What is the 13F Pro Quality Score for QBTS?

13F Pro ranks D-Wave Quantum Inc. (QBTS) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View QBTS's current score at https://13fpro.ai/research/QBTS (free sign-up required for the full ranking).

Where does 13F Pro source QBTS data?

All D-Wave Quantum Inc. fundamentals and ownership data come directly from SEC EDGAR. D-Wave Quantum Inc. files with the SEC under CIK 1907982. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is QBTS in?

D-Wave Quantum Inc. (QBTS) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

How often is QBTS research updated on 13F Pro?

QBTS's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

D-Wave Quantum Inc.(QBTS)Stock Analysis

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SEC EDGAR: CIK 1907982 QBTS stock profile & AI dashboard →

13F Pro Quality Score

24.7/100

Rank #2,576 of 2,879 stocks

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

94.6/100

Profitability

2.1/100

Balance Sheet

5.8/100

Earnings Quality

30.0/100

Free Cash Flow

3.6/100

Institutional Flow

28.6/100

Revenue Scale

6.1/100

Dilution Risk

3.4/100

QBTS Stock Analysis & AI Quality Score

AI stock analysis and institutional research for D-Wave Quantum Inc. (QBTS), a Technology sector company. 13F Pro's AI-powered ranking engine scores QBTS at 24.7/100 on a 32-signal composite quality model, placing it at rank #2,576 of 2,879 stocks — the bottom half of the AI-ranked universe. QBTS scores in the top quartile across revenue growth (94.6). Areas of concern include profitability (2.1) and free cash flow (3.6), which score below median versus the broader universe. Shareholder dilution risk is elevated at 3.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), D-Wave Quantum Inc. reports quarterly revenue of $2.9M, net income of $-18.4M, free cash flow of $-46.0M. Top institutional holders of QBTS by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. QBTS trades on the NYSE exchange and files with the SEC under CIK 1907982. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate QBTS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for D-Wave Quantum Inc. directly from SEC EDGAR. D-Wave Quantum Inc.'s 13F Pro composite quality score has ranged between 21 and 27 since 2025, currently 24.7 — a stable long-term trajectory across 17 quarterly and live scoring snapshots.

Revenue

Q1 2026

$2.9M

Net Income

Q1 2026

$-18.4M

Free Cash Flow

Q1 2026

$-46.0M

D/E Ratio

Q1 2026

0.03

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+178.5% YoY

$24.6MFY 2025

FY21 $6.3MFY23 $8.8MFY24 $8.8MFY25 $24.6M

Net Income

-146.8% YoY

$-355.1MFY 2025

FY21 $-31.5MFY23 $-82.7MFY24 $-143.9MFY25 $-355.1M

Operating Income

-30.0% YoY

$-100.4MFY 2025

FY21 $-38.9MFY23 $-80.5MFY24 $-77.2MFY25 $-100.4M

EPS (Diluted)

-48.0% YoY

$-1.11FY 2025

FY21 $-0.01FY23 $-0.60FY24 $-0.75FY25 $-1.11

Total Assets

+358.2% YoY

$915.8MFY 2025

FY21 $32.6MFY23 $59.4MFY24 $199.9MFY25 $915.8M

Total Debt

+18.9% YoY

$35.8MFY 2025

FY21 $12.7MFY23 $63.9MFY24 $30.1MFY25 $35.8M

Op. Cash Flow

-68.8% YoY

$-72.0MFY 2025

FY21 $-34.8MFY23 $-60.6MFY24 $-42.6MFY25 $-72.0M

Metric	FY 2025	FY 2024	FY 2023	FY 2021	FY 2019
Revenue	$24.6M +178.5%	$8.8M +0.8%	$8.8M +39.5%	$6.3M	—
Net Income	$-355.1M -146.8%	$-143.9M -73.9%	$-82.7M -162.2%	$-31.5M	—
Operating Income	$-100.4M -30.0%	$-77.2M +4.1%	$-80.5M -106.8%	$-38.9M	—
EPS (Diluted)	$-1.11 -48.0%	$-0.75 -25.0%	$-0.60 -7794.7%	$-0.01	—
Total Assets	$915.8M +358.2%	$199.9M +236.7%	$59.4M +82.0%	$32.6M	—
Total Debt	$35.8M +18.9%	$30.1M -52.8%	$63.9M +403.8%	$12.7M	—
Operating Cash Flow	$-72.0M -68.8%	$-42.6M +29.7%	$-60.6M -74.3%	$-34.8M	—

AI Insight: QBTS Financial Trends

D-Wave's equity base has swelled to $1.1B, but revenue stalled while operating losses accelerated sharply in Q1 2026.

• Equity surged from $-22M in Q2 2024 to $1,124M in Q1 2026, driven by capital raises offsetting accumulated losses.

• Operating income deteriorated to -$55M in Q1 2026 from -$20M in Q4 2024, worst quarterly performance on record.

• Revenue peaked at $21M in Q3 2025 but collapsed to $3M in Q1 2026, reversing prior momentum.

⚠ Operating cash burn accelerated to -$45M in Q1 2026, highest outflow in dataset; sustainability of current capital questionable.

⚠ Total debt held flat near $30–36M throughout period, but equity dilution from raises may signal weak standalone unit economics.

AI Insight: QBTS Ratio Trends

D-Wave remains unprofitable across all metrics, but Q1 2026 ROE improved sharply to -6.5% from -19.9% in Q4 2025, signaling potential inflection.

• ROE improved 13.4pp Q4 2025 to Q1 2026 (-19.9% to -6.5%), steepest quarterly gain in trailing data.

• D/E ratio declined to 0.03 in TTM (Mar 2026) from 0.48 in Q4 2024, indicating aggressive deleveraging.

• Operating margin was -133.1% in Q3 2025; no OpMargin reported Q2 2025 or Q4 2025 onward, masking recent trend.

⚠ ROIC swung from -87.2% (Q4 2024) to -12.4% (TTM Mar 2026), but remained negative throughout; capital efficiency unproven.

⚠ ROA improved -64.7% (Q3 2025) to -6.1% (Q1 2026), yet company still destroying asset value.

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Available Research

13F Pro tracks comprehensive data for D-Wave Quantum Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of QBTS

BlackRock, Inc.
$435.1M30,153,928 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$300.0M20,793,131 sh
VANGUARD CAPITAL MANAGEMENT LLC
$228.7M15,851,525 sh
UBS Group AG
$142.4M9,869,575 sh
GEODE CAPITAL MANAGEMENT, LLC
$131.9M9,039,744 sh
STATE STREET CORP
$122.2M8,470,803 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$86.2M5,976,100 sh
Clear Street Group Inc.
$82.4M5,708,970 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$73.6M5,098,100 sh
GOLDMAN SACHS GROUP INC
$61.7M4,277,322 sh

Fund	Value	Shares
BlackRock, Inc.	$435.1M	30,153,928
VANGUARD PORTFOLIO MANAGEMENT LLC	$300.0M	20,793,131
VANGUARD CAPITAL MANAGEMENT LLC	$228.7M	15,851,525
UBS Group AG	$142.4M	9,869,575
GEODE CAPITAL MANAGEMENT, LLC	$131.9M	9,039,744
STATE STREET CORP	$122.2M	8,470,803
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$86.2M	5,976,100
Clear Street Group Inc.	$82.4M	5,708,970
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$73.6M	5,098,100
GOLDMAN SACHS GROUP INC	$61.7M	4,277,322

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Is QBTS a good stock to buy?

13F Pro's AI-powered analysis of D-Wave Quantum Inc. (QBTS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for QBTS are available on the QBTS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own QBTS?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling QBTS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of D-Wave Quantum Inc.'s investment landscape.