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D-Wave Quantum cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$32.9M in Q2 2026 · −$119M over twelve months

Operating cash flow−$28.5M
Capital spending−$4.4M
Free cash flow−$32.9M
Cash conversion cycle167 days

Analysis

In Q2 2026, D-Wave Quantum generated −$28.5M of operating cash flow and spent $4.4M on capital projects, leaving free cash flow of −$32.9M. That is $16.9M less than in Q2 2025 (−$16.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$111M; the largest uses were other investing ($503M), operating cash flow ($111M), taxes on employees’ shares ($11.5M); besides operations, cash came from other financing ($105M), shares issued ($6.2M); the cash balance fell by $523M.

Operating cash flow was −$28.5M against net income of −$48.0M. The largest differences: stock-based pay +$11.1M, receivables +$6.9M, depreciation & amortization +$4.7M.

Its cash conversion cycle was 167 days (receivables 162 + inventory 212 − payables 207).

Free cash flow

D-Wave Quantum: free cash flow by quarterD-Wave Quantum: free cash flow by quarter−$18.4MQ3 2024$1.1MQ4 2024−$19.7MQ1 2025−$16.0MQ2 2025−$20.1MQ3 2025−$20.0MQ4 2025−$46.0MQ1 2026−$32.9MQ2 2026
Operating cash flow less capital spending.
D-Wave Quantum: operating cash flow against capital spendingD-Wave Quantum: operating cash flow against capital spendingOperating cash flowCapital spending−$18.1M$306KQ3 2024$2.0M$950KQ4 2024−$19.3M$438KQ1 2025−$15.3M$749KQ2 2025−$19.0M$1.0MQ3 2025−$18.4M$1.7MQ4 2025−$45.0M$1.1MQ1 2026−$28.5M$4.4MQ2 2026
Latest (Q2 2026): Operating cash flow −$28.5M, Capital spending $4.4M.

Capital allocation, year by year

D-Wave Quantum: where the cash came from (up) and went (down), by fiscal yearD-Wave Quantum: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$34.8MFY2021: Net borrowing $80KFY2021: Shares issued $85KFY2021: Capital spending −$1.8M$165KFY2021FY2022: Operating cash flow −$45.2MFY2022: Net borrowing −$1.5MFY2022: Shares issued $41.1MFY2022: Capital spending −$423K$41.1MFY2022FY2023: Operating cash flow −$60.6MFY2023: Net borrowing $27.5MFY2023: Shares issued $65.6MFY2023: Capital spending −$583K$93.1MFY2023FY2024: Operating cash flow −$42.6MFY2024: Net borrowing −$30.0MFY2024: Shares issued $45.6MFY2024: Capital spending −$2.1M$45.6MFY2024FY2025: Operating cash flow −$72.0MFY2025: Shares issued $49.2MFY2025: Capital spending −$3.9M$49.2MFY2025
Over these 5 years operating cash flow totalled −$255M; the largest uses were operating cash flow ($255M) and net borrowing ($31.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$546M
Debt$34.9M
Net cash$511M
Cash runway4.6 years

D-Wave Quantum is burning cash: its operations consume cash, a free cash flow of −$119M a year at the current rate against $546M of cash and investments: a runway of about 4.6 years before any new financing.

Where the cash came from and went

D-Wave Quantum: sources (+) and uses (−) of cash, Q2 2026D-Wave Quantum: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$41.6MOperating cash flow−$28.5MTaxes on employees’ shares−$6.9MCapital spending−$4.4MOther investing−$2.1MAcquisitions−$2.0MShares issued$1.5MOther financing$689KExchange rates$140K
D-Wave Quantum: sources (+) and uses (−) of cash, TTM to Q2 2026D-Wave Quantum: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$523MOther investing−$503MOperating cash flow−$111MOther financing$105MTaxes on employees’ shares−$11.5MCapital spending−$8.2MShares issued$6.2MExchange rates$208K

From profit to cash

D-Wave Quantum: net income to operating cash flow, Q2 2026D-Wave Quantum: net income to operating cash flow, Q2 2026Net income−$48.0MDepreciation & amortization$4.7MStock-based pay$11.1MReceivables$6.9MInventory−$1.1MPayables$25KAccrued liabilities−$1.4MDeferred revenue−$1.0MPrepaid and other assets−$1.8MOperating cash flow−$28.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026162212207167
Q1 2026165246115297
Q4 20255926692233
Q3 20254122794175
Q2 20253716990115
Q1 202571367470
Q4 20245719783172
Q3 202474224104195

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$28.5M−$4.4M−$2.0M—$1.5M$41.6M−$32.9M
Q1 2026−$45.0M−$1.1M−$251M—$94K$297M−$46.0M
Q4 2025−$18.4M−$1.7M——$3.2M$201M−$20.0M
Q3 2025−$19.0M−$1.0M——$1.4M−$16.9M−$20.1M
Q2 2025−$15.3M−$749K——$6.8M−$515M−$16.0M
Q1 2025−$19.3M−$438K——$23K−$126M−$19.7M
Q4 2024$2.0M−$950K—−$13.6M$13.4M−$149M$1.1M
Q3 2024−$18.1M−$306K——$11.9M$11.6M−$18.4M

D-Wave Quantum: income statement and cash flow

D-Wave Quantum, Q2 2026: revenue $3.1M (-0.6% year over year). The chart follows the revenue to costs, profit and cash.

D-Wave Quantum: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.