QBTS
Cash first, vibes second
D-Wave Quantum is basically telling the market: “Don’t worry, we’ve got the runway.” The company says it expects about 15% operating expense growth in 2026 as it hires more R&D talent, expands into new facilities, and leans harder into a government-focused business line.
That matters because quantum computing is still a long-game sport. You’re not buying a tidy software subscription business here — you’re buying a company that needs to spend now so it can maybe, eventually, cash checks later.
The balance sheet is doing the heavy lifting
As of Dec. 31, 2025, D-Wave reported $884.5 million in consolidated cash and marketable securities, which it says is up 397% from a year earlier. That’s the kind of number that makes investors sit up a little straighter.
The company did spend some of that ammo after year-end, including $250 million in cash tied to the Quantum Circuits acquisition. Even so, management says the remaining liquidity should still support a “fully funded plan to profitability.” Translation: they think they’ve got enough cushion to keep building without immediately going back to the capital markets for a refill.
Why investors should care
For a company in a capital-hungry industry, liquidity is more than a bookkeeping line — it’s survival. More cash means more room to hire, build, and experiment without the market forcing a dramatic fundraising detour.
Big picture: D-Wave is trying to look less like a science project and more like a company with a real operating plan. The cash pile helps. The 15% OpEx growth reminds you this ride is still going to be expensive.