Tearsheet

D-Wave Quantum (QBTS)

Market Price (11/8/2025): $30.03 | Market Cap: $10.3 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

D-Wave Quantum (QBTS)

Market Price (11/8/2025): $30.03
Market Cap: $10.3 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 156%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -86 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -355%
1		Expensive valuation multiples P/SPrice/Sales ratio is 418x
2		Stock price has recently run up significantly 6M Rtn6 month market price return is 166%, 12M Rtn12 month market price return is 1921%
3		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -214%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -228%
4		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 244%
5		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2%
6		High stock price volatility Vol 12M is 175%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 156%
1	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -86 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -355%
2	Expensive valuation multiples P/SPrice/Sales ratio is 418x
3	Stock price has recently run up significantly 6M Rtn6 month market price return is 166%, 12M Rtn12 month market price return is 1921%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -214%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -228%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 244%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2%
7	High stock price volatility Vol 12M is 175%

Market Valuation & Key Metrics

	11/8/25	2024	2023	2022	2021
Share Price CYE	$30.03	$8.40	$0.88	$1.44
Market Cap CYE ($ Bil)	10.3	2.0	0.1	0.2	-
Total Debt ($ Bil)	0.0	0.0	0.1	0.0	0.0
Total Cash ($ Bil)	0.8	0.2	0.0	0.0	0.0
Enterprise Value ($ Bil)	9.5	2.0	0.2	0.2
Valuation Ratios
P/S TTM	425.6	182.8	13.9	24.0	0.0
P/EBIT TTM	-25.8	-11.5	-1.5	-3.4	0.0
P/E TTM	-25.8	-11.2	-1.5	-3.2	0.0
Sector Ratios
P/S TTM (Sector)	3.1	3.1	2.8	2.5	4.7
P/EBIT TTM (Sector)	2.6	-0.0	-0.1	-0.5	1.7
P/E TTM (Sector)	-0.3	-0.3	-0.4	-0.6	0.1

	11/8/25	2024	2023
Share Price CYE	$30.03	$8.40	$0.88
Market Cap CYE ($ Bil)	10.3	2.0	0.1
Total Debt ($ Bil)	0.0	0.0	0.1
Total Cash ($ Bil)	0.8	0.2	0.0
Enterprise Value ($ Bil)	9.5	2.0	0.2
Valuation Ratios
P/S TTM	425.6	182.8	13.9
P/EBIT TTM	-25.8	-11.5	-1.5
P/E TTM	-25.8	-11.2	-1.5
Sector Ratios
P/S TTM (Sector)	3.1	3.1	2.8
P/EBIT TTM (Sector)	1.0	-0.0	-0.1
P/E TTM (Sector)	-0.2	-0.3	-0.4

	QBTS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	99.9%	7.2%
Rev Chg LTM	156.2%	6.0%
Rev Chg 3Y Avg	61.6%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.4
Op Mgn LTM	-355.2%	18.8%
CFO/Rev LTM	-213.7%	20.5%
Net Inc Mgn	-1,651.8%	13.0%
VALUATION	VERY HIGH
P/S	425.6	3.2
P/CFO	-199.2	15.2
P/FCF	-186.6	20.0
P/E	-25.8	23.6
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.97	0.07

AI Generated Analysis | Feedback

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QBTS Stock

Return (1M):

Factor Drivers of Stock Movement

The 74.6% change in QBTS stock from 8/8/2025 to 11/7/2025 was primarily driven by a 82.3% change in the company's P/S Multiple.

	8082025	11072025	Change
Stock Price ($)	16.90	29.50	74.56%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	22.27	24.14	8.39%
P/S Multiple	229.35	418.12	82.31%
Shares Outstanding (Mil)	302.29	342.20	-13.20%
Cumulative Contribution			71.51%

LTM = Last Twelve Months as of date shown

The 166.0% change in QBTS stock from 5/9/2025 to 11/7/2025 was primarily driven by a 181.2% change in the company's P/S Multiple.

	5092025	11072025	Change
Stock Price ($)	11.09	29.50	166.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	21.36	24.14	13.02%
P/S Multiple	148.69	418.12	181.21%
Shares Outstanding (Mil)	286.42	342.20	-19.48%
Cumulative Contribution			155.91%

LTM = Last Twelve Months as of date shown

The 1920.5% change in QBTS stock from 11/7/2024 to 11/7/2025 was primarily driven by a 1583.0% change in the company's P/S Multiple.

	11072024	11072025	Change
Stock Price ($)	1.46	29.50	1920.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	10.12	24.14	138.67%
P/S Multiple	24.84	418.12	1582.97%
Shares Outstanding (Mil)	172.14	342.20	-98.80%
Cumulative Contribution			-51.62%

LTM = Last Twelve Months as of date shown

The 1017.4% change in QBTS stock from 11/8/2022 to 11/7/2025 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

	11082022	11072025	Change
Stock Price ($)	2.64	29.50	1017.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	24.14	�
P/S Multiple	�	418.12	�
Shares Outstanding (Mil)	109.74	342.20	-211.82%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Following is a highlight of the key points for why D-Wave Quantum (QBTS) stock moved by 71.6% from July 31, 2025, to November 8, 2025: 1. Strong Q3 2025 Financial Performance. D-Wave Quantum reported robust financial results for the third quarter ended September 30, 2025. The company announced a 100% year-over-year increase in revenue, reaching $3.7 million, and a 156% rise in GAAP gross profit. Additionally, bookings for the quarter reached $2.4 million, an 80% sequential increase, and the company's cash balance surged to over $836 million, signaling strong commercial traction and a solid financial position.

2. Major International System Deal in Italy. D-Wave secured a significant €10 million contract for 50% capacity of its Advantage2™ annealing quantum computer in Lombardy, Italy. This deal, in partnership with the Italian government and the Q-Alliance initiative, represents a notable expansion of D-Wave's global footprint and underscores increasing international demand for its quantum computing solutions.

3. Consistent Positive Analyst Coverage and Price Target Increases. Throughout the period, D-Wave Quantum received multiple positive analyst ratings and significant price target increases. For instance, Canaccord Genuity maintained a "Buy" rating and raised its price target from $20.00 to $41.00 on November 7, 2025. Similarly, Rosenblatt Securities increased its price objective from $30.00 to $40.00, reflecting growing confidence from financial institutions in QBTS's market potential and future prospects.

4. Strategic Deployment of Advantage2 System for U.S. Government. The operational launch of D-Wave's Advantage2 system at Davidson Technologies for use by the U.S. government marked a significant step in advancing national security and defense applications. This deployment highlights the company's expanding presence in the public sector and validates its technology for critical, real-world computational problems.

5. Achievement of Quantum Supremacy and Other Technological Milestones. D-Wave's Advantage2 system achieved quantum supremacy on a practical problem, demonstrating its advanced capabilities. The company also made progress in its gate-model quantum computing program, including the fabrication of fluxonium qubit chips. These technological advancements underscore D-Wave's innovation and leadership in the evolving quantum computing landscape.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
QBTS Return	-	-	-	-39%	854%	238%	1872%
Peers Return	25%	1%	-29%	114%	4%	-10%	80%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
QBTS Win Rate	-	-	25%	42%	50%	50%
Peers Win Rate	37%	37%	15%	38%	48%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
QBTS Max Drawdown	-	-	-	-71%	-22%	-54%
Peers Max Drawdown	-13%	-20%	-32%	-2%	-16%	-37%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: EBON, VELO, YIBO, AAPL, DELL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	QBTS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-96.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	2906.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	738 days	464 days

Compare to EBON, VELO, YIBO, AAPL, DELL

In The Past

D-Wave Quantum's stock fell -96.7% during the 2022 Inflation Shock from a high on 8/9/2022. A -96.7% loss requires a 2906.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About D-Wave Quantum (QBTS)

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Better Bets than D-Wave Quantum (QBTS)

	QBTS	Better Performance than QBTS
Metric	Value	Industry (Technology Hardware, Storage &)
Rev Chg LTM	156.2%	UMAC (279.4%)
Rev Chg 3Y Avg	61.6%	SMCI (63.1%), IONQ (107.6%)
Op Mgn LTM	-355.2%	AAPL (31.9%), DELL (6.8%), STX (21.1%), WDC (21.1%), SNDK (5.7%)
CFO/Rev LTM	-213.7%	AAPL (26.6%), DELL (7.4%), STX (11.9%), WDC (12.7%), HPE (7.5%)
FCF/Rev LTM	-228.1%	AAPL (23.5%), DELL (4.8%), STX (9.0%), WDC (9.6%), HPE (0.7%)
Total Yield	-4.0%	AAPL (2.9%), DELL (6.3%), STX (3.4%), WDC (3.3%), HPE (6.2%)

	QBTS	Better Performance than QBTS
Metric	Value	Sector (Information Technology)
Rev Chg LTM	156.2%	CRDO (175.8%), ASTS (249.4%), POET (302.5%), TSSI (328.8%), BZAI (205.6%)
Rev Chg 3Y Avg	61.6%	NVDA (92.0%), CRDO (74.4%), SMCI (63.1%), IONQ (107.6%), APLD (172.2%)
Op Mgn LTM	-355.2%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), AVGO (39.0%), ORCL (31.6%)
CFO/Rev LTM	-213.7%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), AVGO (42.4%), ORCL (36.5%)
FCF/Rev LTM	-228.1%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), ORCL (-10.0%)
Total Yield	-4.0%	NVDA (1.9%), AAPL (2.9%), MSFT (3.5%), AVGO (1.1%), ORCL (2.6%)

	QBTS	Better Performance than QBTS
Metric	Value	All Other Sectors
Rev Chg LTM	156.2%	EXE (169.1%), NBIS (542.6%), SW (163.8%), IREN (235.0%), NLY (473.5%)
Rev Chg 3Y Avg	61.6%	APO (129.8%), NU (70.1%), SLF (88.9%), NBIS (160.6%), SW (65.7%)
Op Mgn LTM	-355.2%	GOOGL (32.2%), AMZN (11.4%), META (43.2%), TSLA (5.1%), LLY (43.0%)
CFO/Rev LTM	-213.7%	GOOGL (39.3%), AMZN (18.1%), META (56.8%), TSLA (16.5%), BRK-B (9.8%)
FCF/Rev LTM	-228.1%	GOOGL (19.1%), AMZN (2.0%), META (23.7%), TSLA (7.1%), BRK-B (4.8%)
Total Yield	-4.0%	GOOGL (4.0%), AMZN (2.7%), META (4.1%), TSLA (0.4%), BRK-B (6.3%)

		Best Bets In Information Technology Sector
	QBTS	VRSN	NVDA	RMBS	APP	YOU	ANET	GEN	IDCC	DBX	MPWR
What You Pay
P/E	-25.3	27.8	52.9	50.6	74.1	19.1	50.5	27.8	19.2	17.3	24.2
P/EBIT	-25.4	20.1	45.4	43.2	64.1	20.9	46.8	9.9	15.6	14.7	66.3
What You Get
Rev Chg Q	99.9%	7.3%	55.6%	22.7%	68.2%	15.5%	27.5%	25.3%	28.0%	-1.4%	18.9%
Rev Chg LTM	156.2%	5.5%	71.6%	31.0%	86.4%	17.8%	27.8%	16.2%	28.8%	-0.0%	30.5%
Rev Chg 3Y Avg	61.6%	5.2%	92.0%	17.3%	36.0%	31.0%	29.4%	16.5%	27.1%	4.1%	17.2%
FCF/Rev 3Y Avg	-523.8%	57.4%	41.3%	39.3%	42.6%	32.5%	41.0%	36.7%	54.2%	32.9%	28.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	D-Wave Quantum Stock Fell 20% in a Week, What Now?	Return
2	Day 7 of Gains Streak for D-Wave Quantum Stock with 68% Return (vs. 220% YTD) [9/21/2025]	Notification
3	QBTS Dip Buy Analysis
4	D-Wave Quantum (QBTS) Operating Cash Flow Comparison	Financials
5	D-Wave Quantum (QBTS) Revenue Comparison	Financials
6	D-Wave Quantum (QBTS) Operating Income Comparison	Financials
7	D-Wave Quantum (QBTS) Net Income Comparison	Financials
8	D-Wave Quantum (QBTS) EBITDA Comparison	Financials
9	D-Wave Quantum (QBTS) Tax Expense Comparison	Financials
10	D-Wave Quantum (QBTS) Debt Comparison	Financials
11	ARTICLES
12	How D-Wave Quantum Stock Gained 70%		November 7th, 2025
13	QuantumScape vs D-Wave Quantum: Which Is the Better Pick?		October 29th, 2025
14	Can D-Wave Quantum Stock Really Hit $60? Breaking Down the Bull Case		October 24th, 2025
15	QBTS Stock Up 68% after 7-Day Win Streak		September 22nd, 2025
16	What’s The Downside Risk For D-Wave Quantum Stock?		September 18th, 2025

	Title
0	DASHBOARDS
1	D-Wave Quantum Stock Fell 20% in a Week, What Now?
2	Day 7 of Gains Streak for D-Wave Quantum Stock with 68% Return (vs. 220% YTD) [9/21/2025]
3	QBTS Dip Buy Analysis
4	D-Wave Quantum (QBTS) Operating Cash Flow Comparison
5	D-Wave Quantum (QBTS) Revenue Comparison
6	D-Wave Quantum (QBTS) Operating Income Comparison
7	D-Wave Quantum (QBTS) Net Income Comparison
8	D-Wave Quantum (QBTS) EBITDA Comparison
9	D-Wave Quantum (QBTS) Tax Expense Comparison
10	D-Wave Quantum (QBTS) Debt Comparison
11	ARTICLES
12	How D-Wave Quantum Stock Gained 70%
13	QuantumScape vs D-Wave Quantum: Which Is the Better Pick?
14	Can D-Wave Quantum Stock Really Hit $60? Breaking Down the Bull Case
15	QBTS Stock Up 68% after 7-Day Win Streak
16	What’s The Downside Risk For D-Wave Quantum Stock?

Trade Ideas

Select past ideas related to QBTS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield	10312025	ZBRA	Zebra Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.6%	-3.6%	-4.1%
ACN_10312025_Dip_Buyer_ValueBuy	10312025	ACN	Accenture	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.7%	-1.7%	-3.5%
ADBE_10312025_Dip_Buyer_ValueBuy	10312025	ADBE	Adobe	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.9%	-3.9%	-3.9%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	TXN	Texas Instruments	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.6%	-0.6%	-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper	10242025	MRVL	Marvell Technology	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	8.1%	8.1%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield	10312025	ZBRA	Zebra Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.6%	-3.6%	-4.1%
ACN_10312025_Dip_Buyer_ValueBuy	10312025	ACN	Accenture	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.7%	-1.7%	-3.5%
ADBE_10312025_Dip_Buyer_ValueBuy	10312025	ADBE	Adobe	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.9%	-3.9%	-3.9%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	TXN	Texas Instruments	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.6%	-0.6%	-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper	10242025	MRVL	Marvell Technology	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	8.1%	8.1%	0.0%

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1 Day Top Losers

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AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
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1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

1 Month Top Gainers

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PRAX	Praxis Precision Medicines	3.6	207.2%	118.6%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%	233.4%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

Peer Comparisons for D-Wave Quantum

Financials

	QBTS	EBON	VELO	YIBO	AAPL	DELL	Median
Name	D-Wave Q.	Ebang In.	Velo3D	Planet I.	Apple	Dell Tec.
Mkt Price	29.50	4.26	4.71	1.25	268.47	146.70	17.11
Mkt Cap	10.1	-	-	-	4,001.0	99.5	99.5
Rev LTM	24	-	44	-	408,625	101,451	50,747
Op Inc LTM	-86	-	-64	-	130,214	6,913	3,424
FCF LTM	-55	-	-18	-	96,184	4,860	2,421
FCF 3Y Avg	-58	-	-73	-	100,503	4,496	2,219
CFO LTM	-52	-	-18	-	108,565	7,477	3,730
CFO 3Y Avg	-56	-	-69	-	111,559	7,215	3,580

Growth & Margins

	QBTS	EBON	VELO	YIBO	AAPL	DELL	Median
Name	D-Wave Q.	Ebang In.	Velo3D	Planet I.	Apple	Dell Tec.
Rev Chg LTM	156.2%	-	-4.3%	-	6.0%	10.5%	8.2%
Rev Chg 3Y Avg	61.6%	-	11.9%	-	1.8%	-1.3%	6.8%
Rev Chg Q	99.9%	-	31.2%	-	9.6%	19.0%	25.1%
QoQ Delta Rev Chg LTM	8.4%	-	8.0%	-	2.1%	4.9%	6.4%
Op Mgn LTM	-355.2%	-	-147.1%	-	31.9%	6.8%	-70.2%
Op Mgn 3Y Avg	-722.2%	-	-174.7%	-	30.8%	6.1%	-84.3%
QoQ Delta Op Mgn LTM	-2.1%	-	32.5%	-	0.1%	0.1%	0.1%
CFO/Rev LTM	-213.7%	-	-40.6%	-	26.6%	7.4%	-16.6%
CFO/Rev 3Y Avg	-510.9%	-	-106.9%	-	28.4%	7.5%	-49.7%
FCF/Rev LTM	-228.1%	-	-40.6%	-	23.5%	4.8%	-17.9%
FCF/Rev 3Y Avg	-523.8%	-	-111.2%	-	25.6%	4.7%	-53.3%

Valuation

	QBTS	EBON	VELO	YIBO	AAPL	DELL	Median
Name	D-Wave Q.	Ebang In.	Velo3D	Planet I.	Apple	Dell Tec.
Mkt Cap	10.1	-	-	-	4,001.0	99.5	99.5
P/S	418.1	-	-	-	9.8	1.0	9.8
P/EBIT	-25.4	-	-	-	30.7	13.3	13.3
P/E	-25.3	-	-	-	40.3	20.2	20.2
P/CFO	-195.7	-	-	-	36.9	13.3	13.3
Total Yield	-4.0%	-	-	-	2.9%	6.3%	2.9%
Dividend Yield	0.0%	-	-	-	0.4%	1.4%	0.4%
FCF Yield 3Y Avg	-25.3%	-	-	-	3.1%	7.6%	3.1%
D/E	0.0	-	-	-	0.0	0.3	0.0
Net D/E	-0.1	-	-	-	0.0	0.2	0.0

Returns

	QBTS	EBON	VELO	YIBO	AAPL	DELL	Median
Name	D-Wave Q.	Ebang In.	Velo3D	Planet I.	Apple	Dell Tec.
1M Rtn	-13.9%	-15.2%	-8.0%	-10.1%	4.0%	-10.5%	-10.3%
3M Rtn	74.6%	6.1%	-	-11.3%	17.1%	7.0%	7.0%
6M Rtn	166.0%	10.5%	-	1.6%	35.6%	54.1%	35.6%
12M Rtn	1,920.5%	-39.9%	-	-64.1%	18.6%	8.3%	8.3%
3Y Rtn	1,017.4%	-54.9%	-	-	95.2%	286.4%	190.8%
1M Excs Rtn	-15.8%	-14.6%	1.0%	-12.5%	5.8%	-5.5%	-9.0%
3M Excs Rtn	64.3%	-1.8%	-	-14.3%	12.6%	0.9%	0.9%
6M Excs Rtn	147.1%	-8.4%	-	-17.3%	16.7%	35.2%	16.7%
12M Excs Rtn	2,590.1%	-51.0%	-	-78.4%	4.3%	-4.4%	-4.4%
3Y Excs Rtn	996.3%	-134.3%	-	-	9.1%	235.6%	122.3%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	11/6/2025	3/14/2025	3/29/2024	4/18/2023	7/13/2022	3/18/2024
Key Financials
Total Revenue	24	9	9	7	6	5
EBITDA	-396	-138	-81	-49	-34	-14
Operating Income	-86	-77	-81	-59	-39	-31
Net Income	-399	-144	-83	-54	-41	-22
EPS	-1.35	-0.75	-0.60	-0.45	-0.37	-0.20
Growth Rates
Total Revenue Growth	156.2%	0.8%	22.1%	14.2%	21.7%	-
EBITDA Growth	-462.5%	-70.8%	-64.9%	-42.7%	-144.3%	-
Operating Income Growth	-16.6%	4.1%	-35.5%	-52.7%	-23.8%	-
Net Income Growth	-440.3%	-73.9%	-54.0%	-31.1%	-86.5%	-
Margins
EBITDA Margin	-1638.3%	-1564.0%	-923.0%	-683.6%	-547.2%	-272.5%
Operating Income Margin	-355.2%	-874.8%	-919.7%	-828.9%	-620.3%	-609.8%
Net Income Margin	-1651.8%	-1630.0%	-944.5%	-748.7%	-652.5%	-425.7%
Cash & Debt
Total Cash	836	178	41	7	9	21
Total Debt	40	38	73	42	39	5
Net Debt / (Cash)	-796	-140	31	35	30	-17
Cash Flows
Net Cash from Operations	-52	-43	-61	-45	-35	-29
Free Cash from Operations	-55	-45	-61	-46	-37	-30
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	3/14/2025	11/14/2024	8/8/2024	5/13/2024	3/29/2024	11/9/2023	8/10/2023	5/19/2023	4/18/2023
Key Financials Quarterly
Total Revenue	4	3	15	2	2	2	2	3	3	2	2	2
Ebitda	-139	-167	-5	-85	-21	-16	-16	-17	-15	-25	-24	-17
Operating Income	-28	-27	-11	-20	-21	-19	-18	-17	-18	-21	-25	-21
Net Income	-140	-167	-5	-86	-23	-18	-17	-16	-16	-26	-24	-18
EPS	-0.41	-0.55	-0.02	-0.37	-0.11	-0.10	-0.11	-0.10	-0.12	-0.21	-0.20	-0.16
Key Financials TTM
Total Revenue TTM	24	22	21	9	9	10	10	9	8	7	7	7
Ebitda TTM	-396	-277	-127	-138	-70	-64	-73	-81	-80	-76	-62	-49
Operating Income TTM	-86	-79	-71	-77	-74	-71	-73	-81	-85	-82	-73	-60
Net Income TTM	-399	-282	-132	-144	-74	-67	-76	-83	-84	-80	-66	-53
Growth Rates Quarterly
Total Revenue Growth	99.9%	41.8%	508.6%	-20.5%	-27.0%	27.9%	55.7%	21.3%	51.2%	24.5%	-7.6%	-1.3%
EBITDA Growth	-560.4%	-932.4%	70.5%	-390.3%	-43.5%	35.8%	33.4%	-2.7%	-37.9%	-134.3%	-117.9%	11.7%
Operating Income Growth	-34.4%	-40.7%	35.5%	-22.3%	-12.1%	9.9%	29.1%	21.3%	-21.4%	-68.6%	-125.5%	-5.2%
Net Income Growth	-516.4%	-841.2%	68.7%	-437.5%	-41.0%	32.1%	29.1%	9.9%	-38.2%	-113.0%	-111.3%	23.6%
Margins Quarterly
EBITDA Margin	-3723.4%	-5383.4%	-30.9%	-3685.0%	-1127.4%	-739.3%	-638.7%	-597.2%	-573.3%	-1472.8%	-1493.9%	-705.4%
Operating Income Margin	-741.8%	-856.3%	-75.3%	-876.2%	-1103.5%	-863.0%	-710.6%	-569.2%	-718.5%	-1224.8%	-1559.7%	-878.1%
Net Income Margin	-3743.9%	-5406.4%	-36.1%	-3727.9%	-1214.5%	-814.4%	-702.3%	-551.1%	-628.6%	-1534.2%	-1541.8%	-742.3%
Cash & Debt
Total Cash	836	819	304	178	29	41	27	41	53	8	9	7
Total Debt	40	40	38	38	55	72	72	73	47	33	18	42
Net Debt / (Cash)	-796	-779	-266	-140	25	32	45	31	-6	26	9	35
Cash Flows Quarterly
FCF from Operations	-19	-15	-19	2	-18	-14	-12	-15	-17	-15	-14	-11
Cash Flows TTM
FCF from Operations TTM	-52	-51	-50	-43	-59	-58	-59	-61	-57	-53	-49	-45
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-13.6%	-14.8%	-7.9%	-14.7%	-15.0%	-14.3%	-13.8%	-13.5%	-16.5%	-19.7%	-24.5%	-20.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-10.5%	-11.0%	-12.4%	-14.0%	-13.4%	-13.5%	-14.4%	-16.4%	-19.1%	-19.2%	-18.2%	-14.7%

Price Behavior

Price Behavior

Market Price	$29.50
Market Cap ($ Bil)	8.9
First Trading Date	08/08/2022
Distance from 52W High	-34.1%
	50 Days	200 Days
DMA Price	$28.12	$15.72
DMA Trend	up	up
Distance from DMA	4.9%	87.6%
	3M	1YR
Volatility	114.1%	174.1%
Downside Capture	168.00	152.81
Upside Capture	423.95	446.11
Correlation (SPY)	35.1%	24.5%

QBTS Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.86	2.68	2.84	2.48	2.16	2.38
Up Beta	4.90	4.28	3.65	0.84	1.44	1.23
Down Beta	2.80	4.35	3.60	3.52	1.90	1.80
Up Capture	821%	625%	531%	1035%	5790%	122048%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	15	29	37	65	126	331
Down Capture	209%	-271%	31%	101%	119%	111%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	8	15	28	60	122	403

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

null

Based On 5-Year Data

null

Based On 10-Year Data

null

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	45,502,925
Short Interest: % Change Since 9302025	-18.3%
Average Daily Volume	74,532,636
Days-to-Cover Short Interest	1
Basic Shares Quantity	342,204,831
Short % of Basic Shares	13.3%

Returns Analyses

	Title
0	D-Wave Quantum Stock Fell 20% in a Week, What Now?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	-8.5%
3/13/2025	18.7%	82.1%	23.7%
11/14/2024	5.1%	-6.2%	180.9%
8/8/2024	-1.2%	11.0%	8.6%
3/28/2024	-2.9%	-4.8%	-31.4%
11/9/2023	-17.0%	4.3%	22.4%
7/21/2023	-1.2%	-12.9%	-42.7%
4/14/2023	-23.3%	-6.8%	-36.7%
...
SUMMARY STATS
# Positive	3	4	4
# Negative	7	6	6
Median Positive	5.1%	7.6%	23.1%
Median Negative	-2.9%	-6.8%	-31.4%
Max Positive	18.7%	82.1%	180.9%
Max Negative	-23.3%	-22.4%	-42.7%

	Forward Returns
11/6/2025	-8.5%
3/13/2025	18.7%	82.1%	23.7%
11/14/2024	5.1%	-6.2%	180.9%
8/8/2024	-1.2%	11.0%	8.6%
3/28/2024	-2.9%	-4.8%	-31.4%
11/9/2023	-17.0%	4.3%	22.4%
7/21/2023	-1.2%	-12.9%	-42.7%
4/14/2023	-23.3%	-6.8%	-36.7%
11/10/2022	0.8%	0.8%	-8.3%
8/16/2022	-0.9%	-22.4%	-20.5%
SUMMARY STATS
# Positive	3	4	4
# Negative	7	6	6
Median Positive	5.1%	7.6%	23.1%
Median Negative	-2.9%	-6.8%	-31.4%
Max Positive	18.7%	82.1%	180.9%
Max Negative	-23.3%	-22.4%	-42.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	3142025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5132024	10-Q 3/31/2024
12312023	3292024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8102023	10-Q 6/30/2023
3312023	5192023	10-Q 3/31/2023
12312022	4182023	10-K 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	8262022	10-Q 6/30/2022
12312021	7132022	424B3 12/31/2021
9302021	4182023	10-Q/A 9/30/2021

Insider Activity

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Industry Resources

Technology Hardware, Storage & Peripherals Resources

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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D-Wave Quantum (QBTS)

Market Price (11/8/2025): $30.03 | Market Cap: $10.3 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

D-Wave Quantum (QBTS)

Market Price (11/8/2025): $30.03Market Cap: $10.3 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

Market Valuation & Key Metrics

QBTS Stock

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About D-Wave Quantum (QBTS)

Interactive Breakdown

Better Bets than D-Wave Quantum (QBTS)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

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Peer Comparisons for D-Wave Quantum

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (11/8/2025): $30.03 | Market Cap: $10.3 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (11/8/2025): $30.03
Market Cap: $10.3 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals