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US-Canadian quantum-computing company selling quantum annealing systems and cloud access for optimization problems.
US-Canadian quantum-computing company selling quantum annealing systems and cloud access for optimization problems.
Earns mostly from subscriptions to its cloud service, with occasional larger sales of machines installed on a customer's own site. Revenue is still small against its research spending, so the business is funded by share sales. Went public through a 2022 merger with a blank-cheque company.
Moat: narrow (IP / patents). Longest commercial track record in quantum annealing, a narrower niche than gate-model quantum computing rivals.
Headquarters: Palo Alto, California, US and Burnaby, Canada · Founded: 1999 · Employees: 388
Size QBTS (QBTS) is a United States Information Technology company (Computer Processing Hardware) with a market value of $4.05B, the 1337th largest of 3,117 United States companies the cockpit tracks. Shares closed at $10.68 on 6 Nov 2026.
Performance Over six months the shares fell 25.1%, against -11.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue fell 44.2% over the last twelve months (peer median +14.5%); the operating margin is -1,372.9% (peer median 4.4%).
Valuation It trades at 286.2× enterprise value to sales against a peer median of 1.1× (2nd most expensive of 20).
Capital Return on invested capital runs 39.5 points below its cost of capital (16.4% WACC).
Backlog Backlog (remaining performance obligations) was $40.7M at 30 Jun 2026, up 668% on a year earlier — 3.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 21.0% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.4M | $24.6M | $8.83M | $8.76M | $7.17M |
| Revenue growth | — | +179% | +1% | +22% | — |
| Gross profit | -$908,000 | $20.3M | $5.56M | $4.62M | $4.25M |
| EBITDA | -$160M | -$98.1M | -$75.3M | -$78.7M | -$57.1M |
| Net income | -$249M | -$355M | -$144M | -$82.7M | -$53.7M |
| Free cash flow | -$119M | -$75.8M | -$44.7M | -$61.2M | -$45.6M |
| Capital expenditure | $8.88M | $4.31M | $2.40M | $630,000 | $498,000 |
| Total debt | $48.1M | $43.5M | $38.4M | $72.7M | $42.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| QBTS QBTS | $4.05B | -25% | -44% | -1,373% | 286.2× | n/a |
| IonQ IONQ | $14.0B | -34% | +371% | -392% | 48.5× | n/a |
| RGTI RGTI | $3.92B | -38% | +68% | -728% | 264.8× | n/a |
| IBM IBM | $232B | +6% | +7% | 21% | 4.1× | 7.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | QBTS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.9% | -5.8% | lowest of 21 |
| 6-month return | -25.1% | -11.5% | 6th lowest of 19 |
| Distance from 52-week high | -77.2% | -35.6% | lowest of 21 |
| Revenue growth (TTM) | -44.2% | +14.5% | lowest of 19 |
| Operating margin | -1,372.9% | 4.4% | lowest of 20 |
| EV / Sales | 286.2× | 1.1× | 2nd most expensive of 20 |
| ROIC minus cost of capital | -39.5 pp | +1.3 pp | 3rd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| QBTS QBTS | United States | $4.05B | -25% | -44% | -1,373% | 286.2× | n/a | n/a |
| Compal Electronics 2324.TW | Taiwan | $4.15B | +8% | -4% | 1% | 0.2× | n/a | n/a |
| RGTI RGTI | United States | $3.92B | -38% | +68% | -728% | 264.8× | n/a | n/a |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 0.8× | -2.7% | +7.3% |
| NCR Atleos NATL | United States | $3.49B | +7% | +2% | 14% | 1.3× | -9.2% | +1.8% |
| Venture V03.SI | Singapore | $3.22B | -21% | +1% | 10% | 1.1× | -1.3% | -3.4% |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 2.4× | n/a | n/a |
| MiTAC 3706.TW | Taiwan | $2.98B | -16% | +44% | 4% | 0.9× | n/a | n/a |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 0.3× | n/a | n/a |
| Lingyi iTech (Guangdong) 1688.HK | Hong Kong | $5.75B | n/a | +14% | 6% | 0.9× | n/a | n/a |
| Acer 2353.TW | Taiwan | $2.63B | +4% | +15% | 2% | 0.4× | n/a | n/a |
| Lakala Payment 300773.SZ | China | $2.32B | -25% | +17% | 4% | 1.1× | 14.2% | 0.0% |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Getac 3005.TW | Taiwan | $2.20B | +19% | +9% | 15% | 1.7× | -7.0% | +7.2% |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 0.2× | n/a | n/a |
| Dongfang Electronics 000682.SZ | China | $2.06B | -21% | +14% | 7% | 1.2× | 8.9% | +17.4% |
| Infleqtion INFQ | United States | $2.00B | -27% | n/a | -315% | 67.0× | n/a | n/a |
| Willfar Information Technology 688100.SS | China | $1.98B | -28% | -9% | 20% | 4.8× | 17.0% | +15.5% |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | 336.4× | n/a | n/a |
| PCI Technology 600728.SS | China | $1.58B | -7% | +11% | 0% | 1.1× | 23.0% | +18.8% |
| XGD 300130.SZ | China | $1.49B | -20% | +21% | 12% | 1.7× | 3.8% | +3.8% |
QBTS reported $40.7M of remaining performance obligations at 30 Jun 2026, up 668% from a year earlier and down 4% from the previous quarter. That is 3.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.45.