D-Wave Quantum Inc.
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
QBTS$10.48-8.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net loss | $(5,421) | $(17,312) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||
| Depreciation and amortization | 376 | 229 |
| Stock-based compensation | 3,993 | 3,509 |
| Amortization of operating right-of-use assets | 177 | 199 |
| Non-cash interest expense | 188 | 1,093 |
| Change in fair value of Warrant liabilities | (3,943) | 2,652 |
| Change in fair value of Term Loan | — | (1,199) |
| Gain on marketable securities | — | (1,660) |
| Unrealized foreign exchange loss (gain) | 95 | (994) |
| Other noncash items | 267 | — |
| Change in operating assets and liabilities: | ||
| Trade accounts receivable | 360 | (42) |
| Inventories | (16) | (19) |
| Prepaid expenses and other current assets | 172 | (559) |
| Trade accounts payable | 229 | (538) |
| Accrued expenses and other current liabilities | (2,285) | 2,597 |
| Deferred revenue | (13,107) | (350) |
| Operating lease liability | (173) | 343 |
| Other non-current assets, net | (191) | (68) |
| Net cash used in operating activities | (19,279) | (12,119) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (438) | (305) |
| Purchase of convertible note (Note 4) | — | (1,000) |
| Sales of marketable equity securities (Note 4) | — | 254 |
| Expenditures for internal-use software | (60) | (67) |
| Purchase of software | — | (87) |
| Net cash used in investing activities | (498) | (1,205) |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of $140 | 146,108 | — |
| Proceeds from the issuance of common stock upon exercise of stock options | 23 | 8 |
| Proceeds from the issuance of common stock upon exercise of warrants | 6 | — |
| Payment of tax withheld pursuant to stock-based compensation settlements | (517) | (734) |
| Net cash provided by (used in) financing activities | 145,620 | (726) |
| Effect of exchange rate changes on cash and cash equivalents | 498 | 47 |
| Net increase (decrease) in cash and cash equivalents | 126,341 | (14,003) |
| Cash and cash equivalents at beginning of period | 177,980 | 41,307 |
| Cash and cash equivalents at end of period | $304,321 | $27,304 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Capitalized stock-based compensation | $53 | $— |
| Inventory applied to capital projects | $— | $18 |
| Operating lease right-of-use assets exchanged for new operating lease obligations | $— | $365 |
| Purchases of property and equipment included in accounts payable | $— | $234 |
| Bonus settled in vested share based compensation awards | $— | $2,006 |
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