D-Wave Quantum, Inc. (QBTS)
NYSEInformation TechnologyComputer HardwareSnapshot 2026-11-05
$9.05-12.81%
Close 2026-11-05 · 1-day change
NYSEInformation TechnologyComputer HardwareSnapshot 2026-11-05
QuarterlyIQ Insights · QBTS
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within information technology on a research-validated quality screen. As of 2026-11-05.
The screen ranks QBTS against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Information Technology names rated weak grew net income 47% of the time over the next year (vs 59% for the rest of the cohort, n=6380).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
We expect this multi-chip approach will allow the next generation Advantage3 TM system to ultimately reach 100,000 qubits by 2031, with an intermediate step of a 20,000 qubit system available in 2029.
Stated in 2 of 3 supplied quarters. Management reported: “We expect this multi-chip approach will allow the next generation Advantage3 TM system to ultimately reach 100,000 qubits by 2031, with an intermediate step of a 20,000 qubit system available in 2029.” “The Company also announced the design of a new prototype for scalable I/O that would allow quantum processing unit (QPU) scaling with an expectation of reaching a 100,000 qubit system with no more than a 20% increase over the number of I/O lines required for the current 4,500 qubit Advantage2 TM system.”
“We expect this multi-chip approach will allow the next generation Advantage3 TM system to ultimately reach 100,000 qubits by 2031, with an intermediate step of a 20,000 qubit system available in 2029.”
“Key expected milestones in our current roadmap include: ◦ By the end of 2028, a dual-rail system with approximately 175 physical qubits and a design for a 1,000 physical qubit system ◦ By the end of…”
• Signed a number of new and renewing customer engagements for both commercial and research applications, including with: one of the world’s largest gambling and entertainment companies; AT&T – one o…
Stated in 2 of 3 supplied quarters. Management reported: “• Signed a number of new and renewing customer engagements for both commercial and research applications, including with: one of the world’s largest gambling and entertainment companies; AT&T – one of the world’s largest telecommunications companies; Nasdaq Verafin– a global technology company serving the capital markets and other industries; Oki Electric Industry Co., Ltd.” “Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a service agreement with a Fortune 100 company reinforced growing demand for our annealing systems.” Revenue was $3.076 million in 2026-Q2.
• Adjusted EBITDA Loss 2 : Adjusted EBITDA Loss for the second quarter of 2026 was $37.1 million, an increase of $17.1 million, or 85%, from the second quarter of 2025 Adjusted EBITDA Loss of $20.0 m…
Stated in 2 of 3 supplied quarters. Management reported: “• Adjusted EBITDA Loss 2 : Adjusted EBITDA Loss for the second quarter of 2026 was $37.1 million, an increase of $17.1 million, or 85%, from the second quarter of 2025 Adjusted EBITDA Loss of $20.0 million, with the increase due primarily to increased investments to support the Company’s accelerated product development and go-to-market initiatives.” “These increased operating expenses stem from investments to support the Company’s accelerated product development and go-to-market initiatives, as well as Quantum Circuits expenses incurred subsequent to the January acquisition closing date.”
Work with commercial and research partners to develop quantum applications and advance customer adoption, including enterprise optimization deployments.
Advance development and commercialization of scalable, fault-tolerant gate-model quantum computing systems with key milestones through 2032.
Over the trailing year it converted 1.37x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, Fed net liquidity, long-term interest rates, real (inflation-adjusted) rates (low R² over the window).
43 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Information Technology names rated volatile grew net income 52% of the time over the next year (vs 57% for the rest of the cohort, n=6008).
Not investment advice. As of 2026-11-05.
“• Signed a number of new and renewing customer engagements for both commercial and research applications, including with: one of the world’s largest gambling and entertainment companies; AT&T – one o…”
“Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a s…”
“• Adjusted EBITDA Loss 2 : Adjusted EBITDA Loss for the second quarter of 2026 was $37.1 million, an increase of $17.1 million, or 85%, from the second quarter of 2025 Adjusted EBITDA Loss of $20.0 m…”
“These increased operating expenses stem from investments to support the Company’s accelerated product development and go-to-market initiatives, as well as Quantum Circuits expenses incurred subsequen…”