Until revenue scales and cash burn falls, this is a story stock, not a value investment.

In plain English: D-Wave builds quantum computers and related software and cloud services. The business is not yet profitable: it lost money in each of the last four years, and the latest reported quarter had very small revenue compared with its losses. At the 2026-10-13 close of $13.38, the price looks expensive relative to today's sales and profits, although investors are paying for future potential.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer