D-Wave Quantum Inc (QBTS) FinancialsQBTSD-Wave Quantum Inc

D-Wave Quantum Inc. (QBTS) generates its revenue through a diversified portfolio of business segments. Currently, the largest contributor to its top-line growth is System sales, accounting for 49.3% of total sales, equivalent to $1.84M. Other significant revenue streams include QCaaS and Professional services. Understanding this composition is critical for investors evaluating how QBTS navigates market cycles within the IT Services & Consulting industry.

Evaluating the bottom line, D-Wave Quantum Inc. maintains a gross margin of 55.40%. This metric reflects the company's pricing power and manufacturing efficiency. Further down the income statement, the operating margin stands at -1732.05%, while the net margin is -1561.38%. These profitability ratios, combined with a Return on Equity (ROE) of -27.98%, provide a clear picture of how effectively QBTS converts its operational activities into shareholder value.

In the context of the broader market, QBTS competes directly with industry leaders such as RGTI and NATL. With a market capitalization of $7.88B, it holds a leading position in the sector. When comparing efficiency, QBTS's gross margin of 55.40% stands against RGTI's 42.58% and NATL's 28.01%. Such benchmarking helps identify whether D-Wave Quantum Inc. is trading at a premium or discount relative to its financial performance.

D-Wave Quantum has shown inconsistent revenue growth, with Q2 2026 sales flat at just above $3 million, while operating losses have significantly increased, indicating ongoing financial struggles.