QBTS · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

D-Wave Quantum

32 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns fromnamed as a risk

Our future growth and success will depend in part on our ability to effectively sell our products and services to additional domestic and international government entities.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Forschungszentrum Jülich (Jülich Supercomputing Centre)

earns from

Most recently, in February 2025, D-Wave announced that FZJ has purchased this quantum computer, becoming the first high-performance computing center in the world to own a D-Wave Advantage annealing quantum computing system.Business (Item 1)

Florida Atlantic University

earns from

In January 2026, we announced that Florida Atlantic University ("FAU") signed an agreement to purchase and install an Advantage2 annealing quantum computer at its Boca Raton campus.Business (Item 1)

Swiss Quantum Technology SA (SQT)

earns from

In October 2025, we entered into an agreement with Swiss Quantum Technology SA (“SQT”) to deploy a D-Wave Advantage2 annealing quantum computer in Europe, with an option for SQT to subsequently purchase the hosted system.Business (Item 1)

Pattison Food Group

earns from

The company has moved several quantum hybrid applications into production.Business (Item 1)

NTT DOCOMO

earns from

The company plans to deploy the hybrid-quantum solution in production across its Japanese branch offices.Business (Item 1)

Suppliers

SkyWater Technology Foundry, Inc.

depends on

D-Wave uses SkyWater Technology Foundry, Inc.’s (“SkyWater”) services for the purposes of manufacturing wafers, as well as other services related to the use of SkyWater’s semiconductor line.Business (Item 1)

Partners and platforms

Third-party cloud providers

depends onnamed as a risk

Our platform and products depend on the ability to access and integrate with third-party cloud providers.Risk factors (Item 1A)

Also named by DE

Yale University

depends on

Quantum Circuits entered into a license agreement with the Yale University (“Yale”) on November 8, 2016 (as amended from time to time, the “License Agreement”) under which Yale granted to Quantum Circuits, subject to the payment of certain royalties, (i) an exclusive license to a substantial patent portfolio and certain hardware devices, as well as to improvements to such exclusively licensed intellectual property that are developed using Yale facilities and involving Yale personnel, and (ii) a non-exclusive license to certain unpatented proprietary information and technology.Business (Item 1)

Also named by PVLA

Amazon Web Services (AWS) Marketplace

earns from

AWS Marketplace customers can purchase access to our Leap service as well as our professional services offerings.Business (Item 1)

Also named by PANW

Davidson Technologies

depends on

Since November 2025, Davidson Technologies hosts the second U.S.-based D-Wave Advantage2 quantum computer at its global headquarters in Huntsville, Alabama.Business (Item 1)

University of Southern California (USC)

depends on

In May 2024, D-Wave announced a renewed multiyear partnership with USC, under which the USC Viterbi School of Engineering will continue to house a D-Wave Advantage quantum computer, facilitating ongoing exploration and adoption of annealing quantum computing solutions for businesses, researchers, and government.Business (Item 1)

NEC Corporation

earns from

The relationship includes reselling our Leap service and professional services in NEC’s core markets, primarily Japan and Australia.Business (Item 1)

Carahsoft Technology Corp.

earns from

We currently sell with or through a group of large professional services and technology firms including Deloitte, PWC, NEC, Davidson Technologies (who hosts a system node), Unisys, Carahsoft, and Staque, and we are in active discussions with other large professional services and technology firms to scale our go-to-market efforts.Business (Item 1)

Other companies

Quantum Circuits, Inc.

$250,000,000 in cashnamed as a risk

Failure to accomplish the integration of our operations and those of Quantum Circuits could have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)

Competitors

Google

competes withnamed as a risk

large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;Risk factors (Item 1A)

Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more

IBM

competes withnamed as a risk

large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;Risk factors (Item 1A)

Also named by DDOG, IONQ, MDB, P, PTC, RBRK

Quantinuum

competes withnamed as a risk

large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;Risk factors (Item 1A)

Rigetti Computing

competes with

Other companies, including Rigetti Computing, IBM, Google, IonQ, Quantinuum, QuEra, Atom, Pasqal, PsiQuantum, and Xanadu, are pursuing gate-model quantum computing, each using different technologies for the qubits and control, and each at different levels of technical maturity.Business (Item 1)

Also named by IONQ

IonQ

competes with

Places

Burnaby, British Columbia, Canada

operates in · Approximately 58 percent of our employees

Our Burnaby facility in British Columbia, Canada, hosts system development and manufacturing along with our gate-model-focused R&D center in New Haven, Connecticut.Business (Item 1)

Boca Raton, Florida

operates in

In addition, in January 2026, we announced plans to open an additional R&D center in Boca Raton, Florida for key development work and to provide bicoastal redundancy for disaster recovery.Business (Item 1)

Commodities and inputs

Canadian dollar

exposed to its pricenamed as a risk

As a result, our results of operations will be adversely impacted by an increase in the value of the Canadian dollar relative to the U.S. dollar.Risk factors (Item 1A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Electronic and semiconductor components

depends onnamed as a risk

Our ability to produce and scale our annealing and gate-model quantum computers is dependent also upon components we must source from the electronics and semiconductor industries.Risk factors (Item 1A)

Regulators

New York Stock Exchange (NYSE)

subject to · less than $1.00named as a risk

On October 2, 2024, we were notified by the NYSE that we are not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of our Common Shares was less than $1.00 over a consecutive 30 trading-day period.Risk factors (Item 1A)

Also named by BR, GSBD, ICE, NDAQ, SPIR

Committee on Foreign Investment in the United States (CFIUS)

subject tonamed as a risk

CFIUS may grant a safe harbor, propose mitigation or block an investment or require divestiture if it presents national security concerns that cannot be mitigated.Risk factors (Item 1A)

Also named by ARES, BAM, BX, CG, KKR, MP, TMUS

Laws and programs

Cybersecurity Maturity Model Certification (CMMC)

subject tonamed as a risk

For example, the U.S. Department of Defense requires contractors to comply with the Cybersecurity Maturity Model Certification (CMMC), a framework implemented to ensure that all parties in the defense supply chain maintain adequate cybersecurity practices, and the U.S. federal government requires any cloud service provider handling federal data to meet stringent data security and protection requirements under the Federal Risk and Authorization Management Program (FedRAMP), and may also mandate the application of government pricing models and provisions, such as "most favored nation" status.Risk factors (Item 1A)

Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, HWM and 15 more

False Claims Act

subject tonamed as a risk

In addition, if we fail to comply with government contracting laws, regulations and contract requirements, our contracts may be subject to termination, and we may be subject to financial and/or other liability under our contracts, the Federal Civil False Claims Act (including treble damages and other penalties), or criminal law.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more

Federal Risk and Authorization Management Program (FedRAMP)

subject tonamed as a risk

Also named by QLYS

Export controls on quantum computing

subject tonamed as a risk

To the extent our technology is deemed a matter of national security, or our gate-model technology advances to a level identified under export control laws, our business could be subject to increased restrictions or regulations, our customer and supplier base may be restricted, our TAM may be reduced and our business, operating results and financial condition could be harmed.Risk factors (Item 1A)

U.S. tariffs on Canada

subject tonamed as a risk

For example, the U.S. administration has imposed tariffs and proposed additional tariffs against U.S. trading partners, including Canada, and there may be retaliatory tariffs against the U.S. as a result.Risk factors (Item 1A)

Government-funding agreements

subject tonamed as a risk

Some of our intellectual property has been conceived or developed pursuant to government-funding agreements which impose certain obligations on us.Risk factors (Item 1A)