D-Wave Quantum Inc. (QBTS) SEC Filings & Earnings Calls

Potential overhang from government share resale, but no new shares issued.

“resale by the United States Department of Commerce of an aggregate of 7,095,721 shares” · word for word

Funding subject to milestone achievement and availability of appropriated funds; government receives minority equity stake causing dilution.

“risk that the Company is unable to satisfy the conditions to disbursement of any portion of the award, including project milestones; the availability of appropriated funds; the risk of dilution to existing stockholders” · word for word

Quantum computing industry still early-stage; commercial viability uncertain.

“forward-looking statements... risks and uncertainties”

CFO transition may cause temporary uncertainty, but acting CFO has relevant experience.

“Retirement not due to disagreement; acting CFO has 25+ years experience.”

Quantum computing adoption still nascent; revenue impact uncertain; competition from other quantum and classical optimization solutions.

“Forward-looking statements caution about risks; no financial terms disclosed; deployment is production but not necessarily revenue-generating.”

Significant operating losses and cash burn

“We have incurred significant operating losses since inception. For the six months ended June 30, 2026 and 2025, our operating losses were $108.0 million and $37.8 million, respectively” · word for word

Revenue concentration and irregular system sales

“quantum computing system revenue may impact our overall product mix in periods when recognized, although this revenue is expected to remain irregular and intermittent.” · word for word

Acquisition integration risk

“Acquisition of Quantum Circuits, Inc. for $250M cash and 10.4M shares”

Early-stage market with limited revenue; QCaaS revenue declined YoY.

“Q2 QCaaS Revenue $1.2M (vs $1.9M in Q2 2025)”

Proof-of-concept stage; no guaranteed revenue or commercial success.

“Collaboration will begin with the development of a proof-of-concept (PoC), with the potential to expand.” · word for word

Minimal risk; listing transfer is voluntary and Nasdaq listing requirements are met.

“Company has met all Nasdaq listing requirements and expects smooth transition.” · word for word

Quantum computing market still nascent; commercial adoption may not sustain growth rates.

“Industry recognition but no new financial guidance or revenue metrics provided.”

Grant and LOI are non-binding and subject to final approval; no guarantee of full funding.

“LOI is proposed funding; grant is subject to program continuation.”

No financial or operational risks disclosed in this filing.

Forward-looking statements about CHIPS funding and acquisition may not materialize; risk of dilution from stock issuance to Department.

“Risk factors include failure to execute definitive award documents, suspension of negotiations, and dilution from issuance of shares.”

Reputational risk from scientific controversy; potential investor confusion or negative perception if classical simulation advances are seen as undermining D-Wave's technology.

“Claims that D-Wave's quantum supremacy result has been overturned by classical simulation work; company disputes this.”

Risk that definitive award documents are not executed or funding conditions not met.

“the risk that definitive award documents are not executed within the timeframe or on the terms contemplated by the Company or at all”

Quantum computing market still nascent; commercialization and adoption risks remain.

“Company is pre-revenue on a GAAP basis; no GAAP revenue or profitability metrics disclosed.”

Integration risk from Quantum Circuits acquisition.

“Acquisition of Quantum Circuits may involve integration challenges and technology roadmap execution risk.”

Revenue concentration and lumpiness

“The decrease in system sales was primarily due to the timing of revenue recognition, as $12.6 million of system sales was recognized in the three months ended March 31, 2025, with no comparable system sales recognized in the current period.” · word for word

High cash burn and negative operating cash flow

“Net cash used in operating activities was $45.0 million, an increase of $25.7 million from $19.3 million for the three months ended March 31, 2025.” · word for word

Accumulated deficit

“As of March 31, 2026, we had an accumulated deficit of $1.0 billion.” · word for word

No financial results or guidance provided; event is forward-looking with no concrete data.

“No financial metrics in filing”

Net loss continues to be significant

“Net Loss ($000s) 2025: (355,062).”

Compensation Actually Paid is highly sensitive to stock price volatility

“The year-over-year changes in Compensation Actually Paid to our PEO and average Compensation Actually Paid to our Non-PEO NEOs were primarily driven by changes in our stock price in each fiscal year.” · word for word

Going concern risk due to sustained losses

“We have a history of losses and expect to incur significant expenses and continuing losses for the foreseeable future.” · word for word

Technology roadmap execution risk

“Our product roadmap may not be realized as quickly as hoped, or at all.” · word for word

Integration risk from Quantum Circuits acquisition

“The failure to successfully integrate Quantum Circuits could adversely affect our operations.” · word for word

High cash burn rate; reliance on large customer contracts; competitive landscape in quantum computing.

“Revenue growth driven by large system purchases; cash position high but burn rate significant.”

Quantum computing market still nascent; technology and adoption risks remain high.

“Forward-looking statements caution about risks including technology development, market adoption, and competition.”

Contract execution and revenue recognition risks; dependence on customer collaboration.

“Forward-looking statements caution about risks including collaboration success and market adoption.”

Integration risk and potential dilution from share issuance.

“Issuance of shares in private offering; registration rights agreement.”

Potential dilution from resale of 10.4 million shares; selling pressure may impact stock price.

“Prospectus supplement for resale of 10,430,444 shares.”

Technology still in development; commercialization timeline uncertain.

“Forward-looking statements caution about risks; no revenue or product launch date provided.”

Dilution from ~6.9M new shares may pressure EPS; redemption of remaining warrants at $0.01 indicates minimal residual value.

“exercised for approximately 6.9 million shares of Common Stock... 270,820 Warrants... redeemed... for a redemption price of $0.01 per Warrant” · word for word

Warrant redemption may cause dilution if holders exercise, but also removes warrant overhang. Stock price must be above $18.00 for redemption trigger, indicating recent price strength.

“the Company is entitled to redeem all of the outstanding Warrants at the Redemption Price if the last sales price of the Common Stock is at least $18.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given. This share price performance target h” · word for word

Still early-stage with negative GAAP net income; reliance on non-GAAP metrics

“Company reports Adjusted EBITDA Loss and Adjusted Net Loss; GAAP profitability not yet achieved”

Warrant liability volatility

“The change in fair value of warrant liabilities was an increase of $121.9 million for the three months ended September 30, 2025 as compared to a decrease of $0.5 million for the three months ended September 30, 2024.” · word for word

Continued operating losses

“We have incurred significant operating losses since inception. For the three months ended September 30, 2025 and 2024, our net losses were $140.0 million and $22.7 million, respectively.” · word for word

Dependence on equity financing

“Net cash provided by financing activities during the nine months ended September 30, 2025 was $712.0 million, primarily from ATM offerings and warrant exercises.” · word for word

Proof-of-concept stage; commercial deployment not yet achieved.

“D-Wave believes this proof-of-concept project marks an important milestone on the path to deploying hybrid-quantum applications in production” · word for word

No financial metrics disclosed; forward-looking statements subject to risks including technology adoption and government funding.

“Forward-Looking Statements section”