MeritValue

D-Wave Quantum Inc.

QBTSdata completeness 100%6 fiscal years on file
The thesis, from the filings

D-Wave Quantum Inc. earns about -328% on invested capital, but has diluted owners by 156% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.28M1$7.17M2$8.76M3$8.83M4$24.6M4
Net income−$41M5−$53.7M6−$82.7M7−$143.9M8−$355.1M8
Operating cash flow−$34.8M9−$45.2M10−$60.6M11−$42.6M12−$72M12
Capital expenditure$1.77M13$423,00014$583,00015$2.11M16$3.86M16
Free cash flow (derived)−$36.6M9−$45.6M10−$61.2M11−$44.7M12−$75.8M12
Total debt$43M17$42.3M18$63.9M19$30.1M20$35.8M20
Cash & equivalents$9.48M21$7.07M22$41.3M23$178M24$635.3M24
Diluted shares125.3M119.6M138.0M192.1M321.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$26.53
your share of equity
Profit it earned you last year
−$11.05
Free cash flow it threw off
−$2.36
Debt you’d be carrying
$1.12

10 shares is a claim on $26.53 of net worth that earned you −$11.05 and generated −$2.36 of cash last year, against $1.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-328% avg · 5y
FY21 -205%FY22 -669%FY23 —FY24 —FY25 -111%

It earned an average -328% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+156% shares · 5y

Share count is up 156% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 17% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001907982-24-000040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001907982-24-000049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001907982-25-000060 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001907982-26-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001907982-24-000040 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001907982-24-000049 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001907982-25-000060 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001907982-26-000026 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001907982-24-000040 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001907982-24-000049 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001907982-25-000060 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001907982-26-000026 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001907982-24-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001907982-24-000049 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001907982-25-000060 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001907982-26-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001907982-24-000040 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001907982-24-000049 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001907982-25-000060 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001907982-26-000026 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001907982-24-000049 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0001907982-25-000060 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-31 · accession 0001907982-25-000060 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001907982-26-000026 (CashAndCashEquivalentsAtCarryingValue)