D-Wave Quantum (QBTS) Operating Expenses (2021 - 2026)
D-Wave Quantum (QBTS) reported Operating Expenses of $54.98 million for Q2 2026, up 93.1% from $28.48 million a year earlier but down 2.8% from the prior quarter.
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Analysis
D-Wave Quantum (QBTS) Operating Expenses (2021 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, D-Wave Quantum's Operating Expenses came in at $178.56 million, up 84.0% year-over-year; for FY2025, it came in at $120.67 million, up 45.8% from FY2024.
- Operating Expenses has a five-year compound annual growth rate of 27.6% (FY2020 to FY2025).
- By year, Operating Expenses came in at $82.79 million in FY2024 (-2.8%), $85.17 million in FY2023 (+33.7%), $63.71 million in FY2022 (+46.5%) and $43.48 million in FY2021 (+21.7%).
- Five-year quarterly Operating Expenses spans a low of $10.79 million in Q3 2021 and a high of $56.55 million in Q1 2026.
- Year over year, Operating Expenses has now increased in each of the last eight quarters, with growth averaging 53.1% over the last eight quarters.
- The high point for year-over-year Operating Expenses in five years was Q1 2026 (growth of 124.7%); the low point was Q1 2024 (a decline of 23.6%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $56.55 million (Q1 2026), $36.62 million (Q4 2025) and $30.41 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 330.54 Bn | 315.61 Bn | 2.30 Bn | 2.13 Bn |
| 2 | CrowdStrike Holdings | 271.79 Bn | 252.23 Bn | 1.10 Bn | 1.13 Bn |
| 3 | Fortinet | 138.86 Bn | 124.79 Bn | 1.64 Bn | 953.90 Mn |
| 4 | Snowflake | 117.29 Bn | 104.60 Bn | 1.04 Bn | 1.30 Bn |
| 5 | Datadog | 97.40 Bn | 79.04 Bn | 881.34 Mn | 875.89 Mn |
| 6 | Okta | 36.44 Bn | 26.53 Bn | 641.00 Mn | 534.00 Mn |
| 7 | Zscaler | 34.82 Bn | 20.94 Bn | - | - |
| 8 | Axon Enterprise | 32.98 Bn | 27.51 Bn | 546.45 Mn | 499.67 Mn |
| 9 | MongoDB | 29.24 Bn | 19.71 Bn | 569.77 Mn | 541.37 Mn |
| 10 | D-Wave Quantum | 5.66 Bn | 5.66 Bn | 1.70 Mn | 54.98 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 54.98 Mn |
| Mar 31, 2026 | 56.55 Mn |
| Dec 31, 2025 | 36.62 Mn |
| Sep 30, 2025 | 30.41 Mn |
| Jun 30, 2025 | 28.48 Mn |
| Mar 31, 2025 | 25.17 Mn |
| Dec 31, 2024 | 21.71 Mn |
| Sep 30, 2024 | 21.68 Mn |
| Jun 30, 2024 | 20.23 Mn |
| Mar 31, 2024 | 19.18 Mn |
| Dec 31, 2023 | 18.51 Mn |
| Sep 30, 2023 | 19.94 Mn |
| Jun 30, 2023 | 21.61 Mn |
| Mar 31, 2023 | 25.11 Mn |
| Dec 31, 2022 | 22.36 Mn |
| Sep 30, 2022 | 16.21 Mn |
| Jun 30, 2022 | 13.15 Mn |
| Mar 31, 2022 | 12.05 Mn |
| Dec 31, 2021 | 12.40 Mn |
| Sep 30, 2021 | 10.79 Mn |
API Access
D-Wave Quantum Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=QBTS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "QBTS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=QBTS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();