QBTS D-Wave Quantum Inc. Common Shares
$18.58
Price · May 20, 2026
Fundamentals as of May 12, 2026
52W Range
$13–$47
17% of range
Analyst Rating
BUY
22 analysts
Price Target
$35
+89% upside
P/E (TTM)
-23.6
ROE
-45.9%
Net Profit Margin
-1444.1%
QBTS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$18.58
Market Cap
$9.38B
P/E (TTM)
-23.6
EPS (TTM)
$-1.11
Revenue (TTM)
$25M
Div Yield
—
ROE
-45.9%
Debt/Equity
0.0
52W Range
$13 – $47
QBTS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$25M
2020-12-31
→
2025-12-31
EPS
$-1.11
2020-12-31
→
2025-12-31
Free Cash Flow
$-76M
2022-12-31
→
2025-12-31
Margins
-1444.1%
2022-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
QBTS
Peer Median
P/E (TTM)
-23.6
48.4
P/S (TTM)
381.5
12.8
P/B
11.0
10.0
EV / EBITDA
-86.4
—
Price / FCF
-123.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
QBTS
Peer Median
Gross Margin
82.6%
71.7%
Operating Margin
-408.2%
—
Net Profit Margin
-1444.1%
-14.7%
ROA
-63.6%
-1.5%
ROE
-45.9%
-1.3%
ROIC
-11.3%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
QBTS
Peer Median
Debt / Equity
0.0
0.0
Current Ratio
42.4
1.5
Quick Ratio
41.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
QBTS
Peer Median
Revenue YoY
178.5%
—
Revenue CAGR 3Y
50.8%
—
Revenue CAGR 5Y
36.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
QBTS
Peer Median
QBTS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 5 22.7%
- Buy 14 63.6%
- Hold 3 13.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-05-21
Median
$36.00
← Below all targets
$18.58
Low
$19.58
High
$45.00
Median target
$36.00
+93.8%
Mean target
$35.17
+89.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.01 | $-0.08 | 0.07% |
| Dec. 31, 2025 | $-0.09 | $-0.07 | -0.02% |
| Sept. 30, 2025 | $-0.05 | $-0.07 | 0.02% |
| June 30, 2025 | $-0.08 | $-0.05 | -0.03% |
| March 31, 2025 | $-0.02 | $-0.03 | 0.01% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| QBTS | $9.38B | -23.6 | 178.5% | -1444.1% | -45.9% | 82.6% |
| CIFR | $5.98B | -6.9 | 48.0% | -367.2% | -105.8% | — |
| CORZ | — | — | — | — | — | — |
| CWAN | — | -172.3 | 61.9% | — | — | — |
| PCOR | $11.04B | -108.6 | 14.8% | -7.6% | -8.1% | 79.5% |
| IDCC | $8.18B | 27.0 | -4.0% | 48.8% | 37.2% | — |
| DBX | $6.75B | 14.9 | -1.1% | 20.2% | -32.8% | 80.1% |
| TTAN | — | -46.1 | 24.5% | -16.6% | -10.6% | 70.1% |
| APPF | — | 60.0 | 19.7% | 14.8% | 28.2% | — |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $25M | $9M | $9M | $7M | $6M | $5M | |
| Cost of Revenue | $4M | $3M | $4M | $3M | $2M | $915.0K | |
| Gross Profit | $20M | $6M | $5M | $4M | $5M | $4M | |
| R&D Expense | $51M | $35M | $38M | $32M | $25M | $20M | |
| SG&A Expense | $41M | $32M | $37M | $22M | $12M | $12M | |
| Operating Expenses | $121M | $83M | $85M | $64M | $43M | $36M | |
| Operating Income | $-100M | $-77M | $-81M | $-59M | $-39M | $-31M | |
| Interest Expense | · | · | · | $5M | $2M | $5M | |
| Interest Income | $24M | $2M | · | · | · | · | |
| Other Non-op | $-4M | $3M | $-916.0K | $3M | $825.0K | $3M | |
| Pretax Income | $-355M | $-144M | $-83M | $-54M | $-41M | $-22M | |
| Income Tax | $0 | · | · | · | · | · | |
| Net Income | $-355M | $-144M | $-83M | $-54M | $-41M | $-22M | |
| EPS (Basic) | $-1.11 | $-0.75 | $-0.60 | $-0.45 | $-0.33 | $-0.17 | |
| EPS (Diluted) | $-1.11 | $-0.75 | $-0.60 | $-0.45 | $-0.33 | $-0.17 | |
| Shares (Basic) | 321,202,025 | 192,129,049 | 137,993,736 | 119,647,777 | 125,342,746 | 127,161,731 | |
| Shares (Diluted) | 321,202,025 | 192,129,049 | 137,993,736 | 119,647,777 | 125,342,746 | 127,161,731 | |
| EBITDA | $-99M | $-76M | $-79M | $-58M | · | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $635M | $178M | $41M | $7M | $9M | · | |
| Short-term Investments | $249M | $0 | · | · | · | · | |
| Receivables | $2M | $1M | $2M | $757.0K | $421.0K | · | |
| Inventory | $3M | $2M | $2M | $2M | $2M | · | |
| Prepaid Expense | $7M | $4M | $2M | $4M | $1M | · | |
| Current Assets | $896M | $185M | $47M | $14M | $16M | $30M | |
| PP&E (Net) | $8M | $4M | $3M | $2M | $3M | · | |
| PP&E (Gross) | $34M | $29M | $27M | $25M | $25M | · | |
| Accum. Depreciation | $26M | $25M | $24M | $23M | $22M | · | |
| Goodwill | $0 | · | · | · | · | · | |
| Intangibles | $915.0K | $490.0K | $179.0K | $244.0K | $272.0K | · | |
| Other Non-current Assets | $4M | $3M | $1M | $1M | $1M | · | |
| Total Assets | $916M | $200M | $59M | $27M | $29M | $36M | |
| Accrued Liabilities | $16M | $9M | $5M | $7M | $4M | · | |
| Short-term Debt | · | · | $0 | $420.0K | $0 | · | |
| Current Liabilities | $21M | $30M | $11M | $16M | $10M | $12M | |
| Capital Leases | $6M | $6M | $7M | $7M | $7M | · | |
| Other Non-current Liabilities | · | · | · | $0 | $18.0K | · | |
| Total Liabilities | $64M | $137M | $84M | $56M | $48M | $15M | |
| Long-term Debt | · | · | · | $9M | $12M | · | |
| Total Debt | $36M | $30M | $64M | $32M | · | · | |
| Common Stock | $35.0K | $27.0K | $16.0K | $11.0K | $0 | · | |
| Paid-in Capital | $1.84B | $700M | $469M | $381M | $149M | · | |
| Retained Earnings | $-982M | $-627M | $-483M | $-400M | $-347M | $-306M | |
| AOCI | $-9M | $-11M | $-11M | $-10M | $-10M | · | |
| Stockholders' Equity | $852M | $63M | $-24M | $-29M | $-18M | $21M | |
| Liabilities + Equity | $916M | $200M | $59M | $27M | $29M | $36M | |
| Shares Outstanding | 358,741,605 | 266,595,867 | 161,113,744 | 113,335,530 | 2,817,499 | 2,723,904 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $2M | $1M | $1M | $1M | $2M | $2M | |
| Stock-based Comp | $23M | $16M | $22M | $9M | $2M | $3M | |
| Amort. of Intangibles | $200.0K | $100.0K | $100.0K | $100.0K | $100.0K | $100.0K | |
| Other Non-cash | $259M | $84M | $-907.0K | $-2M | · | · | |
| Operating Cash Flow | $-72M | $-43M | $-61M | $-45M | $-35M | $-29M | |
| CapEx | $4M | $2M | $583.0K | $423.0K | $2M | $736.0K | |
| Investing Cash Flow | $-251M | $-3M | $-630.0K | $-498.0K | $-2M | $-789.0K | |
| Debt Issued | · | · | $29M | $20M | $111.0K | $0 | |
| Net Debt Issued | · | · | $28M | $-2M | · | · | |
| Stock Issued | $38M | $44M | $64M | $40M | $0 | $0 | |
| Net Stock Activity | $38M | $44M | · | · | · | · | |
| Financing Cash Flow | $779M | $182M | $96M | $43M | $25M | $43M | |
| Net Change in Cash | $457M | $137M | $34M | $-2M | $-12M | $13M | |
| Taxes Paid | $26.0K | $37.0K | · | · | · | · | |
| Free Cash Flow | $-76M | $-45M | $-61M | $-46M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6% | 63.0% | 52.8% | 59.2% | · | · | |
| Operating Margin | -408.2% | -874.9% | -919.7% | -828.9% | · | · | |
| Net Margin | -1444.1% | -1630.0% | -944.4% | -748.7% | · | · | |
| Pretax Margin | -1444.1% | -1630.0% | -944.4% | -748.7% | · | · | |
| EBITDA Margin | -401.9% | -862.3% | -907.6% | -809.1% | · | · | |
| ROA | -63.6% | -111.0% | -191.7% | -190.4% | · | · | |
| ROE | -45.9% | -629.2% | 417.8% | 205.4% | · | · | |
| ROIC | -11.3% | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 42.4 | 6.1 | 4.2 | 0.9 | · | · | |
| Quick Ratio | 41.9 | 6.0 | 3.8 | 0.5 | · | · | |
| Debt / Equity | 0.0 | 0.5 | -2.6 | -1.1 | · | · | |
| LT Debt / Equity | 0.0 | 0.5 | -2.6 | -1.1 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.2 | 0.3 | · | · | |
| Inventory Turnover | 1.9 | 1.7 | 1.9 | 1.4 | · | · | |
| Receivables Turnover | 16.4 | 5.7 | 7.3 | 12.2 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 178.5% | 0.79% | 22.1% | 14.2% | 21.7% | · | |
| Revenue CAGR 3Y | 50.8% | 12.0% | 19.3% | · | · | · | |
| Revenue CAGR 5Y | 36.6% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $25M | $9M | $9M | $7M | · | · | |
| Net Income TTM | $-355M | $-144M | $-83M | $-54M | · | · | |
| Market Cap | $9.38B | $2.24B | $142M | $163M | · | · | |
| Enterprise Value | $8.53B | $2.09B | $164M | $188M | · | · | |
| P/E | -23.6 | -11.2 | -1.5 | -3.2 | · | · | |
| P/S | 381.5 | 253.7 | 16.2 | 22.8 | · | · | |
| P/B | 11.0 | 35.7 | -5.8 | -5.5 | · | · | |
| P / Tangible Book | 11.0 | 36.0 | · | · | · | · | |
| P / Cash Flow | -130.3 | -52.5 | -2.3 | -3.6 | · | · | |
| P / FCF | -123.7 | -50.0 | -2.3 | -3.6 | · | · | |
| EV / EBITDA | -86.4 | -27.5 | -2.1 | -3.2 | · | · | |
| EV / FCF | -112.5 | -46.7 | -2.7 | -4.1 | · | · | |
| EV / Revenue | 347.0 | 236.9 | 18.8 | 26.2 | · | · | |
| Earnings Yield | -4.2% | -8.9% | -68.2% | -31.2% | · | · |
Income Statement 18
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3M | $3M | $4M | $-14M | $15M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | |
| Cost of Revenue | $1M | $968.0K | $1M | $1M | $1M | $836.0K | $827.0K | $795.0K | $806.0K | $939.0K | $1M | $1M | $1M | $1M | $654.0K | $620.0K | |
| Gross Profit | $2M | $2M | $3M | $2M | $14M | $1M | $1M | $1M | $2M | $2M | $2M | $705.0K | $421.0K | $1M | $1M | $751.0K | |
| R&D Expense | $26M | $14M | $14M | $13M | $10M | $10M | $9M | $8M | $9M | $8M | $9M | $10M | $11M | $10M | $8M | $7M | |
| SG&A Expense | $20M | $15M | $9M | $9M | $8M | $8M | $9M | $7M | $8M | $8M | $8M | $10M | $11M | $8M | $6M | $4M | |
| Operating Expenses | $57M | $37M | $30M | $28M | $25M | $22M | $22M | $20M | $19M | $19M | $20M | $22M | $25M | $22M | $16M | $13M | |
| Operating Income | $-55M | $-35M | $-28M | $-27M | $-11M | $-20M | $-21M | $-19M | $-18M | $-17M | $-18M | $-21M | $-25M | $-21M | $-15M | $-12M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | · | $212.0K | · | $1M | $2M | |
| Interest Income | $6M | · | · | · | $3M | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $512.0K | $-17M | $9M | $1M | $-946.0K | $1M | $195.0K | $458.0K | $1M | $-882.0K | $927.0K | $-819.0K | $-142.0K | $-234.0K | $2M | $1M | |
| Pretax Income | $-47M | · | · | · | $-5M | · | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $-28M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $-18M | $-42M | $-140M | $-167M | $-5M | $-86M | $-23M | $-18M | $-17M | $-16M | $-16M | $-26M | $-24M | $-18M | $-12M | $-12M | |
| EPS (Basic) | $-0.05 | $-0.13 | $-0.41 | $-0.55 | $-0.02 | $-0.43 | $-0.11 | $-0.10 | $-0.11 | $-0.07 | $-0.12 | $-0.21 | $-0.20 | $-0.16 | $-0.10 | $-0.10 | |
| EPS (Diluted) | $-0.05 | $-0.13 | $-0.41 | $-0.55 | $-0.02 | $-0.43 | $-0.11 | $-0.10 | $-0.11 | $-0.07 | $-0.12 | $-0.21 | $-0.20 | $-0.16 | $-0.10 | $-0.10 | |
| Shares (Basic) | 367,473,219 | -609,711,973 | 342,204,831 | 302,288,793 | 286,420,374 | -342,904,059 | 201,585,533 | 172,139,085 | 161,308,490 | -245,710,582 | 133,222,318 | 127,337,903 | 123,144,097 | -247,467,459 | 116,256,805 | 125,472,590 | |
| Shares (Diluted) | 367,473,219 | -609,711,973 | 342,204,831 | 302,288,793 | 286,420,374 | -342,904,059 | 201,585,533 | 172,139,085 | 161,308,490 | -245,710,582 | 133,222,318 | 127,337,903 | 123,144,097 | -247,467,459 | 116,256,805 | 125,472,590 | |
| EBITDA | $-51M | · | $-28M | $-27M | $-11M | · | $-21M | $-19M | $-17M | · | $-18M | $-21M | $-24M | · | $-15M | $-12M |
Balance Sheet 28
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $338M | $635M | $836M | $819M | $304M | $178M | $29M | $41M | $27M | $41M | $53M | $8M | $9M | $7M | $14M | $10M | |
| Short-term Investments | $250M | $249M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | |
| Receivables | $9M | $2M | $2M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $763.0K | $803.0K | $542.0K | $757.0K | $419.0K | $918.0K | |
| Inventory | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | |
| Prepaid Expense | $7M | $7M | $7M | $5M | $4M | $4M | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $4M | $5M | $2M | |
| Current Assets | $607M | $896M | $848M | $829M | $311M | $185M | $35M | $47M | $34M | $47M | $58M | $13M | $15M | $14M | $21M | $23M | |
| PP&E (Net) | $15M | $8M | $6M | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $3M | $3M | |
| PP&E (Gross) | $36M | $34M | $31M | $30M | $29M | $29M | $28M | $28M | $27M | $27M | $26M | $25M | $25M | $25M | $25M | $25M | |
| Accum. Depreciation | $21M | $26M | $25M | $25M | $25M | $25M | $25M | $24M | $24M | $24M | $24M | $24M | $23M | $23M | $23M | $22M | |
| Goodwill | $343M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Intangibles | $215M | $915.0K | $803.0K | $586.0K | $531.0K | $490.0K | $436.0K | $408.0K | $302.0K | $179.0K | $195.0K | $205.0K | $228.0K | $244.0K | $262.0K | $262.0K | |
| Other Non-current Assets | $9M | $4M | $5M | $3M | $3M | $3M | $3M | $4M | $4M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Total Assets | $1.20B | $916M | $866M | $844M | $326M | $200M | $50M | $62M | $49M | $59M | $70M | $25M | $27M | $27M | $34M | $36M | |
| Accrued Liabilities | $15M | $16M | $9M | $12M | $7M | $9M | $7M | $5M | $6M | $5M | $10M | $11M | $10M | $7M | $5M | $8M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | · | $105.0K | $210.0K | $420.0K | $420.0K | · | · | |
| Current Liabilities | $28M | $21M | $16M | $19M | $15M | $30M | $26M | $43M | $11M | $11M | $44M | $34M | $18M | $16M | $14M | $36M | |
| Capital Leases | $10M | $6M | $6M | $6M | $6M | $6M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $6M | $7M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | |
| Total Liabilities | $76M | $64M | $195M | $149M | $118M | $137M | $66M | $83M | $86M | $84M | $85M | $76M | $58M | $56M | $38M | $56M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | $63M | $48M | $9M | · | $15M | $34M | |
| Total Debt | $35M | · | $32M | $32M | $30M | · | $32M | $31M | $63M | · | $63M | $48M | $33M | · | $15M | $34M | |
| Common Stock | $37.0K | $35.0K | $34.0K | $33.0K | $29.0K | $27.0K | $20.0K | $18.0K | $16.0K | $16.0K | $15.0K | $12.0K | $12.0K | $11.0K | $11.0K | $3M | |
| Paid-in Capital | $2.13B | $1.84B | $1.62B | $1.50B | $850M | $700M | $535M | $507M | $474M | $469M | $462M | $410M | $405M | $381M | $370M | $148M | |
| Retained Earnings | $-1.00B | $-982M | $-940M | $-800M | $-632M | $-627M | $-541M | $-518M | $-500M | $-483M | $-467M | $-451M | $-425M | $-400M | $-364M | $-350M | |
| AOCI | $-9M | $-9M | $-9M | $-9M | $-10M | $-11M | $-11M | $-10M | $-10M | $-11M | $-10M | $-10M | $-10M | $-10M | $-10M | $-10M | |
| Stockholders' Equity | $1.12B | $852M | $671M | $694M | $207M | $63M | $-17M | $-22M | $-37M | $-24M | $-15M | $-52M | $-31M | $-29M | $-4M | $-20M | |
| Liabilities + Equity | $1.20B | $916M | $866M | $844M | $326M | $200M | $50M | $62M | $49M | $59M | $70M | $25M | $27M | $27M | $34M | $36M | |
| Shares Outstanding | 370,038,436 | 358,741,605 | 345,971,195 | 339,837,650 | 291,351,403 | 266,595,867 | 207,963,593 | 186,073,087 | 161,675,010 | 161,113,744 | 155,288,763 | 128,028,658 | 127,173,552 | 113,335,530 | 110,377,357 | 3,341,327 |
Cash Flow 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $4M | $480.0K | $369.0K | $338.0K | $376.0K | $316.0K | $283.0K | $281.0K | $229.0K | $226.0K | $227.0K | $262.0K | $339.0K | $385.0K | $333.0K | $293.0K | |
| Stock-based Comp | $8M | $6M | $6M | $7M | $4M | $4M | $4M | $4M | $4M | $5M | $6M | $5M | $7M | $6M | $2M | $817.0K | |
| Amort. of Intangibles | $3M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-38M | · | · | · | $-18M | · | · | · | $1M | · | · | · | $4M | · | · | · | |
| Operating Cash Flow | $-45M | $-18M | $-19M | $-15M | $-19M | $2M | $-18M | $-14M | $-12M | $-15M | $-17M | $-15M | $-14M | $-11M | $-13M | $-12M | |
| CapEx | $1M | $2M | $1M | $749.0K | $438.0K | $950.0K | $306.0K | $545.0K | $305.0K | $442.0K | $82.0K | $15.0K | $64.0K | $174.0K | $74.0K | $52.0K | |
| Investing Cash Flow | $-252M | $-250M | $-1M | $141.0K | $-498.0K | $-963.0K | $-369.0K | $-604.0K | $-1M | $-454.0K | $-97.0K | $-3.0K | $-76.0K | $-182.0K | $-98.0K | $-74.0K | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $14M | $0 | · | · | $5M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $0 | · | · | · | $-881.0K | · | · | · | |
| Stock Issued | · | $0 | $0 | · | · | $12M | $12M | $20M | $0 | $2M | $46M | $0 | $16M | · | $40M | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | $0 | · | · | · | $16M | · | · | · | |
| Financing Cash Flow | $-143.0K | $67M | $37M | $529M | $146M | $148M | $7M | $29M | $-726.0K | $3M | $63M | $14M | $16M | $4M | $16M | $5M | |
| Net Change in Cash | $-297M | $-201M | $17M | $515M | $126M | $149M | $-12M | $14M | $-14M | $-12M | $46M | $-1M | $2M | $-7M | $3M | $-7M | |
| Free Cash Flow | $-46M | · | · | · | $-20M | · | · | · | $-12M | · | · | · | $-14M | · | · | · |
Profitability 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6% | · | 71.4% | · | 92.5% | · | 55.8% | 63.6% | 67.3% | · | 59.7% | 41.3% | 26.6% | · | 61.4% | 57.3% | |
| Operating Margin | -1914.9% | · | -741.8% | · | -75.3% | · | -1103.5% | -863.0% | -710.6% | · | -718.5% | -1224.8% | -1559.7% | · | -894.6% | -874.2% | |
| Net Margin | -642.3% | · | -3743.9% | · | -36.1% | · | -1214.5% | -814.4% | -702.3% | · | -628.6% | -1534.2% | -1541.8% | · | -785.3% | -962.6% | |
| Pretax Margin | -1637.8% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | -1781.8% | · | -741.8% | · | -72.8% | · | -1103.5% | -863.0% | -701.3% | · | -718.5% | -1224.8% | -1538.3% | · | -894.6% | -874.2% | |
| ROA | -2.4% | · | -30.6% | -37.0% | -2.9% | · | -37.9% | -41.0% | -45.5% | · | -31.0% | -86.4% | -177.8% | · | -79.1% | -74.0% | |
| ROE | -2.8% | · | -42.8% | -49.8% | -6.4% | · | 141.8% | 48.7% | 51.2% | · | 166.2% | 73.1% | 159.2% | · | 623.9% | 131.4% | |
| ROIC | -1.8% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 21.4 | · | 54.7 | 43.0 | 20.7 | · | 1.4 | 1.1 | 3.1 | · | 1.3 | 0.4 | 0.8 | · | 1.6 | 0.6 | |
| Quick Ratio | 21.1 | · | 54.0 | 42.6 | 20.4 | · | 1.2 | 1.0 | 2.7 | · | 1.2 | 0.2 | 0.5 | · | 1.0 | 0.3 | |
| Debt / Equity | 0.0 | · | 0.0 | 0.0 | 0.1 | · | -1.9 | -1.5 | -1.7 | · | -4.2 | -0.9 | -1.1 | · | -3.5 | -1.7 | |
| LT Debt / Equity | 0.0 | · | 0.0 | 0.0 | 0.1 | · | -1.9 | -1.5 | -1.7 | · | -2.2 | -0.6 | -1.0 | · | -3.0 | -0.6 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | · | · | · | -116.5 | · | -14.2 | -6.9 |
Efficiency 3
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | · | 0.1 | · | 0.0 | 0.1 | 0.1 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | |
| Inventory Turnover | 0.5 | · | 0.5 | 0.5 | 0.6 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 1.0 | · | 0.5 | 0.5 | |
| Receivables Turnover | 0.6 | · | 2.2 | · | 10.8 | · | 1.7 | 1.8 | 2.2 | · | 4.3 | 2.0 | 5.8 | · | 8.1 | 3.0 |
Valuation (TTM) 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | $22M | $22M | · | $9M | $9M | $8M | · | $8M | $6M | $6M | · | $6M | $6M | |
| Net Income TTM | $-331M | · | $-335M | $-213M | $-63M | · | $-74M | $-77M | $-84M | · | $-78M | $-75M | $-60M | · | $-40M | $-33M | |
| Market Cap | $5.34B | · | $8.55B | $4.98B | $2.21B | · | $204M | $212M | $330M | · | $150M | $268M | $84M | · | $869M | $33M | |
| Enterprise Value | $4.79B | · | $7.74B | $4.19B | $1.94B | · | $207M | $203M | $366M | · | $160M | $308M | $108M | · | $870M | $57M | |
| P/E | -14.0 | · | -22.7 | -18.8 | -22.4 | · | -2.2 | -2.1 | -3.2 | · | -1.5 | -3.4 | -1.4 | · | -24.6 | -38.1 | |
| P/S | · | · | · | 231.2 | 102.9 | · | 22.5 | 23.8 | 39.7 | · | 19.9 | 42.1 | 13.3 | · | 142.7 | 6.0 | |
| P/B | 4.7 | · | 12.7 | 7.2 | 10.7 | · | -12.1 | -9.9 | -8.9 | · | -9.9 | -5.2 | -2.8 | · | -203.6 | -1.6 | |
| P / Tangible Book | 9.4 | · | 12.8 | 7.2 | 10.7 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | -118.8 | · | · | · | -114.9 | · | · | · | -27.2 | · | · | · | -6.2 | · | · | · | |
| P / FCF | -116.0 | · | · | · | -112.3 | · | · | · | -26.5 | · | · | · | -6.2 | · | · | · | |
| EV / EBITDA | -94.0 | · | -279.2 | -158.0 | -177.8 | · | -10.0 | -10.8 | -21.1 | · | -8.7 | -14.7 | -4.4 | · | -57.4 | -4.7 | |
| EV / FCF | -104.0 | · | · | · | -98.4 | · | · | · | -29.4 | · | · | · | -7.9 | · | · | · | |
| EV / Revenue | · | · | · | 194.6 | 90.2 | · | 22.8 | 22.7 | 44.0 | · | 21.2 | 48.5 | 17.0 | · | 142.9 | 10.3 | |
| Earnings Yield | -7.1% | · | -4.4% | -5.3% | -4.5% | · | -44.8% | -47.4% | -31.4% | · | -65.3% | -29.2% | -73.8% | · | -4.1% | -2.6% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $25M | $9M | $9M | $7M | $6M |
| Gross Margin % | 82.6% | 63.0% | 52.8% | 59.2% | — |
| Operating Margin % | -408.2% | -874.9% | -919.7% | -828.9% | — |
| Net Income | $-355M | $-144M | $-83M | $-54M | $-41M |
| Diluted EPS | $-1.11 | $-0.75 | $-0.60 | $-0.45 | $-0.33 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.5 | -2.6 | -1.1 | — |
| Current Ratio | 42.4 | 6.1 | 4.2 | 0.9 | — |
| Quick Ratio | 41.9 | 6.0 | 3.8 | 0.5 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-76M | $-45M | $-61M | $-46M | — |
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