D-Wave Quantum Inc(NYSE:QBTS) 
D-Wave Quantum Inc. develops and offers quantum computing systems, software and services worldwide. The company is headquartered in Burnaby, Canada.
Website: https://www.dwavesys.com/
Founded: 1999
Founder: Haig Farris, Geordie Rose, Bob Wiens, and Alexandre Zagoskin
CEO: Alan Baratz
Sector: TECHNOLOGY
Industry: SERVICES-COMPUTER PROCESSING & DATA PREPARATION
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 2,858,000 | 2,752,000 | 3,739,000 | 3,095,000 | 15,001,000 | 2,309,000 | 1,870,000 | 2,183,000 | 2,465,000 | 2,906,000 | 2,562,000 | 1,707,000 | 1,583,000 | 2,395,000 | 1,695,000 | 1,371,000 |
yoy | -80.95% | 19.19% | 99.95% | 41.78% | 508.56% | -20.54% | -27.01% | 27.89% | 55.72% | 21.34% | 51.15% | 24.51% | ||||
qoq | 3.85% | -26.40% | 20.81% | -79.37% | 549.68% | 23.48% | -14.34% | -11.44% | -15.18% | 13.43% | 50.09% | 7.83% | -33.90% | 41.30% | 23.63% | |
cost of revenue | 1,040,000 | 968,000 | 1,070,000 | 1,119,000 | 1,124,000 | 836,000 | 827,000 | 795,000 | 806,000 | 939,000 | 1,033,000 | 1,002,000 | 1,162,000 | 1,145,000 | 609,000 | 586,000 |
total gross profit | 1,818,000 | 1,784,000 | 2,669,000 | 1,976,000 | 13,877,000 | 1,473,000 | 1,043,000 | 1,388,000 | 1,659,000 | 1,967,000 | 1,529,000 | 705,000 | 421,000 | 1,250,000 | 1,086,000 | 785,000 |
yoy | -86.90% | 21.11% | 155.90% | 42.36% | 736.47% | -25.11% | -31.79% | 96.88% | 294.06% | 57.36% | 40.79% | -10.19% | ||||
qoq | 1.91% | -33.16% | 35.07% | -85.76% | 842.09% | 41.23% | -24.86% | -16.34% | -15.66% | 28.65% | 116.88% | 67.46% | -66.32% | 15.10% | 38.34% | |
gross margin % | 63.61% | 64.83% | 71.38% | 63.84% | 92.51% | 63.79% | 55.78% | 63.58% | 67.30% | 67.69% | 59.68% | 41.30% | 26.60% | 52.19% | 64.07% | 57.26% |
operating expenses: | ||||||||||||||||
research and development | 25,793,000 | 13,677,000 | 14,075,000 | 12,694,000 | 10,288,000 | 9,752,000 | 8,668,000 | 8,355,000 | 8,525,000 | 7,956,000 | 9,459,000 | 9,548,000 | 10,915,000 | 11,168,000 | 7,334,000 | 7,072,000 |
general and administrative | 20,275,000 | 14,695,000 | 9,383,000 | 9,151,000 | 7,957,000 | 8,126,000 | 9,259,000 | 7,471,000 | 7,566,000 | 8,139,000 | 8,003,000 | 9,576,000 | 11,296,000 | 7,012,000 | 6,921,000 | 3,959,000 |
sales and marketing | 10,477,000 | 8,251,000 | 6,947,000 | 6,633,000 | 6,923,000 | 3,827,000 | 3,752,000 | 4,401,000 | 3,084,000 | 2,414,000 | 2,474,000 | 2,488,000 | 2,900,000 | 4,630,000 | 2,099,000 | 1,739,000 |
total operating expenses | 56,545,000 | 36,623,000 | 30,405,000 | 28,478,000 | 25,168,000 | 21,705,000 | 21,679,000 | 20,227,000 | 19,175,000 | 18,509,000 | 19,936,000 | 21,612,000 | 25,111,000 | 22,810,000 | 16,354,000 | 12,770,000 |
income from operations | -54,727,000 | -34,839,000 | -27,736,000 | -26,502,000 | -11,291,000 | -20,232,000 | -20,636,000 | -18,839,000 | -17,516,000 | -16,542,000 | -18,407,000 | -20,907,000 | -24,690,000 | -21,560,000 | -15,268,000 | -11,985,000 |
yoy | 384.70% | 72.20% | 34.41% | 40.68% | -35.54% | 22.31% | 12.11% | -9.89% | -29.06% | -23.27% | 20.56% | 74.44% | ||||
qoq | 57.09% | 25.61% | 4.66% | 134.72% | -44.19% | -1.96% | 9.54% | 7.55% | 5.89% | -10.13% | -11.96% | -15.32% | 14.52% | 41.21% | 27.39% | |
operating margin % | -1914.87% | -1265.95% | -741.80% | -856.28% | -75.27% | -876.22% | -1103.53% | -862.99% | -710.59% | -569.24% | -718.46% | -1224.78% | -1559.70% | -900.21% | -900.77% | -874.18% |
other income, net: | ||||||||||||||||
interest income | 5,785,000 | |||||||||||||||
interest expense | -259,000 | -3,380,000 | -201,000 | -206,000 | -226,000 | -417,000 | -1,180,000 | -1,160,000 | -1,140,000 | 2,445,000 | -1,247,000 | -781,000 | -454,000 | -759,000 | -1,336,000 | -1,746,000 |
gain on investment in marketable securities | 1,880,000 | -1,009,000 | 850,000 | |||||||||||||
change in fair value of warrant liabilities | -10,576,000 | -121,859,000 | -142,048,000 | 3,943,000 | -68,264,000 | 476,000 | 2,195,000 | -2,652,000 | 341,000 | 1,433,000 | -2,150,000 | 638,000 | 3,570,000 | 2,603,000 | ||
other income | 512,000 | -16,637,000 | 8,960,000 | 1,427,000 | 2,153,000 | 2,846,000 | 195,000 | 458,000 | 1,137,000 | -857,000 | 365,000 | -322,000 | -102,000 | 44,000 | 948,000 | 533,000 |
total other income | 7,918,000 | -7,487,000 | -112,250,000 | -140,827,000 | 5,870,000 | -65,845,000 | -2,076,000 | 1,061,000 | 204,000 | 162,000 | 2,578,000 | -4,991,000 | 82,000 | 7,899,000 | 2,215,000 | -1,213,000 |
income before income taxes | -46,809,000 | |||||||||||||||
income tax benefit | 28,452,000 | |||||||||||||||
net income | -18,357,000 | -42,326,000 | -139,986,000 | -167,329,000 | -5,421,000 | -86,077,000 | -22,712,000 | -17,778,000 | -17,312,000 | -16,380,000 | -15,829,000 | -25,898,000 | -24,608,000 | -13,661,000 | -13,053,000 | -13,198,000 |
yoy | 238.63% | -50.83% | 516.35% | 841.21% | -68.69% | 425.50% | 43.48% | -31.35% | -29.65% | 19.90% | 21.27% | 96.23% | ||||
qoq | -56.63% | -69.76% | -16.34% | 2986.68% | -93.70% | 278.99% | 27.75% | 2.69% | 5.69% | 3.48% | -38.88% | 5.24% | 80.13% | 4.66% | -1.10% | |
net income margin % | -642.30% | -1538.01% | -3743.94% | -5406.43% | -36.14% | -3727.89% | -1214.55% | -814.38% | -702.31% | -563.66% | -617.84% | -1517.16% | -1554.52% | -570.40% | -770.09% | -962.65% |
net income per share | -0.05 | -0.1 | -0.41 | -0.55 | -0.02 | -0.43 | -0.11 | -0.1 | -0.11 | -0.1 | -0.12 | -0.2 | -0.2 | -0.12 | -0.11 | -0.12 |
weighted-average shares used for eps calculation | 367,473,219 | 321,202,025 | 342,204,831 | 302,288,793 | 286,420,374 | 192,129,049 | 201,585,533 | 172,139,085 | 161,308,490 | 112,023,503 | ||||||
comprehensive loss: | ||||||||||||||||
other comprehensive income, net of tax: | ||||||||||||||||
foreign currency translation adjustment | 18 | -49 | 99 | 787 | 498 | 89 | -151 | |||||||||
unrealized losses on available-for-sale securities | -153 | |||||||||||||||
total other comprehensive income, net of tax | -135 | |||||||||||||||
net comprehensive loss | -18,492 | -42,221 | -139,887 | -166,542 | -4,923 | -85,988 | -22,863 | -17,756 | -17,265 | -25,964 | -24,627 | -13,638 | -12,997 | -13,166 | ||
change in fair value of term loan | -10,000 | -1,559,000 | -275,000 | 1,199,000 | -716,000 | 1,701,000 | -345,000 | |||||||||
term loan debt issuance costs | -725,000 | -1,393,000 | ||||||||||||||
gain on investment in marketable equity securities | 373,750 | -8,000 | -157,000 | 1,660,000 | ||||||||||||
foreign currency translation adjustment, net of tax | 22 | 47 | -45 | 15 | -66 | -19 | 23 | 56 | 32 | |||||||
government assistance | 262,750 | 1,051,000 | ||||||||||||||
lincoln park purchase agreement issuance costs | ||||||||||||||||
weighted-average shares * used in computing net loss per share, basic and diluted | 137,993,736 | 133,222,318 | 127,337,903 | 123,144,097 | 119,647,777 | 116,256,805 | ||||||||||
comprehensive loss | -16,601.25 | -15,814 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||
current assets: | ||||||||||||||||
cash and cash equivalents | 338,197,000 | 635,347,000 | 836,231,000 | 819,312,000 | 304,321,000 | 177,980,000 | 10,466,000 | |||||||||
marketable investment securities | 250,198,000 | 249,134,000 | ||||||||||||||
trade accounts receivable, net of allowance for credit losses of 1 and 176 | 8,911,000 | 1,587,000 | 1,927,000 | |||||||||||||
inventories | 2,915,000 | 2,776,000 | 2,831,000 | 2,448,000 | 1,702,000 | 1,686,000 | 1,903,000 | 2,126,000 | 2,079,000 | 2,078,000 | 2,244,000 | 2,325,000 | 2,240,000 | 2,196,000 | 2,533,000 | 2,148,000 |
prepaid expenses and other current assets | 6,888,000 | 7,388,000 | 7,150,000 | 5,338,000 | 3,795,000 | 3,954,000 | 2,447,000 | 2,349,000 | 2,569,000 | 2,009,000 | 1,870,000 | 2,200,000 | 3,142,000 | 3,643,000 | 8,190,000 | 1,529,000 |
total current assets | 607,109,000 | 896,232,000 | 848,139,000 | 828,540,000 | 310,865,000 | 185,040,000 | 35,080,000 | 46,906,000 | 33,687,000 | 47,046,000 | 58,194,000 | 12,842,000 | 14,912,000 | 13,925,000 | 26,279,000 | 23,183,000 |
property and equipment | 15,066,000 | 7,841,000 | 5,608,000 | 4,504,000 | 3,999,000 | 4,133,000 | 3,414,000 | 3,212,000 | 2,909,000 | 2,551,000 | 1,879,000 | 1,792,000 | 2,041,000 | 2,294,000 | 2,537,000 | 2,772,000 |
operating lease right-of-use assets | 10,331,000 | 6,518,000 | 6,716,000 | 6,915,000 | 7,084,000 | 7,261,000 | 7,642,000 | 7,580,000 | 7,879,000 | 8,223,000 | 8,560,000 | 8,716,000 | 8,927,000 | 9,133,000 | 8,066,000 | 8,118,000 |
intangible assets | 215,279,000 | 915,000 | 803,000 | 586,000 | 531,000 | 490,000 | 436,000 | 408,000 | 302,000 | 179,000 | 195,000 | 205,000 | 228,000 | 244,000 | 262,000 | 262,000 |
goodwill | 342,588,000 | |||||||||||||||
other non-current assets | 9,442,000 | 4,307,000 | 4,554,000 | 3,057,000 | 3,121,000 | 2,929,000 | 2,989,000 | 3,705,000 | 3,828,000 | 1,357,000 | ||||||
total assets | 1,199,815,000 | 915,813,000 | 865,820,000 | 843,602,000 | 325,600,000 | 199,853,000 | 49,561,000 | 61,811,000 | 48,605,000 | 59,356,000 | 70,179,000 | 24,909,000 | 27,459,000 | 26,947,000 | 38,489,000 | 35,685,000 |
liabilities and stockholders' equity | ||||||||||||||||
current liabilities: | ||||||||||||||||
trade accounts payable | 1,707,000 | 950,000 | 992,000 | 1,190,000 | 1,021,000 | 815,000 | 696,000 | 1,168,000 | 1,037,000 | 1,465,000 | 1,541,000 | 4,106,000 | 5,608,000 | 3,756,000 | 3,158,000 | 2,483,000 |
accrued expenses and other current liabilities | 15,460,000 | 15,838,000 | 9,496,000 | 11,582,000 | 6,556,000 | 8,784,000 | 6,573,000 | 5,038,000 | 6,007,000 | 5,343,000 | 9,604,000 | 10,800,000 | 9,859,000 | 6,687,000 | 5,318,000 | 8,295,000 |
current portion of operating lease liabilities | 1,554,000 | 1,448,000 | 1,491,000 | 1,596,000 | 1,525,000 | 1,512,000 | 1,580,000 | 1,479,000 | 1,448,000 | 1,374,000 | 1,533,000 | 1,461,000 | 1,573,000 | |||
loans payable, net, current | 140,000 | 134,000 | 144,000 | 348,000 | 348,000 | 14,070,000 | 32,666,000 | 369,000 | 399,000 | 1,671,000 | ||||||
deferred revenue, current | 9,495,000 | 2,778,000 | 3,389,000 | 4,906,000 | 5,549,000 | 18,686,000 | 2,910,000 | 2,590,000 | 1,999,000 | 2,669,000 | 2,177,000 | 2,827,000 | 1,827,000 | 1,781,000 | 1,989,000 | 2,595,000 |
total current liabilities | 28,356,000 | 21,148,000 | 15,512,000 | 19,274,000 | 14,999,000 | 30,145,000 | 25,829,000 | 42,941,000 | 10,860,000 | 11,250,000 | 43,328,000 | 33,643,000 | 18,084,000 | 15,848,000 | 14,578,000 | 36,299,000 |
operating lease liabilities, net of current portion | 9,703,000 | 6,050,000 | 6,101,000 | 6,322,000 | 6,213,000 | 6,389,000 | 6,966,000 | 6,813,000 | 6,978,000 | 7,028,000 | 6,884,000 | 7,162,000 | 7,165,000 | 7,301,000 | 6,211,000 | 6,556,000 |
loans payable, net, non-current | 35,423,000 | 35,825,000 | 32,054,000 | 32,061,000 | 30,367,000 | 30,128,000 | 32,013,000 | 31,451,000 | 63,043,000 | 63,850,000 | ||||||
deferred revenue, non-current | 2,081,000 | 560,000 | 629,000 | 654,000 | 700,000 | 670,000 | 57,000 | 33,000 | 399,000 | 79,000 | ||||||
total liabilities | 75,563,000 | 63,583,000 | 195,266,000 | 149,348,000 | 118,211,000 | 137,207,000 | 66,476,000 | 83,325,000 | 85,562,000 | 83,837,000 | 61,383,000 | 52,802,000 | 34,772,000 | 32,861,000 | 39,199,000 | 55,778,000 |
commitments and contingencies | ||||||||||||||||
stockholders' equity: | ||||||||||||||||
common stock, par value 0.0001... | 37,000 | 35,000 | 34,000 | 33,000 | 29,000 | 27,000 | 20,000 | 18,000 | 16,000 | 16,000 | ||||||
additional paid-in capital | 2,133,730,000 | 1,843,218,000 | 1,619,322,000 | 1,503,136,000 | 849,733,000 | 700,069,000 | 534,527,000 | 507,067,000 | 473,870,000 | 469,081,000 | 462,385,000 | 409,885,000 | 404,501,000 | 381,274,000 | 372,840,000 | 147,779,000 |
accumulated deficit | -1,000,359,000 | -982,002,000 | -939,676,000 | -799,690,000 | -632,361,000 | -626,940,000 | -540,863,000 | -518,151,000 | -500,373,000 | -483,061,000 | -443,132,000 | -427,303,000 | -401,405,000 | -376,797,000 | -363,136,000 | -350,083,000 |
accumulated other comprehensive loss | -9,156,000 | -9,021,000 | -9,126,000 | -9,225,000 | -10,012,000 | -10,510,000 | -10,599,000 | -10,448,000 | -10,470,000 | -10,517,000 | -10,472,000 | -10,487,000 | -10,421,000 | -10,402,000 | -10,425,000 | -10,481,000 |
total stockholders' equity | 1,124,252,000 | 852,230,000 | 670,554,000 | 694,254,000 | 207,389,000 | 62,646,000 | -20,093,000 | |||||||||
total liabilities and stockholders’ equity | 1,199,815,000 | 915,813,000 | 865,820,000 | 843,602,000 | 325,600,000 | 199,853,000 | 70,179,000 | 24,909,000 | 27,459,000 | 26,947,000 | 38,489,000 | 35,685,000 | ||||
warrant liabilities | 140,970,000 | 91,037,000 | 65,932,000 | 69,875,000 | 1,611,000 | 2,087,000 | 4,282,000 | 1,630,000 | 1,971,000 | 3,404,000 | 1,254,000 | 1,892,000 | 5,498,000 | |||
trade accounts receivable, net of allowance for doubtful accounts of 1 and 176 | 1,442,000 | |||||||||||||||
trade accounts receivable, net of allowance for doubtful accounts of 94 and 176 | 1,047,000 | |||||||||||||||
trade accounts receivable, net of allowance for doubtful accounts of 176 and zero | 1,420,000 | |||||||||||||||
liabilities and stockholders' deficit | ||||||||||||||||
stockholders' equity | ||||||||||||||||
cash | 29,274,000 | 40,861,000 | 27,304,000 | 41,307,000 | 53,317,000 | 7,514,000 | 8,988,000 | 7,065,000 | 13,764,000 | |||||||
trade accounts receivable, net of allowance for doubtful accounts of 225 and zero | 1,456,000 | 1,570,000 | ||||||||||||||
stockholders' deficit: | ||||||||||||||||
total stockholders' deficit | -16,915,000 | -21,514,000 | -36,957,000 | -24,481,000 | ||||||||||||
total liabilities and stockholders’ deficit | 49,561,000 | 61,811,000 | 48,605,000 | 59,356,000 | ||||||||||||
trade accounts receivable | 1,735,000 | 1,652,000 | 763,000 | 803,000 | 542,000 | 757,000 | 740,000 | 918,000 | ||||||||
research incentive receivable | ||||||||||||||||
promissory notes - related party | 420,000 | |||||||||||||||
other noncurrent assets | 1,351,000 | 1,354,000 | 1,351,000 | 1,351,000 | 1,345,000 | 1,350,000 | ||||||||||
liabilities and stockholders' (deficit) equity | ||||||||||||||||
loans payable, current | 30,006,000 | 15,910,000 | 790,000 | 2,232,000 | 21,353,000 | |||||||||||
loans payable, noncurrent | 9,108,000 | 8,473,000 | 8,260,000 | 12,912,000 | 12,903,000 | |||||||||||
deferred revenue, noncurrent | 92,000 | 120,000 | 9,000 | 9,000 | 20,000 | |||||||||||
stockholders' (deficit) equity: | ||||||||||||||||
common stock par value 0.0001... | 15,000 | 12,000 | 12,000 | |||||||||||||
total stockholders' (deficit) equity | 8,796,000 | -27,893,000 | -7,313,000 | -5,914,000 | -710,000 | |||||||||||
receivable research incentives | 264,000 | 1,052,000 | 2,451,000 | |||||||||||||
deferred offering costs | 5,671,000 | |||||||||||||||
loans payable, net, noncurrent | 7,811,000 | |||||||||||||||
other noncurrent liabilities | ||||||||||||||||
non-redeemable convertible preferred stock*, no par value; nil shares and 122,564,333 shares authorized as of december 31, 2022 and december 31, 2021, respectively; nil shares and 122,564,333 shares issued and outstanding as of december 31, 2022 and december 31, 2021, respectively. | ||||||||||||||||
common stock*, par value 0.0001... | 11,000 | 11,000 | ||||||||||||||
promissory note - related party | 420,000 | |||||||||||||||
non-redeemable convertible preferred stock*, no par value; nil shares and 122,564,333 shares authorized as of september 30, 2022 and december 31, 2021, respectively; nil shares and 122,564,333 shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively. | ||||||||||||||||
non-redeemable convertible preferred stock, no par value; unlimited number of shares authorized as of june 30, 2022 and december 31, 2021; 137,765,828 shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively. | 189,881,000 | |||||||||||||||
common stock | 2,811,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||
net loss | -18,357,000 | -42,326,000 | -139,986,000 | -167,329,000 | -5,421,000 | -86,077,000 | -22,712,000 | -17,778,000 | -17,312,000 | -16,380,000 | -15,829,000 | -25,898,000 | -24,608,000 | -13,661,000 | -13,053,000 |
adjustments to reconcile net loss to cash from operating activities: | |||||||||||||||
depreciation and amortization | 3,803,000 | 480,000 | 369,000 | 338,000 | 376,000 | 316,000 | 283,000 | 281,000 | 229,000 | 226,000 | 227,000 | 262,000 | 339,000 | 385,000 | 333,000 |
deferred income taxes | -28,365,000 | ||||||||||||||
stock-based compensation | 8,019,000 | 5,538,000 | 6,455,000 | 6,671,000 | 3,993,000 | 3,877,000 | 4,054,000 | 4,221,000 | 3,509,000 | 4,557,000 | 5,885,000 | 4,722,000 | 6,755,000 | 5,469,000 | 2,095,000 |
amortization of operating right-of-use assets | 347,000 | 198,000 | 199,000 | 169,000 | 177,000 | 258,000 | 167,000 | 199,000 | 199,000 | ||||||
provision for excess and obsolete inventory | -30,000 | -13,000 | 45,000 | -199,000 | 0 | ||||||||||
non-cash interest income | -1,217,000 | ||||||||||||||
non-cash interest expense | 234,000 | 3,334,000 | 200,000 | 199,000 | 188,000 | 1,118,000 | 1,093,000 | -2,483,000 | 1,207,000 | 761,000 | 437,000 | ||||
change in fair value of warrant liabilities | 10,576,000 | 121,859,000 | 142,048,000 | -3,943,000 | 68,264,000 | -476,000 | -2,195,000 | 2,652,000 | -341,000 | -1,433,000 | 2,150,000 | -638,000 | |||
loss on marketable equity securities | -1,880,000 | ||||||||||||||
unrealized foreign exchange loss | -774,000 | 561,000 | -723,000 | 1,903,000 | 95,000 | -280,000 | -994,000 | 970,000 | -877,000 | ||||||
other noncash items | 0 | 0 | 0 | 267,000 | |||||||||||
change in operating assets and liabilities: | |||||||||||||||
trade accounts receivable | -7,320,000 | 335,000 | -482,000 | -417,000 | 360,000 | 15,000 | 113,000 | 51,000 | -42,000 | -825,000 | 47,000 | -255,000 | 215,000 | -17,000 | 185,000 |
inventories | -1,476,000 | -968,000 | -668,000 | -746,000 | -16,000 | 83,000 | -151,000 | -128,000 | -19,000 | -2,000 | -154,000 | -22,000 | -59,000 | 536,000 | -383,000 |
prepaid expenses and other current assets | 1,347,000 | 2,098,000 | -1,315,000 | -1,540,000 | 172,000 | -1,143,000 | -98,000 | 220,000 | -559,000 | -399,000 | 326,000 | 942,000 | 767,000 | 6,687,000 | -2,625,000 |
trade accounts payable | -1,000,000 | 65,000 | -213,000 | 187,000 | 229,000 | 252,000 | -320,000 | 36,000 | -538,000 | -347,000 | -2,605,000 | -1,520,000 | 1,858,000 | 2,548,000 | 942,000 |
accrued expenses and other current liabilities | -2,999,000 | 6,333,000 | -2,088,000 | 4,980,000 | -2,285,000 | 2,252,000 | 1,527,000 | -856,000 | 2,597,000 | -2,339,000 | -1,161,000 | 912,000 | 1,214,000 | -989,000 | -2,874,000 |
deferred revenue | 8,238,000 | -680,000 | -1,542,000 | -689,000 | -13,107,000 | 16,389,000 | 344,000 | 225,000 | -350,000 | 479,000 | -678,000 | 1,111,000 | 46,000 | ||
operating lease liability | -272,000 | -199,000 | -202,000 | -171,000 | -173,000 | 1,000 | -72,000 | 21,000 | 343,000 | -379,000 | |||||
other non-current assets | -3,258,000 | -766,000 | -80,000 | -889,000 | -191,000 | 63,000 | 709,000 | -35,000 | -68,000 | ||||||
net cash from operating activities | -44,960,000 | -18,372,000 | -19,045,000 | -15,286,000 | -19,279,000 | 2,017,000 | -18,073,000 | -14,468,000 | -12,119,000 | -14,739,000 | -16,866,000 | -15,470,000 | -13,574,000 | -10,956,000 | -12,771,000 |
capital expenditures | -847,000 | -1,659,000 | -1,016,000 | -749,000 | -950,000 | -449,000 | -540,000 | -71,000 | -185,000 | -82,000 | 5,000 | -64,000 | -174,000 | -74,000 | |
free cash flows | -45,807,000 | -20,031,000 | -20,061,000 | -16,035,000 | 1,067,000 | -18,522,000 | -15,008,000 | -12,190,000 | -14,924,000 | -16,948,000 | -15,465,000 | -13,638,000 | -11,130,000 | -12,845,000 | |
cash flows from investing activities: | |||||||||||||||
acquisition of business, net of cash acquired | -250,821,000 | ||||||||||||||
purchase of property and equipment | -1,081,000 | -1,659,000 | -1,016,000 | -749,000 | -438,000 | -950,000 | -306,000 | -545,000 | -305,000 | -442,000 | -82,000 | 5,000 | -64,000 | -174,000 | -74,000 |
expenditures for internal-use software | -163,000 | -122,000 | -194,000 | -69,000 | -60,000 | -13,000 | -63,000 | -146,000 | -67,000 | ||||||
net cash from investing activities | -252,065,000 | -249,568,000 | -1,210,000 | 141,000 | -498,000 | -963,000 | -369,000 | -604,000 | -1,205,000 | -454,000 | -97,000 | -3,000 | -76,000 | -182,000 | -98,000 |
cash flows from financing activities: | |||||||||||||||
proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs | 0 | 0 | |||||||||||||
proceeds from issuance of common stock upon exercise of warrants | 63,738,000 | 39,866,000 | |||||||||||||
proceeds from the issuance of common stock upon exercise of stock options | 94,000 | 3,205,000 | 1,367,000 | 6,837,000 | 23,000 | 1,263,000 | 41,000 | ||||||||
payment of tax withheld pursuant to stock-based compensation settlements | -273,000 | -4,322,000 | -5,147,000 | -517,000 | -1,672,000 | ||||||||||
repayment of the equipment financing term loan | -34,000 | ||||||||||||||
payments of equity issuance costs | -203,000 | ||||||||||||||
net cash from financing activities | -143,000 | 67,105,000 | 37,075,000 | 529,349,000 | 145,620,000 | 147,563,000 | 7,006,000 | 28,607,000 | -726,000 | 3,228,000 | 62,751,000 | 14,065,000 | 15,592,000 | 4,367,000 | 16,133,000 |
effect of exchange rate changes on cash and cash equivalents | 18,000 | -49,000 | 99,000 | 787,000 | 498,000 | 89,000 | -151,000 | 22,000 | 47,000 | -45,000 | 15,000 | -66,000 | -19,000 | 72,000 | 34,000 |
net increase in cash and cash equivalents | -297,150,000 | -200,884,000 | 16,919,000 | 514,991,000 | 126,341,000 | 148,706,000 | -11,587,000 | 13,557,000 | -14,003,000 | -12,010,000 | 45,803,000 | -1,474,000 | 1,923,000 | -6,699,000 | 3,298,000 |
cash and cash equivalents at beginning of period | 635,347,000 | 0 | 0 | 0 | 177,980,000 | 0 | 0 | 0 | 41,307,000 | 0 | 0 | 0 | 7,065,000 | 0 | 0 |
cash and cash equivalents at end of period | 338,197,000 | -200,884,000 | 16,919,000 | 514,991,000 | 304,321,000 | 148,706,000 | -11,587,000 | 13,557,000 | 27,304,000 | -12,010,000 | 45,803,000 | -1,474,000 | 8,988,000 | -6,699,000 | 3,298,000 |
supplemental disclosures of cash flow information: | |||||||||||||||
cash paid for interest | 17,000 | 12,000 | 879,000 | ||||||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||
common stock issued for acquisition of business | 282,479,000 | ||||||||||||||
capitalized stock-based compensation | 125,000 | 79,000 | 143,000 | 79,000 | 53,000 | ||||||||||
inventory applied to capital projects | 1,367,000 | 1,036,000 | 88,000 | 18,000 | |||||||||||
operating lease right-of-use assets exchanged for new operating lease obligations | 4,068,000 | 0 | |||||||||||||
purchases of property and equipment included in accounts payable | 234,000 | -143,000 | 5,000 | 234,000 | 257,000 | ||||||||||
unrealized gains on available-for-sale securities included in other comprehensive loss | 153,000 | ||||||||||||||
change in fair value of term loan | 10,000 | 1,559,000 | 275,000 | -1,199,000 | 716,000 | -1,701,000 | |||||||||
purchases of marketable debt securities | |||||||||||||||
purchase of convertible note | 0 | 0 | 0 | -1,000,000 | |||||||||||
proceeds from recovery of previously written-off convertible note | 0 | ||||||||||||||
sales of marketable securities | |||||||||||||||
proceeds from the issuance of common stock pursuant to the lincoln park purchase agreement | 0 | 0 | 12,098,000 | 11,899,000 | |||||||||||
proceeds from common stock issued under the employee stock purchase plan | 478,000 | 0 | 253,000 | 0 | |||||||||||
debt payment for term loan | |||||||||||||||
repayments on tpc loan | 0 | 0 | |||||||||||||
proceeds from equipment financing | 0 | ||||||||||||||
payments for debt issuance costs | 0 | ||||||||||||||
repayment of the equipment financing | |||||||||||||||
reclassification of warrant liability to equity upon exercise | 151,542,000 | 71,926,000 | |||||||||||||
debt issuance costs settled by issuing freestanding warrants | |||||||||||||||
bonus settled in vested share based compensation awards | 0 | 0 | 0 | 2,006,000 | |||||||||||
stock option exercise proceeds in transit | |||||||||||||||
gain on marketable securities | 0 | 8,000 | 157,000 | -1,660,000 | |||||||||||
debt issuance costs related to freestanding warrants | |||||||||||||||
warrant exercise proceeds in transit | |||||||||||||||
proceeds from recovery of previously written-off note receivable | |||||||||||||||
sales of marketable equity securities | 0 | 0 | 0 | 254,000 | |||||||||||
purchase of software | -87,000 | -12,000 | -15,000 | -8,000 | -12,000 | -8,000 | -24,000 | ||||||||
proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of 140 | 146,108,000 | ||||||||||||||
proceeds from the issuance of common stock upon exercise of warrants | 6,000 | ||||||||||||||
non-cash interest expense, net of cash paid for pik interest | -91,000 | ||||||||||||||
debt issuance costs netted from term loan proceeds | 350,000 | ||||||||||||||
research incentives receivable | 753,000 | 1,430,000 | |||||||||||||
proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of 278 | |||||||||||||||
proceeds from term loan | |||||||||||||||
proceeds from government assistance | 1,509,000 | 35,000 | |||||||||||||
short swing profit settlement | 0 | 0 | 0 | 244,000 | |||||||||||
repayments on term loan | |||||||||||||||
repayment of promissory notes - related party | |||||||||||||||
other debt payments | |||||||||||||||
unrealized foreign exchange gain | |||||||||||||||
proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of 223 | |||||||||||||||
payment on directors and officers insurance financing arrangement | |||||||||||||||
debt payment for tpc loan | |||||||||||||||
payment of tax withheld for common stock issued under stock-based compensation plans | -617,000 | -734,000 | |||||||||||||
debt payments | -1,075,000 | 1,445,000 | -954,000 | -881,000 | -1,511,000 | -19,576,000 | |||||||||
operating lease right-of-use assets recognized in exchange for new operating lease obligations | 111,000 | 365,000 | |||||||||||||
proceeds from lincoln park purchase agreement | 2,330,000 | 45,663,000 | 0 | 15,683,000 | |||||||||||
proceeds from issuance of common stock upon exercise of stock options | 8,000 | 7,000 | 682,000 | 662,000 | 546,000 | 1,005,000 | -69,000 | ||||||||
allowance for doubtful accounts | 0 | ||||||||||||||
venture loan interest and final payment fee | 0 | ||||||||||||||
amortization of venture loan commitment fee | |||||||||||||||
non-cash lincoln park purchase agreement issuance costs | |||||||||||||||
debt issuance costs expensed for loans recorded under the fair value option | |||||||||||||||
realized loss on issuance of shares under the lincoln park purchase agreement | |||||||||||||||
merger, net of redemption and transaction costs | |||||||||||||||
transaction costs paid directly by d-wave systems | 0 | ||||||||||||||
proceeds from issuance of common stock from the pipe investment | 0 | ||||||||||||||
proceeds from exercise of public warrants | 14,000 | ||||||||||||||
proceeds from debt financing | 0 | 130,000 | 0 | ||||||||||||
government loan payment | 0 | ||||||||||||||
increase in operating lease liability and right-of-use asset due to resolution of contingency | |||||||||||||||
initial value of promissory notes recognized in connection with closing of the merger | |||||||||||||||
initial warrant liabilities recognized in connection with closing of the merger | |||||||||||||||
non-cash merger financing | |||||||||||||||
non-cash directors and officers insurance | |||||||||||||||
issuance of shares for payment of lincoln park purchase agreement commitment fee | |||||||||||||||
conversion of convertible preferred stock to common stock | 0 | ||||||||||||||
adjustments to reconcile net loss to cash from by operating activities: | |||||||||||||||
amortization of operating right of use assets | 156,000 | 211,000 | 206,000 | 131,000 | |||||||||||
non-cash final fee payment for venture loan | |||||||||||||||
government assistance | |||||||||||||||
other non-cash activities | -360,000 | 351,000 | 44,000 | ||||||||||||
deferred offering costs | |||||||||||||||
operating lease liabilities, net of current portion | -77,000 | -185,000 | -150,000 | ||||||||||||
proceeds from promissory note - related party | |||||||||||||||
payment on directors and officers financing arrangement | |||||||||||||||
proceeds from issuance of common stock in connection with espp | |||||||||||||||
supplemental disclosure of noncash investing and financial activities: | |||||||||||||||
transfer from inventory to property and equipment | |||||||||||||||
unpaid deferred costs | |||||||||||||||
non-cash interest expense on convertible debt | |||||||||||||||
non-cash interest expense on government payable | 581,000 | ||||||||||||||
fair value of warrants issued for services | |||||||||||||||
non-cash lease expense | |||||||||||||||
non-cash interest income on sif | |||||||||||||||
change in fair value of public warrant liability and private warrant liability | |||||||||||||||
interest benefit on debt | |||||||||||||||
gain on settlement of warrant liability | |||||||||||||||
gain on debt extinguishment | |||||||||||||||
deferred revenue, current | -199,000 | ||||||||||||||
proceeds from issuance of preferred stock for cash | |||||||||||||||
share issuance costs | |||||||||||||||
proceeds from exercise of warrants | |||||||||||||||
supplemental disclosure of noncash investing and financing activities: | |||||||||||||||
purchases/ | |||||||||||||||
cash payments included in the measurement of operating lease liabilities | |||||||||||||||
grant income | |||||||||||||||
change in fair value of public warrant liability | |||||||||||||||
change in fair value of private warrant liability | |||||||||||||||
loss on marketable securities | |||||||||||||||
right-of-use assets | |||||||||||||||
loan program payable | |||||||||||||||
current portion of long-term debt | |||||||||||||||
business combination, net of redemption and transaction costs | |||||||||||||||
payment for directors and officers insurance | |||||||||||||||
initial warrant liabilities recognized in connection with closing of business combination | |||||||||||||||
non-cash business combination financing | |||||||||||||||
issuance of shares for payment of eloc commitment fee | |||||||||||||||
operating lease liabilities | |||||||||||||||
proceeds from government program | |||||||||||||||
acquisition of property and equipment included in accounts payable |