QBTS at a glance
D-Wave Quantum Inc. (QBTS, SEC CIK 1907982) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on October 1, 2026 and Form 4 insider filings as recently as September 24, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), D-Wave Quantum Inc. (QBTS) reported revenue of $24.6 million (up 178.5% from FY2024) and a net loss of $355.1 million. Diluted EPS was -$1.11.
- As of June 30, 2026, 32 institutional investment managers tracked by SignalX reported holding D-Wave Quantum Inc. (QBTS) shares worth $2.6 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by DiLullo John D on September 8, 2026 of 1,100 shares at $18.00 per share.
- In the last 90 days, QBTS insiders reported 0 open-market purchases ($0) and 2 open-market sales ($72K) on Form 4, a net sale of $72K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $24.6M
- +178.5% vs prior year
- Insiders · 90 days
- 0 buys · 2 sells
- Net −$72K
- 13F holders
- 32 funds
- $2.6B · −2 vs prior quarter
- Latest 8-K
- Oct 1, 2026
- Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Development and delivery of quantum computing systems, software, and services with dual-platform technology (annealing and gate-model)
- New product emphasis: Sixth-generation annealing quantum system Advantage2 and Leap quantum cloud service with 99.9% uptime availability
- Strategic shift: Full redemption and delisting of all Public Warrants and conversion of all Private Warrants to Public Warrants in 2025, eliminating warrant liabilities
- Quantitative highlight: Revenue $24.6M in 2025, up 178% from $8.8M in 2024; stockholders’ equity surged to $852.2M from $62.6M
- Noteworthy fact: Cash and cash equivalents grew to $635.3M in 2025 from $178.0M in 2024, driven by significant capital raises including $536.7M net ATM offerings and $202.9M from warrant exercises
Risk Factors
- Regulatory/legal risk: Compliance with government funding regulations impacting use of government assistance for R&D, no specific law cited but ongoing government funding reliance noted
- Geopolitical/macro risk: Currency exchange exposure due to revenues in USD and expenses in Canadian dollars, creating risk from fluctuations in CAD/USD rates
- Operational/supply chain risk: Dependence on third-party suppliers for electronics and semiconductor components critical to manufacturing quantum computers
- Competitive/market risk: Potential competitive threat from classical computing advances outpacing quantum computing, impacting timing of quantum advantage
- Financial/structural risk: Accumulated deficit of $982M as of 12/31/2025 with net losses of $355.1M in fiscal 2025, reflecting ongoing significant operating losses
Management Discussion & Analysis
- Revenue $24.6M in 2025, up 179% YoY from $8.8M; driven by $16.2M system sales, $0.8M professional services, offset by $1.2M QCaaS decline
- Operating loss widened to $100.4M in 2025 from $77.2M in 2024; net loss $355.1M vs $143.9M; operating margin approx. -408% vs -876% (implied)
- Best segment: System sales $16.2M growth; worst impacted: QCaaS revenue down by $1.2M
- Cash flows: Operating cash used $72.0M vs $42.6M; Investing cash outflow $251.1M vs $3.1M; Financing cash inflow $779.1M vs $182.5M from ATM equity offerings ($647M+), warrant exercises ($203M), no debt repayments
- Forward outlook: Continued R&D and sales & marketing expense growth; expect ongoing losses; risk from macroeconomic factors and fair value changes of warrants; corporate HQ relocation planned 2026
AI summary of the QBTS 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- New listing risk triggered by July 2026 voluntary transfer from NYSE to Nasdaq
- Nasdaq delisting risk following three prior NYSE notices for sub-$1.00 average closing price
- Capital-markets impact from delisting, including reduced financing access and weaker security liquidity
- Executive trading-plan risk: CFO authorized sales of up to 495,374 Common Shares through March 15, 2027
AI summary of the QBTS 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Gate-model simulator beta launched October 1, 2026, advancing D-Wave’s roadmap beyond its current quantum-computing focus
- Early access for BBVA, FirstQFM, FAU and JSC supports customer validation and application development before general availability
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Greg Golkov appointed Acting CFO effective September 2, 2026, retaining Senior VP of Finance responsibilities
- Interim appointment continues until a permanent CFO starts, creating a temporary finance leadership transition
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Bernard Gavgani appointed independent Class II director effective September 18, 2026, through the 2027 annual meeting
- Cybersecurity Committee assignment strengthens board oversight of technology, AI governance, and cyber risk
Item EX-99.1: Item EX-99.1
- Bernard Gavgani appointed to D-Wave’s board and Cybersecurity Committee
- Former BNP Paribas Group CIO adds global technology strategy, cybersecurity, AI governance, and transformation expertise
AI summaries of QBTS 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for QBTS
Don't miss the next QBTS filing
- Alerts as it files. A push when QBTS files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut QBTS, by share count.
- Ask anything. An AI agent that reads every QBTS filing and answers with sources.
QBTS alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| GOLKOV GREGORY | A | Sep 17, 2026 | 27,081 | - |
| AMES SOPHIE C | F | Sep 15, 2026 | 1,544 | $16.83 |
| GOLKOV GREGORY | F | Sep 15, 2026 | 1,132 | $16.83 |
| BLACK STANLEY T | F | Sep 15, 2026 | 1,535 | $16.83 |
| Nguyen Diane | F | Sep 15, 2026 | 3,191 | $16.83 |
| DiLullo John D | Sell | Sep 8, 2026 | 1,100 | $18.00 |
| Nguyen Diane | F | Aug 17, 2026 | 4,042 | $21.17 |
| AMES SOPHIE C | F | Aug 17, 2026 | 23,850 | $21.17 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $8.8M | $24.6M |
| Gross Profit | - | $5.6M | $20.3M |
| Operating Income | - | -$77.2M | -$100.4M |
| Net Income | - | -$143.9M | -$355.1M |
| Gross Margin | - | 63.0% | 82.6% |
| Op. Margin | - | -874.8% | -408.2% |
| Net Margin | - | -1630.0% | -1444.1% |
| Balance Sheet | |||
| Total Assets | $59.4M | $199.9M | $915.8M |
| Equity | -$24.5M | $62.6M | $852.2M |
| ROE | - | -229.7% | -41.7% |
| Per Share | |||
| EPS | - | $-0.75 | $-1.11 |
| Cash Flow | |||
| Operating CF | - | -$42.6M | -$72.0M |
| CapEx | - | $2.1M | $3.9M |
Source: XBRL data in D-Wave Quantum Inc. (QBTS)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate QBTS share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 32 | $2.62B |
| Q1 2026 | 34 | $1.40B |
| Q4 2025 | 34 | $2.91B |
| Q3 2025 | 34 | $3.23B |
| Q2 2025 | 32 | $1.67B |
| Q1 2025 | 26 | $375.0M |
| Q4 2024 | 17 | $149.9M |
| Q3 2024 | 7 | $3.2M |
- BlackRock+2.99M (+10%)
- T. Rowe Price Group+1.86M (+453%)
- JPMorgan Chase & Co+1.38M (+101%)
- Franklin Resources+1.28M (+1396%)
- Vanguard Portfolio Management LLC+1.23M (+6%)
- Goldman Sachs Group−1.60M (-37%)
- Invesco Ltd−149.7K (-24%)
- Dimensional Fund Advisors−23.9K (-17%)
- Allstate−19.0K (-26%)
- Two Sigma Investments−265.1K
- StoneX Group Inc.−96.3K
Source: 13F-HR filings on SEC EDGAR (aggregated from 216 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
QBTS filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Oct 1, 2026 | - | Analysis | - |
| 4 | Sep 24, 2026 | - | - | - |
| 8-K | Sep 22, 2026 | - | Analysis | - |
| 8-K | Sep 21, 2026 | - | Analysis | - |
| 8-K | Sep 17, 2026 | - | Analysis | - |
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Sep 16, 2026 | - | - | - |
| 8-K | Sep 15, 2026 | - | Analysis | - |
| 8-K | Sep 10, 2026 | - | Analysis | - |
| 8-K | Sep 9, 2026 | - | Analysis | - |
| 4 | Sep 9, 2026 | - | - | - |
| 8-K | Sep 8, 2026 | - | Analysis | - |
| 8-K | Aug 25, 2026 | - | Analysis | - |
| 4 | Aug 18, 2026 | - | - | - |
| 8-K | Aug 18, 2026 | - | Analysis | - |
| 4 | Aug 18, 2026 | - | - | - |
| 8-K | Aug 17, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 8-K | Aug 5, 2026 | - | - | - |
| 8-K | Aug 3, 2026 | - | - | - |
| 8-K | Jul 27, 2026 | - | - | - |
| 8-K | Jul 24, 2026 | - | - | - |
| 4 | Jul 21, 2026 | - | - | - |
Related Information Technology companies
- EGHT · 8X8 INC /DE/Services-Computer Processing & Data Preparation
- APLD · Applied Digital Corp.Services-Computer Processing & Data Preparation
- CARG · CarGurus, Inc.Services-Computer Processing & Data Preparation
- CARS · Cars.com Inc.Services-Computer Processing & Data Preparation
- CSGS · CSG SYSTEMS INTERNATIONAL INCServices-Computer Processing & Data Preparation
- FA · FIRST ADVANTAGE CORPServices-Computer Processing & Data Preparation
- FIVN · Five9, Inc.Services-Computer Processing & Data Preparation
- IBEX · IBEX LtdServices-Computer Processing & Data Preparation
QBTS SEC filings: frequently asked questions
Are QBTS insiders buying or selling?
In the last 90 days, D-Wave Quantum Inc. (QBTS) officers, directors and 10% owners reported no open-market purchases and 2 open-market sales worth $71,842 by 2 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold QBTS stock?
As of June 30, 2026, the largest D-Wave Quantum Inc. (QBTS) holders among the 13F filers tracked by SignalX were BlackRock ($795.2 million), Vanguard Portfolio Management LLC ($528.3 million), Vanguard Capital Management LLC ($382.4 million), State Street Corp ($216.6 million), Bank of America Corp ($104.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was QBTS's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), D-Wave Quantum Inc. (QBTS) reported revenue of $24.6 million (up 178.5% from FY2024) and a net loss of $355.1 million. Diluted EPS was -$1.11. The figures come from the XBRL data in the 10-K.
What are the main risks in QBTS's latest 10-K?
In the 10-K filed February 26, 2026, D-Wave Quantum Inc. (QBTS) flagged: Regulatory/legal risk: Compliance with government funding regulations impacting use of government assistance for R&D, no specific law cited but ongoing government funding reliance noted. Geopolitical/macro risk: Currency exchange exposure due to revenues in USD and expenses in Canadian dollars, creating risk from fluctuations in CAD/USD rates. (AI summary of the Risk Factors section.)
What did QBTS report in its latest 8-K?
D-Wave Quantum Inc. (QBTS) filed an 8-K on October 1, 2026 reporting Item 7.01 (Regulation FD Disclosure). Gate-model simulator beta launched October 1, 2026, advancing D-Wave’s roadmap beyond its current quantum-computing focus.
What are the latest QBTS SEC filings?
D-Wave Quantum Inc. (QBTS) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on October 1, 2026 and a Form 4 insider filing on September 24, 2026.
What is QBTS's SEC CIK number?
D-Wave Quantum Inc. (QBTS)'s SEC Central Index Key (CIK) is 1907982. EDGAR lists every QBTS filing under that number.
Ask anything about QBTS
The research agent reads QBTS's filings, financials, insider trades and 13F holders, then answers with sources.