D-Wave has paying customers and promising technology. But its stock price may demand more growth than the business can deliver.
QBTS D-Wave Quantum Inc. Common Stock
XNAS
11.90
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
QBTS
$11.90
—
Key stats
$11.90
- 52-Week Range
- $11.35 – $37.62
- YTD
- -57.68%
- IV Rank (30D)
- 50.62
- Straddle Price
- $2.29
- P/C Vol Ratio
- 0.70
- Market Cap
- $4.5B
- Open
- $11.63
- Day Range
- $11.61 – $12.03
- Volume
- 2,082,422
- Prev Close
- $12.10
Fair Value
MODEL: SHORT
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 5.15% |
| Beta vs SPY | 2.15 |
| Cost of Equity (CAPM) | 16.96% (VRP-adj) |
| WACC | 16.83% |
| Volatility Risk Premium | +80.4pp (IV − HV30), ERP adj +50bps |
| Effective Tax Rate | 21.0% |
| Rev. Growth (YoY, DCF input) | -10.0% |
| DCF Horizon | 10 years explicit + fade |
| Free Cash Flow (TTM) | $-0.1B |
| Return on Equity (TTM) | -23.0% |
| Book / Price | 25.5% |
| Gross Margin (TTM) | 64.2% |
| FCF Margin (TTM) | -958.4% |
| Debt / Equity | 0.03 |
| Quality Score | 2/6 — normal (10y DCF) |
| SMA 50 | $16.65 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $14.61 |
| Bollinger Width / SMA20 | 370.1% (drives anchor stability) |
| Net Debt | $-0.3B |
| Market Cap | $4B |
Peers used for multiples: BTQ, GOOGL, IBM, INFQ, IONQ, QNT, QUBT, RGTI
60-Day Conviction
61%
20-Day Fair Value
≈ by Nov 20, 2026
$11.82
α -0.9%
rank 65%
conviction
56%
40-Day Fair Value
≈ by Dec 21, 2026
$11.66
α -2.3%
rank 65%
conviction
69%
60-Day Fair Value
≈ by Jan 19, 2027
$11.72
α -1.8%
rank 65%
conviction
61%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | n/a | 0% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | n/a | 0% | |
| Peer EV/EBITDA | n/a | 0% | |
| Peer P/B | $15.93 | 12% | median 5.2× · 6 peers |
| Peer P/S | $2.42 | 12% | median 68.1× · 6 peers |
| Market Anchor (SMA50) | $16.65 | 45% | stability 72% (BB-width) |
| Options Expected (B-L 30d) | $12.00 | 31% | 55 strikes · skew +0.13 |
As of 2026-10-22 · updated
Related
About
- Industry (SIC)
- SERVICES-COMPUTER PROCESSING & DATA PREPARATION (7374) · industry map
- Exchange
- XNAS
- Market Cap
- $4.5B
- Employees
- 388
- List Date
- 2022-08-08
- CIK
- 0001907982
- Next Earnings
- 2026-11-05 (Pre-Market)
- EPS Forecast
- ($0.10) (2 est.)
- Headquarters
- Palo Alto, CA
- Homepage
- https://www.dwavequantum.com
D-Wave Quantum Inc is in the development and delivery of quantum computing systems, software, and services, and it is the commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers. It delivers customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. Its annealing quantum computers are accessible through the company's LeapTM cloud service.
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|
| Jan | -- | -13.19% | 2.82% | -38.19% | -24.56% | -18.28% |
| Feb | -- | -43.03% | 101.09% | -4.86% | -10.44% | 10.69% |
| Mar | -- | -0.88% | 18.60% | 55.10% | -23.81% | 12.25% |
| Apr | -- | -31.47% | -31.16% | -6.87% | 48.03% | -5.37% |
| May | -- | 161.14% | -4.26% | 133.95% | 47.10% | 84.48% |
| Jun | -- | 38.41% | -13.64% | -14.44% | -17.79% | -1.87% |
| Jul | -- | -1.41% | -7.41% | 15.99% | -23.15% | -3.99% |
| Aug | -33.20% | -57.04% | 4.61% | -4.64% | -13.91% | -20.84% |
| Sep | 29.23% | -13.85% | 4.41% | 55.90% | 0.18% | 15.17% |
| Oct | -59.64% | -25.83% | 15.22% | 44.60% | -28.11%* | -10.75% |
| Nov | -21.48% | 1.69% | 190.38% | -31.49% | -- | 34.77% |
| Dec | -38.72% | -6.80% | 204.35% | 22.08% | -- | 45.23% |
| Total | -83.24% | -68.86% | 1337.30% | 254.58% | -56.09% | 276.74% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $14.33
SMA 50: $16.48
SMA 200: $19.82
Current: $11.85
EMA 12: $12.97
EMA 26: $14.41
MACD: -1.4395 | Signal: -0.1949
BEARISH
ADX (14): 31.44
TREND
+DI: 9.92
−DI: 34.82
Momentum Oscillators
RSI (14): 28.92
OVERSOLD
Stoch %K: 10.35
Stoch %D: 9.26
Williams %R: -89.82
Volume & Volatility
BB Upper: $18.23
BB Lower: $10.43
NEUTRAL
OBV: 2,454,697,909
Vol SMA 20: 14,453,271
Vol ROC: -88.24%
ATR: $0.86
True Range: $0.49
HV 20: 60.6%
HV 30: 62.5%
HV 60: 75.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary Overall assessment: BEARISH with confidence level (6/10) Key drivers: High volatility, negative news sentiment, technical breakdown Primary risks: Market correction, further price decline Investment thesis: Bearish momentum likely to continue due to high volatility and technical signals. Recent news sentiment impact: Neutral headlines didn't significantly affect the stock's movement.
Technical Analysis Trend Direction: * Short-term (1-4 weeks): BEARISH * Medium-term (1-3 months): BEARISH * Long-term (3-12 months): NEUTRAL
Support/Resistance Levels: * Upper: $22.80 * Middle: $19.35 * Lower: $15.90
Momentum Signals: * RSI interpretation: Neutral zone (30-70) * MACD signal: Bearish crossover (-0.10 Histogram) * Bollinger Bands position: Mean reversion (neutral)
Volume Analysis: * Volume SMA 20: 17920246.25 * On-Balance Volume (OBV): 2631813797.37 * Volume Rate of Change: -58.94% (indicating reduced buying pressure)
News & Sentiment Analysis Recent Headlines Summary: * Neutral headlines discussing Quantum Computing ETFs, D-Wave's valuation risk, and comparisons with other quantum computing stocks.
Sentiment Assessment: NEUTRAL
Catalyst Identification: None
Market Narrative: Technical signals dominate the analysis, while news sentiment is neutral.
Risk & Volatility Assessment Beta Interpretation: High risk (4.18) relative to market volatility
Volatility Regime: Historical high volatility levels
Options Market Signals: * IV rank: Medium * Put/call ratios: Bullish sentiment (0.50) * Unusual activity: High open interest in calls and puts, indicating a mixed sentiment.
Downside Protection: Support levels at $15.90 and $19.35; consider risk management strategies if price approaches these levels.
Market Context & Positioning Sector Performance: * Relative strength vs sector/market: NEUTRAL
Institutional Activity: * Volume patterns suggesting institutional interest: None
Correlation Analysis: * How stock moves relative to market (R-squared interpretation): -0.48 (inverse correlation)
Relative Valuation: * Position within trading range: BEARISH (below 20-day SMA and MACD signal line)
Key Levels & Action Items Critical Price Levels: * Support/resistance levels at $15.90, $19.35, and $22.80
Breakout/Breakdown Levels: * Technical levels that could trigger significant moves: None
Time-Sensitive Catalysts: * Earnings dates, FDA approvals, product launches: None
Risk Management: * Stop-loss levels: below $15.90 * Position sizing considerations: Consider reducing exposure due to high volatility.
This comprehensive analysis highlights the stock's bearish momentum, driven by its high volatility and technical signals. The recent neutral news headlines did not significantly impact the stock's movement, which is dominated by the technical indicators. As a result, investors should consider risk management strategies and reduce their exposure if price approaches the critical support level of $15.90.
Generated
News
All QBTS news →
The people who know Wall Street’s pure-play quantum computing companies best are sending all the wrong signals.
What comes next for this pure-play quantum computing specialist?
D-Wave is already generating revenue while QuantumScape remains pre-revenue, but both burn cash heavily, a critical distinction for growth investors weighing near-term execution against long-term potential.
D-Wave is growing revenue at nearly 180% while Rigetti trades at a lower valuation, but both burn cash heavily and face unproven commercial roadmaps.
Both pure plays just received additional government funding and have a few customers.
Both companies are years from commercial scale and burning cash to get there. The difference is in how long each can keep going.
Showing 1–10 of 11
Page 1 of 2
Earnings History
12 of 16 under expected move
Avg Expected Move
37.83%
Avg Actual Move
12.62%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2022-11-10 | Pre-Market | 24.90% | 0.79% | 0.03x | Within |
| 2023-04-14 | Pre-Market | 309.96% | 23.28% | 0.08x | Within |
| 2023-07-21 | Pre-Market | 12.00% | 12.36% | 1.03x | Exceeded |
| 2023-11-09 | Pre-Market | 29.15% | 16.99% | 0.58x | Within |
| 2024-03-28 | Pre-Market | 39.52% | 2.86% | 0.07x | Within |
| 2024-05-13 | Pre-Market | 27.69% | 5.38% | 0.19x | Within |
| 2024-08-08 | Pre-Market | 37.04% | 1.23% | 0.03x | Within |
| 2024-11-14 | Pre-Market | 28.09% | 5.06% | 0.18x | Within |
| 2025-01-10 | After-Close | 4.77% | 34.49% | 7.23x | Exceeded |
| 2025-03-13 | Pre-Market | 15.46% | 18.73% | 1.21x | Exceeded |
| 2025-05-08 | Pre-Market | 13.43% | 51.23% | 3.81x | Exceeded |
| 2025-08-07 | Pre-Market | 15.10% | 2.33% | 0.15x | Within |
| 2025-11-06 | Pre-Market | 13.25% | 8.48% | 0.64x | Within |
| 2026-02-26 | Pre-Market | 12.04% | 2.49% | 0.21x | Within |
| 2026-05-12 | Pre-Market | 13.05% | 6.99% | 0.54x | Within |
| 2026-08-06 | Pre-Market | 9.89% | 9.28% | 0.94x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
QBTS Options Activity & IV Rank
QBTS IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 84.4%
7-DTE IV: 59.8%
Expected Move: $2.29
7-DTE Move: $0.88
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 997
Put Volume: 693
P/C Volume: 0.695
BULLISH
Call OI: 68,964
Put OI: 33,819
P/C OI: 0.49
Total OI: 102,783
ATM Options Pricing
ATM Call: $1.07
ATM Put: $1.21
Call %: 9.0%
Put %: 10.2%
Chain Summary
Chain Volume: 13,225
Chain OI: 613,423
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 56th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
56%
vs own history
GEX tilt
+0.12
OI-weighted, today
Vanna tilt
+0.12
δ-sensitivity to IV
Charm tilt
-0.17
δ-decay vs time
? What is this?
· 82 ATM contracts, 80k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM 83.1% / Wing —
30 DTE / 10d
61%
+4.9
pts
EXTREME
ATM 83.7% / Wing 88.5%
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)5.5LowOct 22
IV Rank (30 DTE)50.6MediumOct 22
Straddle Price (30 DTE)$2.29Oct 22
Beta Analysis
Risk Metrics
Beta: 4.2780
Alpha: -93.98%
Correlation: 0.5208
R-Squared: 27.1%
Stock Volatility: 104.4%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
Notable investors who own QBTS
2 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Citadel Hedge fund Ken Griffin | $39.2M | #802 of 6285 | +111.2% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $2.4M | #1296 of 4729 | -28.3% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
QBTS Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 350,430,047 (as of 2026-06-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
32 filers$922.95M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $266.58M | 28.88% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $217.38M | 23.55% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $126.55M | 13.71% | 2026-06-30 |
| 4 | Wolverine Trading, LLC Custodian | $66.28M | 7.18% | 2025-09-30 |
| 5 | IMC-Chicago, LLC Custodian | $42.01M | 4.55% | 2026-06-30 |
| 6 | Walleye Trading LLC | $28.22M | 3.06% | 2026-06-30 |
| 7 | Squarepoint Ops LLC | $25.40M | 2.75% | 2026-06-30 |
| 8 | Point72 Asset Management, L.P. | $23.45M | 2.54% | 2026-06-30 |
| 9 | GROUP ONE TRADING LLC Custodian | $22.99M | 2.49% | 2026-06-30 |
| 10 | Parallax Volatility Advisers, L.P. | $17.49M | 1.89% | 2026-06-30 |
| 11 | Simplex Trading, LLC Custodian | $16.35M | 1.77% | 2026-06-30 |
| 12 | Vontobel Holding Ltd. | $9.76M | 1.06% | 2026-09-30 |
| 13 | Millennium Management LLC Custodian | $9.06M | 0.98% | 2026-06-30 |
| 14 | PEAK6 LLC | $8.13M | 0.88% | 2026-06-30 |
| 15 | D. E. Shaw & Co., Inc. Custodian | $7.77M | 0.84% | 2026-06-30 |
| 16 | CANTOR FITZGERALD, L. P. | $7.68M | 0.83% | 2026-06-30 |
| 17 | Walleye Capital LLC | $6.01M | 0.65% | 2026-06-30 |
| 18 | Balyasny Asset Management L.P. | $4.85M | 0.53% | 2026-06-30 |
| 19 | TUDOR INVESTMENT CORP ET AL | $4.79M | 0.52% | 2026-06-30 |
| 20 | CAPITAL FUND MANAGEMENT S.A. | $4.53M | 0.49% | 2026-06-30 |
| 21 | NOMURA HOLDINGS INC | $3.12M | 0.34% | 2026-06-30 |
| 22 | RB Capital Management, LLC | $1.44M | 0.16% | 2026-06-30 |
| 23 | Two Sigma Investments, LP Custodian | $1.02M | 0.11% | 2026-06-30 |
| 24 | UBS Group AG Custodian | $793.78K | 0.09% | 2026-06-30 |
| 25 | HAP TRADING, LLC | $619.10K | 0.07% | 2025-09-30 |
32 filers$800.36M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $246.57M | 30.81% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $136.08M | 17.00% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $88.92M | 11.11% | 2026-06-30 |
| 4 | IMC-Chicago, LLC Custodian | $45.01M | 5.62% | 2026-06-30 |
| 5 | Parallax Volatility Advisers, L.P. | $44.98M | 5.62% | 2026-06-30 |
| 6 | Simplex Trading, LLC Custodian | $31.31M | 3.91% | 2026-06-30 |
| 7 | Wolverine Trading, LLC Custodian | $30.25M | 3.78% | 2025-09-30 |
| 8 | Walleye Trading LLC | $28.57M | 3.57% | 2026-06-30 |
| 9 | Aristides Capital LLC | $28.15M | 3.52% | 2026-06-30 |
| 10 | Squarepoint Ops LLC | $18.10M | 2.26% | 2026-06-30 |
| 11 | D. E. Shaw & Co., Inc. Custodian | $16.31M | 2.04% | 2026-06-30 |
| 12 | GROUP ONE TRADING LLC Custodian | $14.55M | 1.82% | 2026-06-30 |
| 13 | PEAK6 LLC | $12.54M | 1.57% | 2026-06-30 |
| 14 | Point72 Asset Management, L.P. | $8.87M | 1.11% | 2026-06-30 |
| 15 | BNP Paribas Financial Markets Custodian | $8.64M | 1.08% | 2026-06-30 |
| 16 | CAPITAL FUND MANAGEMENT S.A. | $6.22M | 0.78% | 2026-06-30 |
| 17 | Marex Group Ltd | $6.05M | 0.76% | 2026-06-30 |
| 18 | Crawford Fund Management, LLC | $5.28M | 0.66% | 2026-06-30 |
| 19 | QVT Financial LP | $4.80M | 0.60% | 2026-06-30 |
| 20 | Walleye Capital LLC | $3.74M | 0.47% | 2026-06-30 |
| 21 | Balyasny Asset Management L.P. | $3.05M | 0.38% | 2026-06-30 |
| 22 | TUDOR INVESTMENT CORP ET AL | $2.75M | 0.34% | 2026-06-30 |
| 23 | Verition Fund Management LLC | $2.63M | 0.33% | 2026-06-30 |
| 24 | CSS LLC/IL | $1.65M | 0.21% | 2026-06-30 |
| 25 | Millennium Management LLC Custodian | $1.15M | 0.14% | 2026-06-30 |
QBTS Insider Trading (Form 4)
Latest: 2026-10-16Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Diane Nguyen | EVP, Chief Legal Officer & GC | Tax (F) | −4,066 | $12.03 | -$48.9K | EDGAR |
| 2026-10-16 | Gregory Golkov | Acting CFO & SVP, Finance | Tax (F) | −15,859 | $12.03 | -$190.8K | EDGAR |
| 2026-10-16 | Alan E Baratz | President & CEO | Tax (F) | −52,320 | $12.03 | -$629.4K | EDGAR |
| 2026-10-16 | Sophie C Ames | Exec. Vice President & CHRO | Tax (F) | −3,180 | $12.03 | -$38.3K | EDGAR |
| 2026-10-14 | Bernard Gavgani | Director | Award (A) | +16,493 | — | EDGAR | |
| 2026-09-24 | Gregory Golkov | Acting CFO & SVP, Finance | Mixed | +25,949 | $16.83 | -$19.1K | EDGAR |
| 2026-09-16 | Stanley T Black | Exec. Vice President & CISO | Tax (F) | −1,535 | $16.83 | -$25.8K | EDGAR |
| 2026-09-16 | Sophie C Ames | Exec. Vice President & CHRO | Tax (F) | −1,544 | $16.83 | -$26.0K | EDGAR |
| 2026-09-16 | Diane Nguyen | EVP, Chief Legal Officer & GC | Tax (F) | −3,191 | $16.83 | -$53.7K | EDGAR |
| 2026-09-09 | John D DiLullo | Director | Sell (S) | −1,100 | $18.00 | -$19.8K | EDGAR |
| 2026-08-18 | Sophie C Ames | Exec. Vice President & CHRO | Tax (F) | −23,850 | $21.17 | -$504.9K | EDGAR |
| 2026-08-18 | Diane Nguyen | EVP, Chief Legal Officer & GC | Tax (F) | −4,042 | $21.17 | -$85.6K | EDGAR |
| 2026-07-21 | Sophie C Ames | Exec. Vice President & CHRO | Sell (S) | −3,070 | $16.95 | -$52.0K | EDGAR |
| 2026-07-15 | Alan E Baratz | President & CEO | Tax (F) | −52,320 | $18.66 | -$976.3K | EDGAR |
| 2026-07-15 | John M. Markovich | Chief Financial Officer | Tax (F) | −8,607 | $18.66 | -$160.6K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
QBTS Insider Holdings
13 insiders · @ $11.85
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Alan E Baratz | President & CEO | 3,195,131 | $37.86M | -$42.86M | 8 | 2026-10-16 |
| 2 | John M. Markovich | Chief Financial Officer | 1,123,629 | $13.32M | -$30.36M | 12 | 2026-07-15 |
| 3 | Sophie C Ames | Exec. Vice President & CHRO | 560,435 | $6.64M | -$554.5K | 10 | 2026-10-16 |
| 4 | Diane Nguyen | EVP, Chief Legal Officer & GC | 499,236 | $5.92M | -$1.84M | 13 | 2026-10-16 |
| 5 | Gregory Golkov | Acting CFO & SVP, Finance | 411,013 | $4.87M | $0 | 2 | 2026-10-16 |
| 6 | Steven M West | Director | 148,034 | $1.75M | $0 | 1 | 2026-06-05 |
| 7 | Stanley T Black | Exec. Vice President & CISO | 133,278 | $1.58M | $0 | 2 | 2026-09-16 |
| 8 | Kirstjen Nielsen | Director | 122,030 | $1.45M | -$158.3K | 2 | 2026-06-05 |
| 9 | Sharon E Holt | Director | 84,696 | $1.00M | $0 | 1 | 2026-06-05 |
| 10 | Roger Biscay | Director | 23,617 | $279.9K | $0 | 1 | 2026-06-08 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
QBTS Board & Officers
As of SEC filings through Oct 16, 2026Directors 8
- Alan E Baratz · since Aug 5, 2022
- Roger Biscay · since Aug 5, 2022
- Steven M West · since Aug 5, 2022
- Kirstjen Nielsen · since Jan 10, 2024
- John D DiLullo · since Oct 28, 2024
- Rohit Ghai · since Oct 28, 2024
- Sharon E Holt · since Nov 22, 2024
- Bernard Gavgani · since Sep 18, 2026
Officers 5
- Alan E Baratz · President & CEO · since Aug 5, 2022
- Sophie C Ames · Exec. Vice President & CHRO · since Apr 2, 2026
- Stanley T Black · Exec. Vice President & CISO · since Apr 2, 2026
- Gregory Golkov · Acting CFO & SVP, Finance · since Sep 2, 2026
- Diane Nguyen · EVP, Chief Legal Officer & GC · listed since Aug 2025
Changes in the last 10 years (39)
| Sep 18, 2026 | Bernard Gavgani became a director |
| Sep 2, 2026 | Gregory Golkov became Acting CFO & SVP, Finance |
| Aug 19, 2026 | The company announced the departure of John M. Markovich as Chief Financial Officer in an SEC filing |
| Apr 2, 2026 | Stanley T Black became Exec. Vice President & CISO |
| Apr 2, 2026 | Sophie C Ames became Exec. Vice President & CHRO |
| Aug 4, 2025 | Diane Nguyen listed as EVP, Chief Legal Officer & GC (previously General Counsel) in SEC filings |
| Jan 14, 2025 | Public Sector Pension Investment Board reported in an SEC filing no longer being a 10% owner |
| Nov 22, 2024 | Sharon E Holt became a director |
| Oct 28, 2024 | Rohit Ghai became a director |
| Oct 28, 2024 | John D DiLullo became a director |
| Oct 25, 2024 | The company announced the departure of Emil Michael from the board in an SEC filing |
| Jan 10, 2024 | Kirstjen Nielsen became a director |
| Sep 4, 2023 | The company announced the departure of Michael J Rogers from the board in an SEC filing |
| Jun 13, 2023 | Victoria Brydon listed as Chief People Officer (previously Senior Vice President, People and Operational Excellence) in SEC filings |
| May 1, 2023 | Diane Nguyen became General Counsel |
| Apr 13, 2023 | Philip Adam Smalley III became a director |
| Apr 4, 2023 | Ziv Ehrenfeld became a director |
| Apr 4, 2023 | The company announced the departure of Eduard van Gelderen from the board in an SEC filing |
| Aug 5, 2022 | Victoria Brydon became Senior Vice President, People and Operational Excellence |
| Aug 5, 2022 | Tanya J. Rothe became General Counsel |
| Aug 5, 2022 | Stone Street 2014 Holdings, L.p. became a 10% owner |
| Aug 5, 2022 | Steven M West became a director |
| Aug 5, 2022 | Roger Biscay became a director |
| Aug 5, 2022 | Public Sector Pension Investment Board became a 10% owner |
| Aug 5, 2022 | Michael J Rogers became a director |
| Aug 5, 2022 | Mbd 2014, L.p. became a 10% owner |
| Aug 5, 2022 | John M. Markovich became Chief Financial Officer |
| Aug 5, 2022 | Jennifer S. Houston became Chief Marketing Officer |
| Aug 5, 2022 | Goldman Sachs Group Inc became a 10% owner |
| Aug 5, 2022 | Goldman Sachs & Co. LLC became a 10% owner |
| Aug 5, 2022 | Emil Michael became a director |
| Aug 5, 2022 | Eduard van Gelderen became a director |
| Aug 5, 2022 | CDPM Sponsor Group, LLC became a 10% owner |
| Aug 5, 2022 | Broad Street Principal Investments, L.L.C. became a 10% owner |
| Aug 5, 2022 | Bridge Street 2014, L.P. became a 10% owner |
| Aug 5, 2022 | Amy L. Cappellanti-Wolf became a director |
| Aug 5, 2022 | Alan E Baratz became a director |
| Aug 5, 2022 | Alan E Baratz became President & CEO |
| Aug 5, 2022 | 2014 Employee Offshore Aggregator, L.p. became a 10% owner |
Not reported recently (14)
- Amy L. Cappellanti-Wolf · Last reported as a director in an SEC filing dated Jun 7, 2024
- Philip Adam Smalley III · Last reported as a director in an SEC filing dated Jun 6, 2024
- Victoria Brydon · Last reported as Chief People Officer in an SEC filing dated Nov 1, 2023
- Ziv Ehrenfeld · Last reported as a director in an SEC filing dated Jun 8, 2023
- Mbd 2014, L.p. · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- Goldman Sachs & Co. LLC · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- 2014 Employee Offshore Aggregator, L.p. · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- Goldman Sachs Group Inc · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- Broad Street Principal Investments, L.L.C. · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- Bridge Street 2014, L.P. · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- Stone Street 2014 Holdings, L.p. · Last reported as a 10% owner in an SEC filing dated Mar 24, 2023
- Tanya J. Rothe · Last reported as General Counsel in an SEC filing dated Aug 5, 2022
- Jennifer S. Houston · Last reported as Chief Marketing Officer in an SEC filing dated Aug 5, 2022
- CDPM Sponsor Group, LLC · Last reported as a 10% owner in an SEC filing dated Aug 5, 2022
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
QBTS Proposed Insider Sales (Form 144)
Latest: 2026-09-08
? Form 144 Guide
Last 30d:
0 filings
· Last 90d:
2 filings
· $88K notice value
· 2 unique filers
· 100% under 10b5-1 plans
What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.
How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.
10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.
"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.
Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.
Top 90-day filers:
Sophie C. Ames (1, $51K) · John D. DiLullo (1, $36K)
| Filed | Filer | Role | Shares | Notice Value | Planned Sale | Broker | Plan | Link |
|---|---|---|---|---|---|---|---|---|
| 2026-09-08 | John D. DiLullo | Director | 2,200 | $36.5K | 2026-09-08 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-07-20 | Sophie C. Ames | Officer | 3,070 | $51.4K | 2026-07-20 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-06-12 | John M. Markovich | Affiliate | 246,043 | $5.86M | 2026-06-12 | J.P. Morgan Securities LLC | — | EDGAR |
| 2026-06-09 | John M. Markovich | Affiliate | 70 | $1.8K | 2026-06-09 | J.P. Morgan Securities LLC | — | EDGAR |
| 2026-06-08 | Alan Baratz | Affiliate | 687,627 | $17.97M | 2026-06-08 | J.P. Morgan Securities LLC | — | EDGAR |
| 2026-06-08 | John M. Markovich | Affiliate | 50,979 | $1.32M | 2026-06-08 | J.P. Morgan Securities LLC | — | EDGAR |
| 2026-06-05 | John D. DiLullo | Director | 7,850 | $218.6K | 2026-06-05 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-06-02 | John M. Markovich | Affiliate | 2,908 | $84.9K | 2026-06-02 | J.P. Morgan Securities LLC | — | EDGAR |
| 2026-05-22 | John Markovich | Affiliate | 328,752 | $9.11M | 2026-05-22 | J.P. Morgan Securities LLC | — | EDGAR |
| 2026-05-21 | Diane Nguyen | Officer | 60,000 | $1.16M | 2026-05-21 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
ETF Holders
63 ETFs hold QBTS
25 shown · $976.52M total exposure · 0.08% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.01% | $194.5M | — | 2026-09-30 |
| 2 | VB Vanguard Morningstar Small-Cap ETF | Vanguard | 0.08% | $137.7M | — | 2026-09-30 |
| 3 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.15% | $110.4M | $75.1B | 2026-10-20 |
| 4 | VGT Vanguard Information Technology ETF | Vanguard | 0.05% | $90.1M | — | 2026-09-30 |
| 5 | VBK Vanguard Morningstar Small-Cap Growth ETF | Vanguard | 0.17% | $76.7M | — | 2026-09-30 |
| 6 | VXF Vanguard Extended Market ETF | Vanguard | 0.07% | $69.0M | — | 2026-09-30 |
| 7 | QTUM Defiance Quantum ETF | Nport | 1.10% | $68.6M | — | 2026-06-30 |
| 8 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.23% | $53.5M | — | 2026-05-31 |
| 9 | IWO iShares Russell 2000 Growth ETF | iShares (BlackRock) | 0.30% | $40.1M | $13.6B | 2026-10-20 |
| 10 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.20% | $35.6M | — | 2026-09-30 |
| 11 | IGV iShares Expanded Tech-Software Sector ETF | iShares (BlackRock) | 0.15% | $21.1M | $14.4B | 2026-10-20 |
| 12 | WQTM WisdomTree Quantum Computing Fund | Nport | 5.53% | $18.2M | — | 2026-06-30 |
| 13 | FTEC Fidelity MSCI Information Technology Index ETF | Fidelity | 0.04% | $9.0M | $21.3B | 2026-10-20 |
| 14 | SCHB Schwab U.S. Broad Market ETF | Nport | 0.02% | $6.7M | — | 2026-05-31 |
| 15 | VTWG Vanguard Russell 2000 Growth ETF | Vanguard | 0.39% | $6.4M | — | 2026-09-30 |
| 16 | NUSC Nuveen ESG Small-Cap ETF | Nport | 0.48% | $6.2M | — | 2026-07-31 |
| 17 | ITOT iShares Core S&P Total U.S. Stock Market ETF | iShares (BlackRock) | 0.01% | $5.7M | $97.4B | 2026-10-20 |
| 18 | PBW Invesco WilderHill Clean Energy ETF | Nport | 1.24% | $5.2M | — | 2026-07-31 |
| 19 | FESM Fidelity Enhanced Small Cap Core ETF | Fidelity | 0.08% | $5.2M | $6.6B | 2026-10-20 |
| 20 | VT Vanguard Total World Stock ETF | Vanguard | 0.01% | $5.1M | — | 2026-09-30 |
| 21 | JHMM John Hancock Multifactor Mid Cap ETF | Nport | 0.05% | $2.8M | — | 2026-06-30 |
| 22 | XSW State Street® SPDR® S&P® Software & Services ETF | SPDR (State Street) | 0.49% | $2.3M | $476.1M | 2026-10-20 |
| 23 | IGM iShares Expanded Tech Sector ETF | iShares (BlackRock) | 0.02% | $2.2M | $11.0B | 2026-10-20 |
| 24 | RSSL Global X Russell 2000 ETF | Global X | 0.15% | $2.2M | — | 2026-10-21 |
| 25 | BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | JPMorgan | 0.09% | $2.0M | $2.1B | 2026-10-21 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
—
TTM Diluted EPS
$-0.69
TTM Revenue
$12.43M
TTM Net Income
$-248.70M
TTM Op. Cash Flow
$-110.88M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q2 '26 | 2026-06-30 | $3.08M | $-48.03M | $-0.13 | $-28.50M |
| Q1 '26 | 2026-03-31 | $2.86M | $-18.36M | $-0.05 | $-44.96M |
| Q4 '25 | 2025-12-31 | $2.75M | $-42.33M | $-0.10 | $-18.37M |
| Q3 '25 | 2025-09-30 | $3.74M | $-139.99M | $-0.41 | $-19.05M |
| Q2 '25 | 2025-06-30 | $3.10M | $-167.33M | $-0.55 | $-15.29M |
| Q1 '25 | 2025-03-31 | $15.00M | $-5.42M | $-0.02 | $-19.28M |
| Q4 '24 | 2024-12-31 | $2.31M | $-86.08M | $-0.43 | $2.02M |
| Q3 '24 | 2024-09-30 | $1.87M | $-22.71M | $-0.11 | $-18.07M |
| Q2 '24 | 2024-06-30 | $2.18M | $-17.78M | $-0.10 | $-14.47M |
| Q1 '24 | 2024-03-31 | $2.46M | $-17.31M | $-0.11 | $-12.12M |
| Q4 '23 | 2023-12-31 | $2.91M | $-16.01M | $-0.09 | $-14.74M |
| Q3 '23 | 2023-09-30 | $2.56M | $-16.11M | $-0.12 | $-16.87M |
Q2 2026 • period ending 2026-06-30 • filed 2026-08-06
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
—
P/B
3.85
P/S
335.76
EV/EBITDA
—
EV/Sales
314.70
ROE
-23.0%
ROA
-21.5%
Div Yield
0.00%
FCF Yield
-2.66%
Debt/Equity
0.03
Current Ratio
—
Market Cap
$4.17B
as of 2026-10-22
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
70.89M
SI % of Float
19.61%
Days to Cover
4.24
Short Vol Ratio
49.9%
Free Float
361.50M
Float %
98.0%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-08-07