$QBTS
D-Wave Quantum Inc.

2023 Q3 Form 10-Q Financial Statement

#000190798223000024 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.562M $1.707M
YoY Change 51.15% 24.51%
Cost Of Revenue $1.033M $1.002M
YoY Change 69.62% 70.99%
Gross Profit $1.529M $705.0K
YoY Change 40.79% -10.19%
Gross Profit Margin 59.68% 41.3%
Selling, General & Admin $10.48M $12.06M
YoY Change 16.15% 111.72%
% of Gross Profit 685.22% 1711.21%
Research & Development $9.459M $9.548M
YoY Change 28.97% 35.01%
% of Gross Profit 618.64% 1354.33%
Depreciation & Amortization $200.0K $200.0K
YoY Change -40.83% -35.28%
% of Gross Profit 13.08% 28.37%
Operating Expenses $19.94M $21.61M
YoY Change 21.9% 69.24%
Operating Profit -$18.41M -$20.91M
YoY Change 20.56% 74.44%
Interest Expense $450.0K -$1.130M
YoY Change -66.32% -164.72%
% of Operating Profit
Other Income/Expense, Net $2.578M -$4.991M
YoY Change 16.39% 311.46%
Pretax Income -$15.83M -$25.90M
YoY Change 21.27% 96.24%
Income Tax
% Of Pretax Income
Net Earnings -$15.80M -$25.90M
YoY Change 20.61% 96.24%
Net Earnings / Revenue -616.71% -1517.28%
Basic Earnings Per Share -$0.12 -$0.20
Diluted Earnings Per Share -$0.12 -$0.20
COMMON SHARES
Basic Shares Outstanding 98.90M shares 80.60M shares
Diluted Shares Outstanding 133.2M shares 127.3M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.32M $7.510M
YoY Change 287.39% -28.24%
Cash & Equivalents $53.32M $7.514M
Short-Term Investments
Other Short-Term Assets $1.750M $2.200M
YoY Change -78.63% -69.44%
Inventory $2.244M $2.325M
Prepaid Expenses
Receivables $763.0K $803.0K
Other Receivables $130.0K $0.00
Total Short-Term Assets $58.19M $12.84M
YoY Change 121.45% -44.61%
LONG-TERM ASSETS
Property, Plant & Equipment $1.879M $1.792M
YoY Change -25.94% -35.35%
Goodwill
YoY Change
Intangibles $195.0K $205.0K
YoY Change -25.57% -21.76%
Long-Term Investments
YoY Change
Other Assets $1.351M $1.354M
YoY Change 0.45% 0.3%
Total Long-Term Assets $11.99M $12.07M
YoY Change -1.84% -3.48%
TOTAL ASSETS
Total Short-Term Assets $58.19M $12.84M
Total Long-Term Assets $11.99M $12.07M
Total Assets $70.18M $24.91M
YoY Change 82.34% -30.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.540M $4.110M
YoY Change -51.23% 65.53%
Accrued Expenses $9.604M $10.80M
YoY Change 80.59% 30.2%
Deferred Revenue $2.177M $2.827M
YoY Change 9.45% 8.94%
Short-Term Debt $110.0K $210.0K
YoY Change -73.81%
Long-Term Debt Due $30.01M $15.91M
YoY Change 1244.35% -25.49%
Total Short-Term Liabilities $43.33M $33.64M
YoY Change 197.21% -7.32%
LONG-TERM LIABILITIES
Long-Term Debt $9.108M $8.473M
YoY Change -29.46% -34.33%
Other Long-Term Liabilities $8.950M $10.69M
YoY Change
Total Long-Term Liabilities $9.108M $8.473M
YoY Change -29.46% -34.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.33M $33.64M
Total Long-Term Liabilities $9.108M $8.473M
Total Liabilities $61.38M $52.80M
YoY Change 56.59% -5.34%
SHAREHOLDERS EQUITY
Retained Earnings -$443.1M -$427.3M
YoY Change 22.03% 22.05%
Common Stock $15.00K $12.00K
YoY Change 36.36% -99.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.796M -$27.89M
YoY Change
Total Liabilities & Shareholders Equity $70.18M $24.91M
YoY Change 82.34% -30.2%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$15.80M -$25.90M
YoY Change 20.61% 96.24%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change -40.83% -35.28%
Cash From Operating Activities -$16.87M -$15.47M
YoY Change 32.1% 29.02%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $0.00
YoY Change -202.04% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K $0.00
YoY Change 2.04% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 62.75M 14.07M
YoY Change 288.95% 187.55%
NET CHANGE
Cash From Operating Activities -16.87M -15.47M
Cash From Investing Activities -100.0K 0.000
Cash From Financing Activities 62.75M 14.07M
Net Change In Cash 45.78M -1.400M
YoY Change 1302.57% -80.48%
FREE CASH FLOW
Cash From Operating Activities -$16.87M -$15.47M
Capital Expenditures $100.0K $0.00
Free Cash Flow -$16.97M -$15.47M
YoY Change 33.91% 29.83%

Facts In Submission

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Description of business<div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">D-Wave Quantum Inc. ("D-Wave" or the “Company”) was incorporated under the General Corporation Law of the State of the Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">D-Wave is a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to its superconducting quantum computer systems and integrated software environment through its cloud service, Leap</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Historically, the Company has developed its own annealing superconducting quantum computer and associated software, and its current generation quantum system is the Advantage</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> system.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">D-Wave has three operating facilities, which it leases, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, and Palo Alto, California.</span></div>
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0.0001
CY2022Q2 qbts Equity Line Of Credit Ownership Restriction Percentage
EquityLineOfCreditOwnershipRestrictionPercentage
0.099
CY2022Q2 qbts Equity Line Of Credit Floor Stock Price
EquityLineOfCreditFloorStockPrice
1.00
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
15700000 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
13239654 shares
CY2022Q2 qbts Equity Line Of Credit Floor Stock Price
EquityLineOfCreditFloorStockPrice
1.00
CY2022Q2 qbts Equity Line Of Credit Floor Stock Price
EquityLineOfCreditFloorStockPrice
1.00
CY2023Q1 qbts Equity Line Of Credit Right To Sell Common Stock
EquityLineOfCreditRightToSellCommonStock
35000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">Use of estimates</span></div><div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.</span></div><div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, increased interest rates, Ukraine/Russia conflict, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions. </span></div><div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Debt </span></div><div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company determined that it is eligible for the fair value option election in connection with the Term Loan. The Term Loan meets the definition of a “recognized financial liability” which is an acceptable financial instrument eligible for the fair value option under ASC 825-10-15-4 and does not meet the definition of any of the financial instruments found within ASC 825-10-15-5 that are not eligible for the fair value option. At the date of issuance, the fair value of the Term Loan is derived from the instrument’s implied discount rate at inception.</span></div><div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in the fair value of the Term Loan, other than changes associated with the Company's own credit risk, are recorded as gains or losses in the Company’s condensed consolidated statements of operations and comprehensive loss in each reporting period. Changes in fair value attributable to the Company's own credit risk are recorded in other comprehensive income or loss in the Company's condensed consolidated statements of operations and comprehensive loss in each reporting period; there have been no such changes for the three and six months ended June 30, 2023. Under the fair value option, debt issuance costs are recorded in other expense in the Company’s condensed consolidated statements of operations and comprehensive loss. </span></div><div style="margin-bottom:0.11pt;margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Term Loan is subject to certain repayment and prepayment provisions which the Company has considered in their valuation analysis. The valuation analysis performed as of the issuance date on April 13, 2023 and June 30, 2023 did not consider any amendments to the Term Loan that occurred subsequent to June 30, 2023 (see to Note 13 -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Subsequent events</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). A Monte Carlo simulation model was utilized to forecast the probability of the issuance of Common Shares under the Purchase Agreement to determine the estimated proceeds to be paid to the Lender along with a mandatory prepayment premium of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10%</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Additionally, the Company estimated the probability for an event of default in the valuation analysis </span></div>which would result in a mandatory prepayment of the outstanding principal and accrued and unpaid interest. A binomial lattice model was utilized to determine the impact on the valuation of optional prepayments, in the event a mandatory prepayment does not occur. The Company assessed the fair value of the Term Loan at issuance date and as of June 30, 2023 resulting in unrealized losses of $0.3 million for the three and six months ended June 30, 2023, respectively.
CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
1200000 usd
CY2023Q2 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
1200000 usd
CY2023Q2 qbts Class Of Warrant Or Right Quoted Price
ClassOfWarrantOrRightQuotedPrice
0.19
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
17916609 shares
CY2022Q2 qbts Scientific Research And Experimental Development Investment Tax Credit
ScientificResearchAndExperimentalDevelopmentInvestmentTaxCredit
400000 usd
qbts Scientific Research And Experimental Development Investment Tax Credit
ScientificResearchAndExperimentalDevelopmentInvestmentTaxCredit
800000 usd
CY2023Q2 qbts Scientific Research And Experimental Development Investment Tax Credit
ScientificResearchAndExperimentalDevelopmentInvestmentTaxCredit
0 usd
qbts Scientific Research And Experimental Development Investment Tax Credit
ScientificResearchAndExperimentalDevelopmentInvestmentTaxCredit
0 usd
CY2022Q3 qbts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.4541326
CY2022Q3 qbts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.4541326
CY2022Q3 qbts Reverse Recapitalization Conversion Ratio
ReverseRecapitalizationConversionRatio
1
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
40000000 usd
CY2022Q3 qbts Commitment Fee Liability
CommitmentFeeLiability
2600000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1707000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1371000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1707000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1371000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3290000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3083000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3290000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1707000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1371000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3290000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3083000 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
803000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
757000 usd
CY2023Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
69000 usd
CY2022Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
58000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
872000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
815000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2827000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1781000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
120000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
9000 usd
CY2023Q2 qbts Contract With Customer Deposit Liability
ContractWithCustomerDepositLiability
45000 usd
CY2022Q4 qbts Contract With Customer Deposit Liability
ContractWithCustomerDepositLiability
45000 usd
CY2023Q2 qbts Contract With Customer Liability And Deposit
ContractWithCustomerLiabilityAndDeposit
2992000 usd
CY2022Q4 qbts Contract With Customer Liability And Deposit
ContractWithCustomerLiabilityAndDeposit
1835000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1790000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2947000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2900000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.96
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1800000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.99
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q2 qbts Accrued Transaction Costs Current
AccruedTransactionCostsCurrent
0 usd
CY2022Q4 qbts Accrued Transaction Costs Current
AccruedTransactionCostsCurrent
2459000 usd
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3873000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1858000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3012000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1641000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1172000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
233000 usd
CY2023Q2 qbts Accrued Payroll Expenses Current
AccruedPayrollExpensesCurrent
1025000 usd
CY2022Q4 qbts Accrued Payroll Expenses Current
AccruedPayrollExpensesCurrent
451000 usd
CY2023Q2 qbts Contract With Customer Deposit Liability Current
ContractWithCustomerDepositLiabilityCurrent
45000 usd
CY2022Q4 qbts Contract With Customer Deposit Liability Current
ContractWithCustomerDepositLiabilityCurrent
45000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1463000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1533000 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
210000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
420000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10800000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8640000 usd
CY2023Q2 qbts Prepaid Services Current
PrepaidServicesCurrent
358000 usd
CY2022Q4 qbts Prepaid Services Current
PrepaidServicesCurrent
391000 usd
CY2023Q2 qbts Prepaid Software Current
PrepaidSoftwareCurrent
426000 usd
CY2022Q4 qbts Prepaid Software Current
PrepaidSoftwareCurrent
559000 usd
CY2023Q2 us-gaap Prepaid Rent
PrepaidRent
133000 usd
CY2022Q4 us-gaap Prepaid Rent
PrepaidRent
96000 usd
CY2023Q2 qbts Prepaid Commissions Current
PrepaidCommissionsCurrent
206000 usd
CY2022Q4 qbts Prepaid Commissions Current
PrepaidCommissionsCurrent
268000 usd
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
656000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
697000 usd
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
384000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
89000 usd
CY2023Q2 qbts Directors And Officers Insurance Current
DirectorsAndOfficersInsuranceCurrent
0 usd
CY2022Q4 qbts Directors And Officers Insurance Current
DirectorsAndOfficersInsuranceCurrent
1449000 usd
CY2023Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
0 usd
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
58000 usd
CY2023Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
37000 usd
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
36000 usd
CY2023Q2 qbts Receivable Research Incentives Current
ReceivableResearchIncentivesCurrent
0 usd
CY2022Q4 qbts Receivable Research Incentives Current
ReceivableResearchIncentivesCurrent
264000 usd
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2200000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3907000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25446000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25405000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23654000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23111000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1792000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2294000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
200000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
300000 usd
us-gaap Depreciation
Depreciation
500000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8473000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7811000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
15910000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1671000 usd
qbts Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
17916609 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2022Q3 qbts Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Prior To Exchange Ratio
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsPriorToExchangeRatio
11.50
CY2022Q3 qbts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1.4541326
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.91
CY2022Q3 qbts Class Of Warrant Or Right Redemption Price
ClassOfWarrantOrRightRedemptionPrice
0.10
CY2022Q3 qbts Class Of Warrant Or Right Redemption Notice Period
ClassOfWarrantOrRightRedemptionNoticePeriod
P30D
CY2022Q3 qbts Class Of Warrant Or Right Redemption Share Price Threshold Trading Days
ClassOfWarrantOrRightRedemptionSharePriceThresholdTradingDays
20 day
CY2022Q3 qbts Class Of Warrant Or Right Redemption Share Price Threshold Consecutive Trading Days
ClassOfWarrantOrRightRedemptionSharePriceThresholdConsecutiveTradingDays
P30D
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q3 qbts Class Of Warrant Or Right Reference Value
ClassOfWarrantOrRightReferenceValue
18.00
CY2022Q3 qbts Class Of Warrant Or Right Redemption Notice Period
ClassOfWarrantOrRightRedemptionNoticePeriod
P30D
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13349000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13349000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127337903 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127337903 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125472590 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15387546 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.76
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M13D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8763000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1486404 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
70000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
924993 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
261476 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1.84
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12714673 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.70
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M10D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
14344000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10478450 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.19
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y5M12D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
12545000 usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2229789 shares
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.09
qbts Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedWeightedAverageRemainingContractualTerm
P8Y4M6D
CY2023Q2 qbts Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedIntrinsicValue
1791000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6700000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2400000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1700000 usd
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125472590 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4721000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
817000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11477000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000 usd
us-gaap Lease Cost
LeaseCost
400000 usd
us-gaap Lease Cost
LeaseCost
400000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25898000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-25898000 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-50506000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-50506000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-25266000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25266000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125252585 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125252585 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125428749 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125428749 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
40254106 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16510533 shares

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