For the quarter ending 2026-03-31, QBTS had -$297,150K decrease in cash & cash equivalents over the period. -$46,041K in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -18,357 | -42,326 | -139,986 | -167,329 |
| Depreciation and amortization | 3,803 | 480 | 369 | 338 |
| Deferred income taxes | 28,365 | - | - | - |
| Stock-based compensation | 8,019 | 5,538 | 6,455 | 6,671 |
| Amortization of operating right-of-use assets | 347 | 198 | 199 | 169 |
| Provision for excess and obsolete inventory | -30 | -13 | 22 | - |
| Non-cash interest income | 1,217 | 3,947 | - | - |
| Non-cash interest expense | 234 | 3,334 | 200 | 199 |
| Change in fair value of warrant liabilities | 0 | 10,576 | 121,859 | 142,048 |
| Change in fair value of term loan | - | 0 | 0 | 0 |
| Loss (gain) on marketable equity securities | 1,880 | -1,009 | 850 | 0 |
| Unrealized foreign exchange loss (gain) | 774 | -561 | 723 | -1,903 |
| Other noncash items | 0 | 0 | 0 | 0 |
| Trade accounts receivable | 7,320 | -335 | 482 | 417 |
| Inventories | 1,476 | 968 | 668 | 746 |
| Prepaid expenses and other current assets | -1,347 | -2,098 | 1,315 | 1,540 |
| Trade accounts payable | -1,000 | 65 | -213 | 187 |
| Accrued expenses and other current liabilities | -2,999 | 6,333 | -2,088 | 4,980 |
| Deferred revenue | 8,238 | -680 | -1,542 | -689 |
| Operating lease liability | -272 | -199 | -202 | -171 |
| Other non-current assets, net | 3,258 | 766 | 80 | 889 |
| Net cash used in operating activities | -44,960 | -18,372 | -19,045 | -15,286 |
| Acquisition of business, net of cash acquired | 250,821 | - | - | - |
| Purchase of property and equipment | 1,081 | 1,659 | 1,016 | 749 |
| Purchases of marketable debt securities | - | 247,787 | - | - |
| Purchase of convertible note | - | 0 | 0 | 0 |
| Proceeds from recovery of previously written-off convertible note | - | 0 | 0 | 959 |
| Sales of marketable securities | - | 0 | 0 | 0 |
| Expenditures for internal-use software | 163 | 122 | 194 | 69 |
| Net cash used in investing activities | -252,065 | -249,568 | -1,210 | 141 |
| Proceeds from the issuance of common stock pursuant to the lincoln park purchase agreement | - | 0 | 0 | 37,787 |
| Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs | 0 | 0 | 0 | 390,633 |
| Proceeds from issuance of common stock upon exercise of warrants | 0 | 63,738 | 39,866 | 99,319 |
| Proceeds from the issuance of common stock upon exercise of stock options | 94 | 3,205 | 1,367 | 6,837 |
| Proceeds from common stock issued under the employee stock purchase plan | - | 478 | 0 | 285 |
| Payment of tax withheld pursuant to stock-based compensation settlements | 0 | 273 | 4,322 | 5,147 |
| Debt payment for term loan | - | 0 | 0 | - |
| Repayments on tpc loan | - | 0 | 0 | 365 |
| Proceeds from equipment financing | - | 0 | 412 | - |
| Payments for debt issuance costs | - | 0 | 248 | - |
| Repayment of the equipment financing term loan | 34 | 43 | - | - |
| Payments of equity issuance costs | 203 | - | - | - |
| Net cash provided by (used in) financing activities | -143 | 67,105 | 37,075 | 529,349 |
| Effect of exchange rate changes on cash and cash equivalents | 18 | -49 | 99 | 787 |
| Net increase (decrease) in cash and cash equivalents | -297,150 | -200,884 | 16,919 | 514,991 |
| Cash and cash equivalents at beginning of period | 635,347 | 836,231 | 819,312 | 304,321 |
| Cash and cash equivalents at end of period | 338,197 | 635,347 | 836,231 | 819,312 |
D-Wave Quantum Inc. (QBTS)
D-Wave Quantum Inc. (QBTS)