How D-Wave Quantum (QBTS) Makes Money: A Visual Guide
D-Wave Quantum (QBTS) generated $12.44M in revenue but reported a net loss of $368.00M. Its largest revenue source is System Sales (54% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.
In TTM through Q1 2026, D-Wave Quantum (QBTS) generated revenue across 3 reportable product segments; the largest contributor was System Sales at 54%, followed by Professional Services (43.7%) and Product and Service, Other (2.3%). Geographically, GERMANY accounted for 33.1% of revenue, followed by UNITED STATES (30.8%) and Other Geographical Areas (12.5%).
D-Wave Quantum (QBTS) Income Statement Flow — TTM through Q1 2026
Calculated from the four most recent reported quarters, ending .
D-Wave Quantum (QBTS) Revenue by Product Segment — TTM through Q1 2026
Revenue contribution by product segment for D-Wave Quantum (QBTS) in TTM through Q1 2026.
System Sales
- Revenue
- $6.72M
- % of total
- 54%
Professional Services
- Revenue
- $5.43M
- % of total
- 43.7%
Product and Service, Other
- Revenue
- $285.98K
- % of total
- 2.3%
Total
- Revenue
- $12.44M
- % of total
- 100%
| Segment | Revenue | % of total |
|---|---|---|
| System Sales | $6.72M | 54% |
| Professional Services | $5.43M | 43.7% |
| Product and Service, Other | $285.98K | 2.3% |
| Total | $12.44M | 100% |
D-Wave Quantum (QBTS) Revenue by Geography — TTM through Q1 2026
Aggregated across the four most recent quarters, matching the TTM through Q1 2026 income statement above. Region totals sum quarterly disclosures; minor differences vs the company's annual filing can occur if reported regions changed mid-year.
Revenue contribution by geographic region for D-Wave Quantum (QBTS), TTM through Q1 2026.
GERMANY
- Revenue
- $4.14M
- % of total
- 33.1%
UNITED STATES
- Revenue
- $3.85M
- % of total
- 30.8%
Other Geographical Areas
- Revenue
- $1.57M
- % of total
- 12.5%
JAPAN
- Revenue
- $1.22M
- % of total
- 9.7%
SWITZERLAND
- Revenue
- $960.00K
- % of total
- 7.7%
CANADA
- Revenue
- $715.00K
- % of total
- 5.7%
UNITED KINGDOM
- Revenue
- $62.00K
- % of total
- 0.5%
Total
- Revenue
- $12.51M
- % of total
- 100%
| Region | Revenue | % of total |
|---|---|---|
| GERMANY | $4.14M | 33.1% |
| UNITED STATES | $3.85M | 30.8% |
| Other Geographical Areas | $1.57M | 12.5% |
| JAPAN | $1.22M | 9.7% |
| SWITZERLAND | $960.00K | 7.7% |
| CANADA | $715.00K | 5.7% |
| UNITED KINGDOM | $62.00K | 0.5% |
| Total | $12.51M | 100% |
Frequently asked questions
How does D-Wave Quantum (QBTS) make money?
D-Wave Quantum (QBTS) primarily makes money through System Sales, which accounts for 54% of total revenue. For TTM through Q1 2026, D-Wave Quantum generated $12.44M in total revenue with a net profit margin of -2957.2%.
What is D-Wave Quantum (QBTS) gross profit margin?
D-Wave Quantum (QBTS) reported a gross profit margin of 66.3% for TTM through Q1 2026, equivalent to $8.25M in gross profit. This means D-Wave Quantum retains 66.3% of each revenue unit after direct costs of production.
What is D-Wave Quantum (QBTS) operating profit margin?
D-Wave Quantum (QBTS) reported an operating profit margin of -1155.6% for TTM through Q1 2026, equivalent to −$143.80M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is D-Wave Quantum (QBTS) net profit margin?
D-Wave Quantum (QBTS) reported a net profit margin of -2957.2% for TTM through Q1 2026, equivalent to −$368.00M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does D-Wave Quantum (QBTS) invest in R&D?
D-Wave Quantum (QBTS) invested $66.24M in research and development in TTM through Q1 2026 (532.3% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does D-Wave Quantum (QBTS) spend on capital expenditures?
D-Wave Quantum (QBTS) spent $4.50M on capital expenditures in TTM through Q1 2026 (36.2% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is D-Wave Quantum (QBTS) free cash flow?
D-Wave Quantum (QBTS) generated −$102.17M in free cash flow for TTM through Q1 2026 (-821.0% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What are D-Wave Quantum (QBTS) main revenue segments?
D-Wave Quantum (QBTS) reports revenue across 3 reportable product segments, led by System Sales at 54% of total revenue in TTM through Q1 2026. The full segment-by-segment breakdown is shown in the revenue-by-segment table on this page.
Where does D-Wave Quantum (QBTS) generate most of its revenue?
Geographically, 33.1% of D-Wave Quantum (QBTS) revenue came from GERMANY in the most recent annual filing. The full regional split is shown in the revenue-by-geography table on this page.
Data & methodology
What is a Sankey diagram?
A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?
We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
Where do segment and geographic numbers come from?
Product-segment shares come from the same TTM income statement that powers the Sankey chart. Geographic splits are first rebuilt from the four most recent quarterly geographic-segmentation filings so they align with the same TTM window; if quarterly geo data is missing, we fall back to the latest annual disclosure (the table heading shows which one is in use).
When was this data last updated?
Based on company filings through TTM through Q1 2026.
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