Financial Statements — QBTS
Balance Sheet
(in billions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 |
|---|
| Cash & Equivalents | 0.30 | 0.34 | 0.84 | 0.82 | 0.30 | 0.03 | 0.04 | 0.03 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 |
| Short-term Investments | 0.25 | 0.25 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Accounts Receivable | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Current Assets | 0.56 | 0.61 | 0.85 | 0.83 | 0.31 | 0.04 | 0.05 | 0.03 | 0.06 | 0.01 | 0.01 | 0.02 | 0.02 |
| Property, Plant & Equipment | 0.02 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Goodwill | 0.34 | 0.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Intangible Assets | 0.21 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Non-current Assets* | 0.03 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total Assets | 1.16 | 1.20 | 0.87 | 0.84 | 0.33 | 0.05 | 0.06 | 0.05 | 0.07 | 0.02 | 0.03 | 0.03 | 0.04 |
| Total Current Liabilities | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.03 | 0.04 | 0.01 | 0.04 | 0.03 | 0.02 | 0.01 | 0.04 |
| Long-term Debt | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 |
| Total Non-current Liabilities* | 0.05 | 0.05 | 0.18 | 0.13 | 0.10 | 0.04 | 0.04 | 0.07 | 0.04 | 0.04 | 0.04 | 0.02 | 0.02 |
| Total Liabilities | 0.08 | 0.08 | 0.20 | 0.15 | 0.12 | 0.07 | 0.08 | 0.09 | 0.09 | 0.08 | 0.06 | 0.04 | 0.06 |
| Retained Earnings | (1.05) | (1.00) | (0.94) | (0.80) | (0.63) | (0.54) | (0.52) | (0.50) | (0.47) | (0.45) | (0.42) | (0.36) | (0.35) |
| Total Stockholder Equity* | 1.08 | 1.12 | 0.67 | 0.69 | 0.21 | (0.02) | (0.02) | (0.04) | (0.02) | (0.05) | (0.03) | -0.00 | (0.02) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 |
|---|
| Total Revenue | 3.08 | 2.86 | 2.75 | 3.74 | 3.10 | 15.00 | 2.31 | 1.87 | 2.18 | 2.47 | 2.91 | 2.56 | 1.71 | 1.58 | 2.40 | 1.70 | 1.37 |
| Cost of Revenue | 1.37 | 1.04 | 0.97 | 1.07 | 1.12 | 1.12 | 0.84 | 0.83 | 0.80 | 0.81 | 0.94 | 1.03 | 1.00 | 1.16 | 1.07 | 0.65 | 0.59 |
| Gross Profit | 1.70 | 1.82 | 1.78 | 2.67 | 1.98 | 13.88 | 1.47 | 1.04 | 1.39 | 1.66 | 1.97 | 1.53 | 0.71 | 0.42 | 1.33 | 1.04 | 0.79 |
| Research & Development | 28.24 | 25.79 | 13.68 | 14.08 | 12.69 | 10.29 | 9.75 | 8.67 | 8.36 | 8.53 | 7.96 | 9.46 | 9.55 | 10.92 | 10.30 | 7.51 | 7.07 |
| Selling, General & Admin | 15.39 | 20.27 | 14.70 | 9.38 | 9.15 | 7.96 | 8.13 | 9.26 | 7.47 | 7.57 | 8.14 | 8.00 | 9.58 | 11.30 | 7.97 | 5.93 | 3.96 |
| Total Operating Expenses | 54.98 | 56.55 | 36.62 | 30.41 | 28.48 | 25.17 | 21.71 | 21.68 | 20.23 | 19.18 | 18.51 | 19.94 | 21.61 | 25.11 | 22.36 | 16.20 | 12.77 |
| Operating Income | (53.28) | (54.73) | (34.84) | (27.74) | (26.50) | (11.29) | (20.23) | (20.64) | (18.84) | (17.52) | (16.54) | (18.41) | (20.91) | (24.69) | (21.03) | (15.16) | (11.98) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.21 | 1.05 | 1.07 | 1.75 |
| Pretax Income | (48.02) | (46.81) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Tax Provision | 0.01 | (28.45) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Net Income | (48.03) | (18.36) | (42.33) | (139.99) | (167.33) | (5.42) | (86.08) | (22.71) | (17.78) | (17.31) | (16.01) | (16.11) | (26.19) | (24.41) | (14.96) | (13.31) | (13.20) |
| Basic EPS | (0.13) | (0.05) | (0.13) | (0.41) | (0.55) | (0.02) | (0.43) | (0.11) | (0.10) | (0.11) | (0.08) | (0.12) | (0.21) | (0.20) | (0.12) | (0.11) | (0.12) |
| Diluted EPS | (0.13) | (0.05) | (0.13) | (0.41) | (0.55) | (0.02) | (0.43) | (0.11) | (0.10) | (0.11) | (0.08) | (0.12) | (0.21) | (0.20) | (0.12) | (0.11) | (0.12) |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 |
|---|
| Operating Cash Flow | (28.50) | (44.96) | (18.37) | (19.05) | (15.29) | (19.28) | 2.02 | (18.07) | (14.47) | (12.12) | (14.74) | (16.87) | (15.47) | (13.57) | (10.89) | (12.84) | (21.50) |
| Capital Expenditures | 4.44 | 1.08 | 1.66 | 1.02 | 0.75 | 0.44 | 0.95 | 0.31 | 0.55 | 0.31 | 0.44 | 0.08 | -0.00 | 0.06 | 0.17 | 0.07 | 0.18 |
| Free Cash Flow* | (32.94) | (46.04) | (20.03) | (20.06) | (16.03) | (19.72) | 1.07 | (18.38) | (15.01) | (12.42) | (15.18) | (16.95) | (15.46) | (13.64) | (11.06) | (12.91) | (21.67) |
| Investing Cash Flow | (8.52) | (252.06) | (249.57) | (1.21) | 0.14 | (0.50) | (0.96) | (0.37) | (0.60) | (1.20) | (0.45) | (0.10) | -0.00 | (0.08) | (0.18) | (0.10) | (0.22) |
| Financing Cash Flow | (4.68) | (0.14) | 67.11 | 37.08 | 529.35 | 145.62 | 147.56 | 7.01 | 28.61 | (0.73) | 3.23 | 62.75 | 14.07 | 15.59 | 4.30 | 16.20 | 22.77 |
* Derived from reported values
