With $836.2 million cash as of September 30, 2025, how long can QBTS sustain its current cash burn rate?

D-Wave Quantum Inc. (QBTS) held a substantial cash and cash equivalents balance of $836.2 million as of September 30, 2025.1 This record cash position was significantly bolstered by $712.044 million in financing activities during the first nine months of 2025.1

To assess how long QBTS can sustain its current cash burn, we look at the net cash used in operating activities. For the nine months ended September 30, 2025, D-Wave Quantum Inc. reported net cash used in operating activities of $53.61 million.1

Based on this data:

• Average Quarterly Operating Cash Burn: Dividing the nine-month operating cash burn by three quarters ($53.61 million / 3), the average quarterly operating cash burn rate for the first three quarters of 2025 is approximately $17.87 million.
• Cash Runway Calculation: With a cash balance of $836.2 million and an average quarterly operating cash burn of $17.87 million, QBTS can sustain its operations for approximately 46.79 quarters.

This translates to a cash runway of roughly 140 months, or about 11.7 years, based on the average operating cash burn rate experienced in the first nine months of fiscal year 2025. This calculation primarily considers cash used in operating activities and does not factor in potential future financing activities or significant changes in investing activities.