For the year ending 2025-12-31, QBTS had $457,367K increase in cash & cash equivalents over the period. -$75,844K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -355,062 | -143,879 | -82,715 | -51,529 |
| Depreciation and amortization | 1,563 | 1,109 | 1,054 | 1,423 |
| Allowance for doubtful accounts | - | - | 0 | 1 |
| Stock-based compensation | 22,657 | 15,661 | 21,919 | 9,164 |
| Amortization of operating right-of-use assets | 743 | 823 | 791 | 910 |
| Provision for excess and obsolete inventory | 9 | 134 | 32 | 66 |
| Non-cash interest expense on convertible debt | - | - | - | 0 |
| Non-cash interest expense on government payable | - | - | - | 2,483 |
| Non-cash interest (income) expense | - | - | -78 | - |
| Venture loan interest and final payment fee | - | - | 0 | 1,808 |
| Amortization of venture loan commitment fee | - | - | 0 | 175 |
| Fair value of warrants issued for services | - | - | - | 0 |
| Non-cash lease expense | - | - | - | 0 |
| Non-cash lincoln park purchase agreement issuance costs | - | - | 0 | 629 |
| Government assistance | - | - | - | 0 |
| Non-cash interest income | 3,947 | - | - | - |
| Non-cash interest income on sif | - | - | - | 5,673 |
| Non-cash interest expense | 3,921 | -1,441 | - | - |
| Change in fair value of warrant liabilities | 270,540 | 68,245 | -262 | -6,173 |
| Interest benefit on debt | - | - | - | 0 |
| Gain on settlement of warrant liability | - | - | - | 0 |
| Change in fair value of term loan | 0 | 645 | -640 | - |
| Gain on marketable securities | - | - | - | 0 |
| Debt issuance costs netted from term loan proceeds | - | 0 | 993 | - |
| Gain on debt extinguishment | - | - | - | 0 |
| Loss (gain) on marketable equity securities | -159 | 1,495 | - | - |
| Unrealized foreign exchange gain | - | - | - | 1,257 |
| Unrealized foreign exchange loss (gain) | -1,836 | 3,307 | -955 | - |
| Realized loss on issuance of shares under the lincoln park purchase agreement | - | - | 0 | -75 |
| Other noncash items | 267 | - | - | - |
| Trade accounts receivable | 204 | -137 | 818 | 337 |
| Research incentives receivable | - | 0 | -264 | -1,332 |
| Inventories | 2,398 | 215 | 237 | 148 |
| Prepaid expenses and other current assets | 585 | 1,580 | -1,636 | 387 |
| Trade accounts payable | 268 | -570 | -2,614 | 3,597 |
| Accrued expenses and other current liabilities | 6,940 | 5,520 | -1,374 | 715 |
| Deferred revenue | -16,018 | 16,608 | 958 | -929 |
| Operating lease liability | -745 | 293 | -510 | -821 |
| Other non-current assets, net | 1,926 | -669 | 3 | - |
| Net cash used in operating activities | -71,982 | -42,643 | -60,649 | -45,226 |
| Purchase of property and equipment | 3,862 | 2,106 | 583 | 423 |
| Purchases of marketable debt securities | 247,787 | - | - | - |
| Purchase of convertible note | 0 | 1,000 | - | - |
| Proceeds from recovery of previously written-off convertible note | 959 | - | - | - |
| Sales of marketable securities | 0 | 254 | - | - |
| Purchase of software | - | - | 47 | 75 |
| Expenditures for internal-use software | 445 | 289 | - | - |
| Net cash used in investing activities | -251,135 | -3,141 | -630 | -498 |
| Proceeds from issuance of preferred stock for cash | - | - | - | 0 |
| Proceeds from the issuance of common stock pursuant to the lincoln park purchase agreement | 37,787 | 44,285 | - | 40,000 |
| Merger, net of redemption and transaction costs (note 3) | - | - | 0 | 4,100 |
| Transaction costs paid directly by d-wave systems | - | - | 0 | 6,528 |
| Short swing profit settlement | - | 0 | 244 | - |
| Proceeds from exercise of warrants-Public Warrants | - | - | - | 924 |
| Proceeds from debt financing | - | - | 29,007 | - |
| Proceeds from term loan | - | 0 | - | - |
| Proceeds from issuance of common stock-Private Placement | - | - | 0 | - |
| Proceeds from government assistance | - | 0 | 2,996 | 3,159 |
| Proceeds from exercise of public warrants | - | - | 0 | - |
| Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs | 536,741 | 169,906 | - | - |
| Share issuance costs | - | - | - | 0 |
| Proceeds from issuance of common stock-Lincoln Park Purchase Agreement | - | - | 63,676 | - |
| Proceeds from issuance of common stock upon exercise of warrants | 202,923 | - | - | - |
| Proceeds from the issuance of common stock upon exercise of stock options | 11,432 | 1,347 | 1,897 | 1,077 |
| Proceeds from common stock issued under the employee stock purchase plan | 769 | 424 | 491 | - |
| Payment of tax withheld pursuant to stock-based compensation settlements | 10,259 | 3,142 | 416 | - |
| Proceeds from debt financing | - | - | - | 20,000 |
| Government loan payment | - | - | 374 | - |
| Debt payment for term loan | 0 | 30,000 | - | - |
| Proceeds from lincoln park purchase agreement | - | - | - | 4,250 |
| Repayment of promissory notes - related party | - | - | 420 | - |
| Repayments on tpc loan | 365 | 370 | - | - |
| Debt payments | - | - | 1,465 | 21,511 |
| Proceeds from equipment financing | 412 | - | - | - |
| Venture loan interest and final payment fee | - | - | 0 | 1,808 |
| Payments for debt issuance costs | 248 | - | - | - |
| Government loan payment | - | - | - | 398 |
| Repayment of the equipment financing | 43 | 0 | - | - |
| Proceeds from exercise of warrants-All Other Warrants | - | - | - | 0 |
| Other debt payments | - | 0 | - | - |
| Net cash provided by financing activities | 779,149 | 182,450 | 95,636 | 43,265 |
| Effect of exchange rate changes on cash and cash equivalents | 1,335 | 7 | -115 | 41 |
| Net increase in cash and cash equivalents | 457,367 | 136,673 | 34,242 | -2,418 |
| Cash and cash equivalents at beginning of period | 177,980 | 41,307 | 7,065 | 9,483 |
| Cash and cash equivalents at end of period | 635,347 | 177,980 | 41,307 | 7,065 |
D-Wave Quantum Inc. (QBTS)
D-Wave Quantum Inc. (QBTS)