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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.08M | $2.86M | $2.75M | $3.74M | $3.10M | $15.00M | $2.31M | $1.87M |
| Cost of revenue | $1.37M | $1.04M | $968.00K | $1.07M | $1.12M | $1.12M | $836.00K | $827.00K |
| Gross profit | $1.70M | $1.82M | $1.78M | $2.67M | $1.98M | $13.88M | $1.47M | $1.04M |
| Gross margin | 55.4% | 63.6% | 64.8% | 71.4% | 63.8% | 92.5% | 63.8% | 55.8% |
| Research and development | $28.24M | $25.79M | $13.68M | $14.08M | $12.69M | $10.29M | $9.75M | $8.67M |
| Selling, general and administrative | $26.74M | $30.75M | $22.95M | $16.33M | $15.78M | $14.88M | $11.95M | $13.01M |
| Operating expenses | $54.98M | $56.55M | $36.62M | $30.41M | $28.48M | $25.17M | $21.71M | $21.68M |
| Operating income | −$53.28M | −$54.73M | −$34.84M | −$27.74M | −$26.50M | −$11.29M | −$20.23M | −$20.64M |
| Operating margin | -1732.1% | -1914.9% | -1266.0% | -741.8% | -856.3% | -75.3% | -876.2% | -1103.5% |
| EBITDA | −$48.55M | −$50.92M | −$34.36M | −$27.37M | −$26.16M | −$10.92M | −$19.92M | −$20.35M |
| Interest income | $5.03M | $5.79M | $24.12M | — | $4.31M | $3.10M | $1.74M | — |
| Interest expense | −$255.00K | −$259.00K | −$3.38M | −$201.00K | −$206.00K | −$226.00K | −$417.00K | −$1.18M |
| Income before taxes | −$48.02M | −$46.81M | −$42.33M | −$139.99M | −$167.33M | −$5.42M | −$86.08M | −$22.71M |
| Income taxes | $8.00K | −$28.45M | $0 | — | $0 | $0 | $0 | — |
| Net income | −$48.03M | −$18.36M | −$42.33M | −$139.99M | −$167.33M | −$5.42M | −$86.08M | −$22.71M |
| Net margin | -1561.4% | -642.3% | -1538.0% | -3743.9% | -5406.4% | -36.1% | -3727.9% | -1214.5% |
| EPS, basic | −$0.13 | −$0.05 | −$0.12 | −$0.41 | −$0.55 | −$0.02 | −$0.37 | −$0.11 |
| EPS, diluted | −$0.13 | −$0.05 | −$0.12 | −$0.41 | −$0.55 | −$0.02 | −$0.37 | −$0.11 |
| Diluted shares | 370.84M | 367.47M | 353.89M | 342.20M | 302.29M | 286.42M | 233.48M | 201.59M |
Figures describe D-Wave Quantum shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.