D-Wave Quantum Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 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.
Sep 30, 2025 · Filed Nov 6, 2025
QBTS$10.48-8.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net loss | $(312,736) | $(57,802) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||
| Depreciation and amortization | 1,083 | 793 |
| Stock-based compensation | 17,119 | 11,784 |
| Amortization of operating right-of-use assets | 545 | 565 |
| Provision for excess and obsolete inventory | 22 | 89 |
| Non-cash interest expense | 587 | (1,350) |
| Change in fair value of Warrant liabilities | 259,964 | (19) |
| Change in fair value of Term Loan | — | 635 |
| Gain on marketable securities | (850) | (1,495) |
| Unrealized foreign exchange loss (gain) | 1,275 | (810) |
| Other noncash items | 267 | — |
| Change in operating assets and liabilities: | ||
| Trade accounts receivable | (539) | 122 |
| Inventories | (1,430) | (298) |
| Prepaid expenses and other current assets | (2,683) | (437) |
| Trade accounts payable | 203 | (822) |
| Accrued expenses and other current liabilities | 607 | 3,268 |
| Deferred revenue | (15,338) | 219 |
| Operating lease liability | (546) | 292 |
| Other non-current assets, net | (1,160) | 606 |
| Net cash used in operating activities | (53,610) | (44,660) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (2,203) | (1,156) |
| Purchase of convertible note | — | (1,000) |
| Proceeds from recovery of previously written-off convertible note | 959 | — |
| Sales of marketable securities | — | 254 |
| Expenditures for internal-use software | (323) | (276) |
| Net cash used in investing activities | (1,567) | (2,178) |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement | 37,787 | 32,187 |
| Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs | 536,741 | 20,688 |
| Proceeds from issuance of common stock upon exercise of warrants | 139,185 | — |
| Proceeds from the issuance of common stock upon exercise of stock options | 8,227 | 84 |
| Proceeds from common stock issued under the Employee Stock Purchase Plan | 291 | 171 |
| Payment of tax withheld pursuant to stock-based compensation settlements | (9,986) | (1,470) |
| Debt payment for Term Loan | — | (16,403) |
| Repayments on TPC loan | (365) | (370) |
| Proceeds from equipment financing | 412 | — |
| Payments for debt issuance costs | (248) | — |
| Net cash provided by financing activities | 712,044 | 34,887 |
| Effect of exchange rate changes on cash and cash equivalents | 1,384 | (82) |
| Net increase (decrease) in cash and cash equivalents | 658,251 | (12,033) |
| Cash and cash equivalents at beginning of period | 177,980 | 41,307 |
| Cash and cash equivalents at end of period | $836,231 | $29,274 |
| Supplemental disclosures of cash flow information: | ||
| Cash Paid for Interest | $13 | $4,304 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Capitalized stock-based compensation | $275 | $— |
| Inventory applied to capital projects | $263 | $385 |
| Reclassification of warrant liability to equity upon exercise | $188,869 | $— |
| Debt issuance costs related to freestanding warrants | $338 | $— |
| Operating lease right-of-use assets exchanged for new operating lease obligations | $— | $796 |
| Purchases of property and equipment included in accounts payable | $74 | $96 |
| Bonus settled in vested share based compensation awards | $— | $2,006 |
| Warrant exercise proceeds in transit | $414 | $— |
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