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Stock Ratings / Technology / QBTS / news
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Why QBTS Stock dropped -5.26% Today — RQD Quant Desk Flash

$10.09 -5.26% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $9.98

D-Wave Quantum Inc. (QBTS) carries a Roarable Rating of D- (Sell) with 35/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE D- • RED ALERT Cap $4.04B
📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card
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🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is QBTS stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
▼

As of 2026-11-03, D-Wave Quantum Inc. (NASDAQ: QBTS) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 35/100 at a spot price of $10.09 (-5.26% 1D, market cap $4.04B). Pillar breakdown: Fundamental Cash Engine 9/20, Institutional 13F & Options Flow 5/20, SEC Balance-Sheet Forensics 11/20, FRED Macro Regime Fit 5/20, and Executive Insider Alignment 5/20. Across 715 tracked Technology issuers, QBTS ranks #519 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does QBTS compare to JOYY and RGTI in the Technology sector?
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Within the Technology sector (EDP Services), QBTS carries a Roarable D- (35/100 RQD), trailing P/E of N/A, gross margin of 82.6%, and ROIC of -22.6%. By comparison, JOYY (JOYY Inc.) holds a D+ grade (52/100 RQD, P/E N/A, ROIC 0.7%, cap $3.93B) and RGTI (Rigetti Computing Inc.) posts a E grade (33/100 RQD, P/E N/A, ROIC -12.1%, cap $3.75B). Among the 5-stock peer group, LIF leads on earnings multiple (24.6x) while LIF leads on capital efficiency (8.0% ROIC).

✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for QBTS?
▼

Per QBTS's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001907982), D-Wave Quantum Inc. generated $24.6M in revenue (+178.5% YoY), -$355.1M in net income, and -$75.8M in free cash flow against $915.8M in total assets and $35.8M in total debt. Key quantitative strengths: Established market leader in Technology with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
🛡️ Portfolio Crash X-Ray
EXT / AFTER-HRS: $9.97 (-1.14%)🧬 Dilution Drag (+1.92% YoY Shares)⚙️ Cash Engine: 9/20 (D) • 0% FCF Margin
Verify 90D Bucket Audit →
📊 Historical Track Record Warning: Scores below 50 (35/100 · D-) historically underperformed SPY in 71% of rolling 90-day windows (-8.5% avg 90D alpha vs SPY • 29.0% hit rate).
Audit Bucket Track Record →
RQD QUANT TACHOMETERRED ALERT • D-
025507510035
2-of-3 Quant Analysts Bearish Warning
Cash
SEC
Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR RQD RADARRw E · Rk D-
Cash (9)Whales (5)SEC (11)Macro (5)CEO (5)
Each axis scored 0–20
12M PRICE TARGET CONE-10.3% Base Target
$40 Bull$9 Base$7 Bear
📬 FREE QBTS RATING-CHANGE & BRIEFING ALERTSManage / Unsubscribe
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for QBTS)Realized 20D OHLCV Swing Band: ±11.9%
Deterministic 5-Pillar Attribution (35/100 Composite)
🔍 WHY QBTS SCORES 35/100 (D-) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: SEC 10-K Forensic Risk+11/20 pts (31% of score)

Altman Z-Score 26.00 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 5/9

▲ #2 Bullish Driver: Cash Engine Quality+9/20 pts (26% of score)

SEC XBRL FY 2025 (10-K): 0% FCF Margin ($0 FCF) & 82.6% Gross Margin

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution5/20 pts (-15 pt drag)

Dilution Drag (+1.92% YoY Shares) & executive Form 4 sales trim 15 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)
43
Grade D$12.03+0.6% Next Q
Q2 (-2Q)
40
Grade D$12.10-2.7% Next Q
Q3 (-1Q)
38
Grade E$11.77-14.3% Next Q
Current
35
Grade D-$10.09-8.5% Hist 90D α
Trajectory: D (43) → D- (35)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER

⚔️ Adversarial Opposing Case: What Could Spark a QBTS Turnaround Squeeze

Gideon Ashmere Forensic Desk →

While QBTS currently carries a cautious 35/100 (D-) rating due to Insider Conviction & Share Dilution (5/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.

🚀 Contrarian Squeeze Trigger #1

Established market leader in Technology with deep daily trading liquidity.

🚀 Contrarian Squeeze Trigger #2

Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($14.95) and Max Pain ($10.59) forces dealer call-delta covering toward $39.50.

🚀 Contrarian Squeeze Trigger #3

Forensic Repair Trigger: Halting share dilution (Dilution Drag (+1.92% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.

🎲 LIVE PREDICTION MARKET ODDS TIED TO $QBTS• $4.8M Crowd Pool • Kalshi / Polymarket Composite
Contract: “QBTS Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”
YES 35%NO 65%Trade / Inspect Odds →
AUTOMATED RQD QUANT DESK MOVER BRIEFINGFull Market News Desk →

Why QBTS Stock dropped -5.26% Today — RQD Quant Desk Flash

D-Wave Quantum Inc. (QBTS) dropped -5.26% to $10.09, trading at 2% of its 52-week range ($10.23 – $37.62). Stretched risk/reward at current multiples (-23% return on capital) under elevated 10-year interest-rate pressure.

  • ▸Technical Tape: Trading at 2% of its 52-week range ($10.23 – $37.62) with RSI-14 at 31.7 (OVERSOLD (<32)).
  • ▸Volatility Profile: Historical 20-day realized swing band of ±11.9% around $10.09 (no active unusual options sweep snapshot on file).
  • ▸Fundamental Anchor: Roarable D- (Sell) backed by 82.6% gross margin and $0 annual free cash flow.
Live QBTS Headlines & Catalysts
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring QBTS)

  • ✓Walkthrough of QBTS's RQD Radar, SEC cash-conversion gap & downside invalidation levels
  • ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
  • ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
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QBTS // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -51.77%▼ SUPPORT BREAKDOWN
2026-11-03O $11.56H $11.56L $10.09C $10.09VOL 18.64M
RES: $16.22SUP: $12.71SMA50: $14.95SMA200: $19.04
$33.05$26.83$20.61$14.38$8.16RES $16.22SUP $12.71$10.092026-05-042026-06-182026-08-052026-09-212026-11-03
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

QBTS Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 QBTS Butterfly Map → + Track QBTS →
Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle
20.6%/yr Implied 5Y Growth

vs. +178.5% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on QBTS today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for QBTS. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for QBTS today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (QBTS)

Technology Rank #519 of 715 ⚔️ JOYY vs QBTS Full Matrix →

1. Head-to-Head Technology Peer Comparison (QBTS vs. JOYY, RGTI, FA, LIF)

Industry: EDP Services (163 Tracked Issuers)

Across 715 tracked Technology securities in the Roarable RQD universe, D-Wave Quantum Inc. (QBTS) ranks #519 by composite RQD confidence (35/100, grade D-) and #225 by equity capitalization ($4.04B). Within this direct 5-issuer industry benchmark cohort, LIF leads on earnings valuation at 24.6x trailing P/E, while LIF leads on capital efficiency and profitability with 8.0% ROIC and 77.8% gross margin. FA currently holds the highest overall quantitative score in the immediate peer group at 57/100 (D+) compared with QBTS at 35/100 (D-).

Ticker / Company Roarable Grade RQD Score Trailing P/E Gross Margin ROIC 1D Change Market Cap Head-to-Head
QBTS ACTIVE
D-Wave Quantum Inc.
D- 35/100 — 82.6% -22.6% -5.26% $4.04B Benchmark Subject
JOYY
JOYY Inc.
D+ 52/100 — — 0.7% -1.23% $3.93B /joyy-vs-qbts →
RGTI
Rigetti Computing Inc.
E 33/100 — 29.1% -12.1% -5.16% $3.75B /rgti-vs-qbts →
FA
First Advantage Corporation
D+ 57/100 — — 3.3% +2.18% $3.71B /fa-vs-qbts →
LIF
Life360 Inc.
D 51/100 24.6x 77.8% 8.0% +0.56% $3.62B /lif-vs-qbts →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001907982 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), D-Wave Quantum Inc. (QBTS) reported GAAP revenue of $24.6M (+178.5% vs. FY2024 revenue of $8.8M , and +180.7% cumulative change since FY2023) , GAAP net income of -$355.1M, operating cash flow of -$72.0M, and free cash flow of -$75.8M (-69.5% YoY). On the balance sheet, QBTS closed FY2025 with $915.8M in total assets against $35.8M in total debt (Altman Z-Score: 26.00, Piotroski F-Score: 5/9).

Fiscal Period Filing Date Revenue Net Income Operating Cash Flow Free Cash Flow Total Assets Total Debt
FY2025 (FY) 2025-12-31 $24.6M -$355.1M -$72.0M -$75.8M $915.8M $35.8M
FY2024 (FY) 2024-12-31 $8.8M -$143.9M -$42.6M -$44.7M $199.9M $30.1M
FY2023 (FY) 2023-12-31 $8.8M -$82.7M -$60.6M -$61.0M $2.41B $564.8M

3. QBTS Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is QBTS stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-03, D-Wave Quantum Inc. (NASDAQ: QBTS) is rated D- (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 35/100 at a spot price of $10.09 (-5.26% 1D, market cap $4.04B). Pillar breakdown: Fundamental Cash Engine 9/20, Institutional 13F & Options Flow 5/20, SEC Balance-Sheet Forensics 11/20, FRED Macro Regime Fit 5/20, and Executive Insider Alignment 5/20. Across 715 tracked Technology issuers, QBTS ranks #519 in composite RQD confidence.

How does QBTS compare to JOYY and RGTI in the Technology sector?

Within the Technology sector (EDP Services), QBTS carries a Roarable D- (35/100 RQD), trailing P/E of N/A, gross margin of 82.6%, and ROIC of -22.6%. By comparison, JOYY (JOYY Inc.) holds a D+ grade (52/100 RQD, P/E N/A, ROIC 0.7%, cap $3.93B) and RGTI (Rigetti Computing Inc.) posts a E grade (33/100 RQD, P/E N/A, ROIC -12.1%, cap $3.75B). Among the 5-stock peer group, LIF leads on earnings multiple (24.6x) while LIF leads on capital efficiency (8.0% ROIC).

What are the biggest fundamental strengths and SEC risk factors for QBTS?

Per QBTS's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001907982), D-Wave Quantum Inc. generated $24.6M in revenue (+178.5% YoY), -$355.1M in net income, and -$75.8M in free cash flow against $915.8M in total assets and $35.8M in total debt. Key quantitative strengths: Established market leader in Technology with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.

Where is QBTS trading relative to its 50-day, 200-day, and 52-week technical levels?

QBTS last traded at $10.09 (-5.26% on volume of 11,584,001 shares), positioning the stock -32.51% below its 50-day simple moving average ($14.95) and -47.01% below its 200-day simple moving average ($19.04). Across its 52-week range of $10.23 to $37.62, QBTS sits at the 0.0% percentile with a 14-day RSI of 31.7 (OVERSOLD (<32)) and an implied next-earnings move of ±11.9% ($8.89 to $11.29).

Direct Sub-Reports: QBTS RQD Cockpit QBTS 12M Forecast QBTS Earnings & Move QBTS Dividends & DRIP QBTS Insiders & 13F QBTS Whale Options QBTS Profit Sankey QBTS News & Why
ROARABLE RATING BRIEF • RQD 35/100 (D-) ✓ SEC XBRL & RQD VERIFIED

QBTS — D-Wave Quantum Inc.: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

D-Wave Quantum Inc. (QBTS) earns a live Roarable RQD composite score of 35/100, corresponding to a D- letter grade (Roarable Sell) at a spot price of $10.09 (-5.26% 1D, market capitalization $4.04B).

  • Fundamental Cash Engine (9/20): Anchored by return on invested capital (ROIC) of -22.6%, gross margin of 82.6%, operating margin of -60.0%, and free cash flow yield of -1.73%.
  • Whale 13F & Options Flow (5/20) + Insider Conviction (5/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
  • Macro Regime Fit (5/20) + Forensic Balance Sheet (11/20): Incorporates a 1.26x equity beta, Altman Z-Score of 26.00, Piotroski F-Score of 5/9, and Debt/Equity of 0.04x.

2. Business Model, Unit Margins & SEC Financial Trajectory

D-Wave Quantum Inc. Is a NASDAQ-listed company classified in the Technology sector and EDP Services industry. Reported revenue rose from $8.8M in FY 2024 to $24.6M in FY 2025.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), D-Wave Quantum Inc. (QBTS) reported $24.6M in annual revenue (up from $8.8M in FY2024, +178.5% YoY) and -$355.1M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($8.8M revenue, -$82.7M net income) through FY2025, QBTS scaled operating cash flow to -$72.0M and free cash flow to -$75.8M, backed by $915.8M in total assets against $35.8M in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

  • 🐂 Primary Bull Case (D- • RQD 35/100): Established market leader in Technology with deep daily trading liquidity. Free cash flow yield of -1.73% and institutional whale pillar of 5/20. With Fundamental Cash Engine at 9/20 and Institutional Whale Flow at 5/20, sustained execution supports upside toward the upper end of the $10.23 – $37.62 52-week range.
  • 🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh current valuation against -60.0% operating margins and a 1.26x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Operating in EDP Services (Technology), QBTS carries a macro regime beta of 1.26 and gross margin of 82.6%.

  • Key Question #1: Can QBTS sustain or expand its -60.0% operating margin and -22.6% ROIC against EDP Services peers over the next 4 quarters?
  • Key Question #2: Following FY2025 revenue of $24.6M and free cash flow of -$75.8M, how will capital allocation balance growth reinvestment against $35.8M in total debt?
  • Key Question #3: How sensitive is QBTS's 27.0x forward P/E multiple to Technology capital spending cycles and macro interest-rate shifts (Beta 1.26x)?

QBTS Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for D-Wave Quantum Inc. (QBTS) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to QBTS Debate Forum (3) ↓
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

QBTS Bull vs. Bear Conversation Board — What's Your Call at $10.09?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON QBTS 🐻 33% BEARISH CONVICTION
1. Pick Your Side on QBTS:
💡 Tip: Back up your call with a price target or RQD metric to get upvoted to the top.
DE DeltaGamma_99 RQD DEBATE OPENER • Options Flow Specialist 🐂 BULLISH 🎯 Target: $12.57 (+18.0%)
📌 Pinned Debate

The balance-sheet pillar scores 11/20 with an Altman Z-Score of 26 and Debt/Equity of 0.04, and cash rose to $635.3M in FY 2025 against

Here is why I am bullish on QBTS here at $10.65: The balance-sheet pillar scores 11/20 with an Altman Z-Score of 26 and Debt/Equity of 0.04, and cash rose to $635.3M in FY 2025 against $35.8M of debt.. Compare QBTS's -60.0% operating margin and -22.6% ROIC against the rest of EDP Services. As long as cash conversion holds up, dips toward $10.12 are getting bought.

CapAlloc_Nerd 🐂 BULL

@MultipleCompression Fair point on 27.0x forward P/E, but you're ignoring the forward operating leverage in EDP Services. If gross margin (82.6%) holds, EPS grows into the multiple faster than bears think.

MU MultipleCompression RQD DEBATE OPENER • Valuation Discipline 🐻 BEARISH 🎯 Target: $8.31 (-22.0%)
Spot @ $10.65

ROIC of -22.6%, FCF yield of -1.73%, and an operating margin of -60% show the operating engine is not yet producing cash, while beta of

Careful chasing QBTS at $10.65. ROIC of -22.6%, FCF yield of -1.73%, and an operating margin of -60% show the operating engine is not yet producing cash, while beta of 1.26 amplifies market moves.. Gross margin is 82.6%, but operating margin is -60.0%, which shows SG&A and reinvestment are eating into bottom-line EPS. Target $8.31 on multiple compression.

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