D-Wave Quantum Corp 2025 Year Quarter Report

(Mark One) xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch31, 2025OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ and ____________Commission file number001-41468 D-WAVE QUANTUM INC. (Exact name of registrant as specified in its charter)________________________ (604)630-1428Registrant's telephone number, including area code (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ APPLICABLE ONLY TO CORPORATE ISSUERS: As of May6, 2025, there were288,674,120outstanding shares of the registrant’s common stock, par value $0.0001 per share. Inaddition, there were 3,517,141 exchangeable shares outstanding as of May6, 2025, which are convertible into shares of common stock Table of Contents Part I. Financial Information Item 1.D-Wave Quantum Inc. Financial Statements (Unaudited)Condensed Consolidated Balance Sheets (Unaudited)Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)Condensed Consolidated Statements of Cash Flows (Unaudited)Notes to Condensed Consolidated Financial Statements (Unaudited) Part II. Other Information Item 1.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Default Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits, Financial Statement SchedulesSignatures CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Quarterly Report on Form 10-Q (this “Report”) may constitute “forward-looking statements” withinthe meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-lookingstatements include, but are not limited to, statements regarding D-Wave Quantum’s and D-Wave Quantum’s management team’sexpectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecastsor other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Insome cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,”“should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,”“future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology,although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors thatmay cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed orimplied by these forward-looking statements. We caution you that these statements are based on a combination of facts and factorscurrently known by us and our projections of the future, which are subject to a number of risks. Factors that might cause or contributeto a material difference include those risks discussed below and in Part I, Item 1A, “Risk Factors” in our most recent Annual Report onForm 10-K and our other filings with the Securities and Exchange Commission(the "SEC”). You should not place undue reliance on D-Wave Quantum Inc.Condensed Consolidated Balance Sheets(Unaudited)