Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $5.16M | $6.28M | $7.17M | $8.76M | $8.83M | $24.6M |
| Revenue growth | — | 21.7% | 14.2% | 22.1% | 0.8% | 178.5% |
| Gross profit | $4.25M | $4.53M | $4.25M | $4.62M | $5.56M | $20.3M |
| Gross margin | 82.3% | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% |
| Operating income | -$31.5M | -$38.9M | -$59.5M | -$80.5M | -$77.2M | -$100M |
| Operating margin | -609.8% | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% |
| Net income | -$10.0M | -$31.5M | -$53.7M | -$82.7M | -$144M | -$355M |
| Net margin | -194.2% | -502.4% | -748.7% | -944.5% | -1630.0% | -1444.1% |
| EPS (diluted) | -$0.08 | -$0.25 | -$0.45 | -$0.60 | -$0.75 | -$1.11 |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$29.3M | -$34.8M | -$45.2M | -$60.6M | -$42.6M | -$72.0M |
| Capital expenditures | $736K | $1.77M | $423K | $583K | $2.11M | $3.86M |
| Free cash flow | -$30.0M | -$36.6M | -$45.6M | -$61.2M | -$44.7M | -$75.8M |
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $21.3M | $9.48M | $7.07M | $41.3M | $178M | $635M |
| Total assets | — | $32.6M | $26.9M | $59.4M | $200M | $916M |
| Total liabilities | — | $29.6M | $56.4M | $83.8M | $137M | $63.6M |
| Long-term debt | — | $12.2M | $31.2M | $63.9M | $30.1M | $35.8M |
| Shareholders' equity | $32.7M | -$18.4M | -$29.5M | -$24.5M | $62.6M | $852M |
| Retained earnings | — | -$325M | -$400M | -$483M | -$627M | -$982M |
| Shares (wtd avg diluted) | 127M | 125M | 120M | 138M | 192M | 321M |
Every figure is extracted from D-Wave Quantum Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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