How does D-Wave Quantum (QBTS) make money?

D-Wave Quantum (QBTS) generates revenue primarily from System Sales, which accounted for 54% of total revenue in TTM through Q1 2026. The company reported $12.44M in revenue and converted -2957.2% of it into net profit, equivalent to roughly −$368.00M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of D-Wave Quantum (QBTS)?

D-Wave Quantum (QBTS) reported a gross profit margin of 66.3% in TTM through Q1 2026, equivalent to $8.25M in gross profit on $12.44M in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of D-Wave Quantum (QBTS)?

D-Wave Quantum (QBTS) reported an operating profit margin of -1155.6% in TTM through Q1 2026, equivalent to −$143.80M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of D-Wave Quantum (QBTS)?

D-Wave Quantum (QBTS) reported a net profit margin of -2957.2% in TTM through Q1 2026, equivalent to −$368.00M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is D-Wave Quantum (QBTS) profitable?

D-Wave Quantum (QBTS) reported a net loss of $368.00M for TTM through Q1 2026, a net profit margin of -2957.2%. Combined operating expenses, interest, and income taxes exceeded revenue, so the period closed in the red on a reported basis.

How much does D-Wave Quantum (QBTS) invest in research and development?

D-Wave Quantum (QBTS) invested $66.24M in research and development during TTM through Q1 2026, roughly 532.3% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does D-Wave Quantum (QBTS) spend on capital expenditures?

D-Wave Quantum (QBTS) spent $4.50M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 36.2% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does D-Wave Quantum (QBTS) generate?

D-Wave Quantum (QBTS) generated −$102.17M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -821.0%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of D-Wave Quantum (QBTS)?

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. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does D-Wave Quantum (QBTS) generate most of its revenue?

GERMANY is the largest geographic market for D-Wave Quantum (QBTS), accounting for 33.1% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How D-Wave Quantum Makes Money: 2026 Visual Revenue Map

D-Wave Quantum (QBTS) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 12, 2026).

D-Wave Quantum (QBTS) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for D-Wave Quantum (QBTS) in TTM through Q1 2026.
Segment	Revenue (USD)	% 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%

System Sales$6.72M
Professional Services$5.43M
Product and Service, Other$285.98K
Total$12.44M

D-Wave Quantum (QBTS) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. 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
Region	Revenue (USD)	% 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%

GERMANY
UNITED STATES
Other Geographical Areas
JAPAN
SWITZERLAND
CANADA
UNITED KINGDOM
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, D-Wave Quantum (QBTS) reports revenue across 3 operating segments; the largest segment was System Sales at 54%, followed by Professional Services (43.7%) and Product and Service, Other (2.3%). Separately, by end-market geography, GERMANY accounted for 33.1% of revenue, followed by UNITED STATES (30.8%) and Other Geographical Areas (12.5%).

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