D-Wave Quantum Inc. (QBTS) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, QBTS carries an RQD Score of 35 out of 100, graded D- and labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." Across the five pillars:

• Fundamental Cash Engine: 9 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of -22.6% and FCF yield of -1.73%. For a prospective investor, the company is not currently generating returns on invested capital or free cash flow to shareholders. Valuation support therefore rests on expectations of future cash generation rather than on present cash output.
• Whale / 13F Flow: 5 / 20. Per the Roarable RQD rating, this pillar covers institutional accumulation and options positioning. The sub-score is low, indicating weak institutional support in the source data. The underlying 13F and options detail is not provided in the source data beyond the score.
• Insider Conviction: 5 / 20. Per the Roarable RQD rating, this pillar covers SEC Form 4 and Congressional PTR cluster flow. The low score indicates limited insider conviction signals. Itemized trade data is not available in source data.
• Macro Regime Fit: 5 / 20. Per the Roarable RQD rating, beta is 1.26, indicating above-market sensitivity to broad moves. For a prospective investor, the stock is likely to amplify market drawdowns, and sector sensitivity is weighted negatively in this pillar.
• Forensic Balance Sheet: 11 / 20. Per the Roarable RQD rating, the Altman Z-Score is 26, the Piotroski F-Score is 5/9, and Debt/Equity is 0.04. The low leverage and high Z-Score are supportive, while the mid-range Piotroski score signals mixed fundamental quality. This is the strongest pillar, which means the balance sheet is a relative stabilizer even though operating economics are weak.

Investor implications. The upside case depends on a revenue and margin inflection that the source data does not show yet: FY 2025 operating margin is -60%. The valuation tradeoff is visible in the Forward P/E of 27 against negative trailing EPS of -0.94, meaning the price already embeds future earnings expectations. The rating reflects that a weak cash engine and weak flow indicators outweigh the moderate balance-sheet strength.

D-Wave Quantum Inc. is a NASDAQ-listed company classified in the Technology sector and EDP Services industry, per the company profile. The source data does not describe its products, customer base, or revenue model beyond the reported revenue figures in the SEC financials. Reported revenue rose from $8.8M in FY 2024 to $24.6M in FY 2025. The source data does not describe how the company monetizes these revenues.

Per the SEC financials, every reported period shows operating and net losses, and FCF was negative in each year. Per the market data, gross margin is 82.6% while operating margin and net margin are both -60%. Per the Roarable RQD rating, ROIC is -22.6%. The Altman Z-Score of 26 and Piotroski F-Score of 5/9 are reported in the forensic balance-sheet pillar. Cash rose to $635.3M in FY 2025 while debt was $35.8M, and Debt/Equity is 0.04, indicating a posture with low leverage relative to equity.

Per the news wire, six items cover QBTS within roughly the last 15 hours. One item is flagged RED with the impact label RISK WATCH: "Why Did D Wave Quantum (QBTS) Stock Drop While Attention Builds?" (Yahoo Finance). The remaining five are flagged YELLOW with the impact label MARKET WIRE and cover headlines about recent price action, a 13x three-year run, and a 170% return prediction by one analyst. The news wire contains no earnings, product, or contract announcements. The Butterfly Supply-Chain Graph shows no proprietary signals.

Per the Butterfly Supply-Chain Graph, supply_chain is NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies are not available in source data. Sector correlations are not available in source data beyond the Technology / EDP Services classification. Second-order bottlenecks are not available in source data.

• What products and customers generate the FY 2025 revenue of $24.6M, and what is the revenue model?
• What drove the net loss of $-355.1M in FY 2025 given operating loss of $-100.4M, and what non-operating items are involved?
• Why is cash reported as N/A for FY 2023, and how does cash of $635.3M in FY 2025 relate to the $564.8M debt reported in FY 2023?
• What is the basis for the Forward P/E of 27 when trailing EPS is -0.94?
• Who holds the shares, and what are the 13F and insider flows behind the low flow-pillar scores?