D-Wave Quantum第二季虧損收窄至4803萬美元 完成收購Quantum Circuits擴閘模型能力

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 10-Q
________________________
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ and ____________

Commission File Number: 001-41468

________________________
D-WAVE QUANTUM INC.
(Exact name of registrant as specified in its charter)
________________________

Delaware
88-1068854
(State or other jurisdiction of 
incorporation or organization)
(I.R.S. Employer 
Identification No.)

2650 East Bayshore Road, Palo Alto, California
94303

(Address of Principal Executive Offices)
(Zip Code)

(650) 285-2881
(Registrant's telephone number, including area code)
________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareQBTSThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer☐Accelerated filer
 ☐

Non-accelerated filer☒Smaller reporting company
 ☐

Emerging growth company
 ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying 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 August 5, 2026, there were 369,263,837 outstanding shares of the registrant’s common stock, par value $0.0001 per share. In addition, there were 3,176,096 exchangeable shares outstanding as of August 5, 2026, which are convertible into shares of common stock on a one for one basis at any time for no consideration. 

Table of Contents

Page
Cautionary Note Regarding Forward-Looking Statements2
Part I. Financial Information
3

Item 1.
D-Wave Quantum Inc. Financial Statements (Unaudited)
3

Condensed Consolidated Balance Sheets (Unaudited)
3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
4

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Unaudited)
5

Condensed Consolidated Statements of Cash Flows (Unaudited)
9

Notes to Condensed Consolidated Financial Statements (Unaudited)
10

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
37

Item 4.
Controls and Procedures
37

Part II. Other Information
39

Item 1.
Legal Proceedings39

Item 1A.
Risk Factors
40

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
40

Item 3.
Defaults Upon Senior Securities
40

Item 4.
Mine Safety Disclosures
41

Item 5.
Other Information
41

Item 6.
Exhibits
42

Signatures
43

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q (this “Report”) may constitute “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements include, but are not limited to, statements regarding our and our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including statements relating to our ability to help customers realize value from quantum computing, development of annealing and gate-model systems and extension of the capabilities of our hybrid and classical solvers, enterprise-scale adoption of quantum computing, statements relating to our development and commercialization plans, dual-platform roadmap and milestones, and plans to accelerate the projected time to a scaled, error-corrected gate-model quantum computer, among others. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “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 that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. We caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, which are subject to a number of risks. Factors that might cause or contribute to a material difference include those risks discussed below, in Part I, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission (the “SEC”). You should not place undue reliance on these forward-looking statements in making an investment decision with respect to our securities. These forward-looking statements are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability regarding future performance, events or circumstances. Many of the factors affecting actual performance, events and circumstances are beyond our control. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. All forward-looking statements set forth in this Report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments we anticipate will be realized or, even if substantially realized, that they will have the expected consequence to or effects on us or our business or operations. The following discussion should be read in conjunction with our audited Consolidated Financial Statements and related notes thereto included in our most recent Annual Report on Form 10-K. These forward-looking statements are based on information available as of the date of this Report and current expectations, forecasts and assumptions, involve a number of judgments, risks and uncertainties, and are not predictions of actual performance. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

2

Part I - Financial Information
Item 1. Financial Statements

D-Wave Quantum Inc. 
Condensed Consolidated Balance Sheets
(Unaudited)

June 30,December 31,
(In thousands, except share and per share data)20262025
Assets
Current assets:
Cash and cash equivalents$296,642 $635,347 
Marketable investment securities249,573 249,134 
Trade accounts receivable, net of allowance for credit losses of $1 and $176
2,019 1,587 
Inventories3,488 2,776 
Prepaid expenses and other current assets8,872 7,388 
Total current assets560,594 896,232 
Property and equipment, net22,076 7,841 
Operating lease right-of-use assets12,042 6,518 
Intangible assets, net211,816 915 
Goodwill342,588 — 
Other non-current assets, net9,314 4,307 
Total assets$1,158,430 $915,813 

Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable$4,521 $950 
Accrued expenses and other current liabilities12,135 15,838 
Current portion of operating lease liabilities1,250 1,448 
Loans payable, net, current146 134 
Deferred revenue, current9,234 2,778 
Total current liabilities27,286 21,148 
Operating lease liabilities, net of current portion11,826 6,050 
Loans payable, net, non-current34,886 35,825 
Deferred revenue, non-current1,322 560 
Total liabilities75,320 63,583 

Commitments and contingencies (Note 12)

Stockholders' equity:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both June 30, 2026 and December 31, 2025; 372,011,420 shares and 358,741,605 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.
37 35 
Additional paid-in capital2,140,499 1,843,218 
Accumulated deficit(1,048,387)(982,002)
Accumulated other comprehensive loss(9,039)(9,021)
Total stockholders' equity1,083,110 852,230 
Total liabilities and stockholders’ equity$1,158,430 $915,813 
    
The accompanying notes are an integral part of these condensed consolidated financial statements.

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D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share data)2026202520262025
Revenue$3,076 $3,095 $5,934 $18,096 
Cost of revenue1,372 1,119 2,412 2,243 
Total gross profit1,704 1,976 3,522 15,853 
Operating expenses:
Research and development28,239 12,694 54,032 22,982 
General and administrative15,388 9,151 35,663 17,108 
Sales and marketing11,355 6,633 21,832 13,556 
Total operating expenses54,982 28,478 111,527 53,646 
Loss from operations(53,278)(26,502)(108,005)(37,793)
Other income (expense), net:
Interest income5,028 4,311 10,813 7,410 
Interest expense(255)(206)(514)(432)
Gain on investment in marketable securities, net— — 1,880 — 
Change in fair value of warrant liabilities— (142,048)— (138,105)
Other income (expense), net485 (2,884)997 (3,830)
Total other income (expense), net5,258 (140,827)13,176 (134,957)
Loss before income taxes(48,020)(167,329)(94,829)(172,750)
Income tax benefit (provision), net(8)— 28,444 — 
Net loss$(48,028)$(167,329)$(66,385)$(172,750)
Net loss per share, basic and diluted$(0.13)$(0.55)$(0.18)$(0.59)
Weighted-average shares used in computing net loss per share, basic and diluted370,840,115 302,288,793 369,165,968 294,398,419 

Comprehensive loss:
Net loss$(48,028)$(167,329)$(66,385)$(172,750)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment140 787 158 1,285 
Unrealized losses on available-for-sale securities(7)— (160)— 
Reclassification adjustment for realized gains (losses) included in net income(16)— (16)— 
Total other comprehensive income (loss), net of tax117 787 (18)1,285 
Net comprehensive loss$(47,911)$(166,542)$(66,403)$(171,465)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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D-Wave Quantum Inc. 
Condensed Consolidated Statements of Stockholders’ Equity
For the Three Months Ended June 30, 2026
(Unaudited)

Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossTotal stockholders' equity
(In thousands, except share data)SharesAmount
Balances at March 31, 2026370,038,436 $37 $2,133,730 $(1,000,359)$(9,156)$1,124,252 
Issuance of common stock in connection with the Employee Stock Purchase Plan40,686 — 724 — — 724 
Issuance of common stock in connection with exercise of stock options and vesting of RSUs1,932,298 — 1,520 — — 1,520 
Stock-based compensation— — 11,410 — — 11,410 
Tax withholding related to vesting of restricted stock units— — (6,885)— — (6,885)
Other comprehensive loss— — — — 117 117 
Net loss— — — (48,028)— (48,028)
Balances at June 30, 2026372,011,420 $37 $2,140,499 $(1,048,387)$(9,039)$1,083,110 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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D-Wave Quantum Inc. 
Condensed Consolidated Statements of Stockholders’ Equity
For the Three Months Ended June 30, 2025
(Unaudited)

Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossTotal stockholders' equity
(In thousands, except share data)SharesAmount
Balances at March 31, 2025291,351,403 $29 $849,733 $(632,361)$(10,012)$207,389 
Issuance of common stock in connection with the Lincoln Park Purchase Agreement3,873,113 — 37,787 — — 37,787 
Issuance of common stock in at-the-market offerings, net of issuance costs26,344,831 3 390,630 — — 390,633 
Issuance of common stock in connection with the Employee Stock Purchase Plan95,331 — 291 — — 291 
Issuance of common stock in connection with exercise of stock options and vesting of RSUs5,614,895 — 6,837 — — 6,837 
Issuance of common stock in connection with exercise of warrants12,558,077 1 216,255 — — 216,256 
Stock-based compensation— — 6,750 — — 6,750 
Tax withholding related to vesting of restricted stock units— — (5,147)— — (5,147)
Foreign currency translation adjustment, net of tax— — — — 787 787 
Net loss— — — (167,329)— (167,329)
Balances at June 30, 2025339,837,650 $33 $1,503,136 $(799,690)$(9,225)$694,254 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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D-Wave Quantum Inc. 
Condensed Consolidated Statements of Stockholders’ Equity
For the Six Months Ended June 30, 2026
(Unaudited)

Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossTotal stockholders' equity
(In thousands, except share data)SharesAmount
Balances at December 31, 2025358,741,605 $35 $1,843,218 $(982,002)$(9,021)$852,230 
Equity issued as consideration for acquisition, net10,430,444 2 282,274 — — 282,276 
Issuance of common stock in connection with the Employee Stock Purchase Plan40,686 — 724 — — 724 
Issuance of common stock in connection with exercise of stock options and vesting of RSUs2,798,685 — 1,614 — — 1,614 
Stock-based compensation— — 19,554 — — 19,554 
Tax withholding related to vesting of restricted stock units— — (6,885)— — (6,885)
Other comprehensive loss— — — — (18)(18)
Net loss— — — (66,385)— (66,385)
Balances at June 30, 2026372,011,420 $37 $2,140,499 $(1,048,387)$(9,039)$1,083,110 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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D-Wave Quantum Inc. 
Condensed Consolidated Statements of Stockholders’ Equity
For the Six Months Ended June 30, 2025
(Unaudited)

Common stockAdditional paid-in capitalAccumulated deficitAccumulated other comprehensive lossTotal stockholders' equity
(In thousands, except share data)SharesAmount
Balance at December 31, 2024266,595,867 $27 $700,069 $(626,940)$(10,510)$62,646 
Issuance of common stock in connection with the Lincoln Park Purchase Agreement3,873,113 — 37,787 — — 37,787 
Issuance of common stock in at-the-market offerings, net of issuance costs50,948,852 5 536,736 — — 536,741 
Issuance of common stock in connection with the Employee Stock Purchase Plan95,331 — 291 — — 291 
Issuance of common stock in connection with exercise of stock options and vesting of RSUs5,766,016 — 6,860 — — 6,860 
Issuance of common stock in connection with exercise of warrants12,558,471 1 216,261 — — 216,262 
Stock-based compensation— — 10,796 — — 10,796 
Tax withholding related to vesting of restricted stock units— — (5,664)— — (5,664)
Foreign currency translation adjustment, net of tax— — — — 1,285 1,285 
Net loss— — — (172,750)— (172,750)
Balance at June 30, 2025339,837,650 $33 $1,503,136 $(799,690)$(9,225)$694,254 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30,
(in thousands)20262025
Cash flows from operating activities:
Net loss$(66,385)$(172,750)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization8,536 714 
Deferred income taxes(28,365)— 
Stock-based compensation19,132 10,664 
Amortization of operating right-of-use assets699 346 
Provision for excess and obsolete inventory(103)— 
Non-cash interest income1,262 — 
Non-cash interest expense467 387 
Change in fair value of warrant liabilities— 138,105 
Gain on marketable equity securities(1,880)— 
Unrealized foreign exchange loss (gain)(1,740)1,998 
Other noncash items— 267 
Change in operating assets and liabilities:
Trade accounts receivable(432)(57)
Inventories(2,605)(762)
Prepaid expenses and other current assets(455)(1,368)
Trade accounts payable(975)416 
Accrued expenses and other current liabilities(4,371)2,695 
Deferred revenue7,218 (13,796)
Operating lease liability(332)(344)
Other non-current assets, net(3,134)(1,080)
Net cash used in operating activities(73,463)(34,565)
Cash flows from investing activities:
Acquisition of business, net of cash acquired(252,821)— 
Purchase of property and equipment(5,521)(1,187)
Purchases of marketable debt securities(149,117)— 

Maturities of marketable debt securities147,241 — 
Proceeds from recovery of previously written-off convertible note— 959 

Expenditures for internal-use software(363)(129)

Net cash used in investing activities(260,581)(357)
Cash flows from financing activities:
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement— 37,787 
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs— 536,741 
Proceeds from issuance of common stock upon exercise of warrants— 99,319 
Proceeds from the issuance of common stock upon exercise of stock options1,614 6,860 
Proceeds from common stock issued under the Employee Stock Purchase Plan724 291 
Payment of tax withheld pursuant to stock-based compensation settlements(6,885)(5,664)

Repayments on TPC loan— (365)

Repayment of the Equipment Financing Term Loan
(69)— 
Payments of equity issuance costs(203)— 
Net cash provided by (used in) financing activities(4,819)674,969 
Effect of exchange rate changes on cash and cash equivalents158 1,285 
Net increase (decrease) in cash and cash equivalents(338,705)641,332 
Cash and cash equivalents at beginning of period635,347 177,980 
Cash and cash equivalents at end of period$296,642 $819,312 

Supplemental disclosures of cash flow information:
Cash Paid for Interest$33 $— 
Supplemental disclosure of non-cash investing and financing activities:
Common stock issued for acquisition of business$282,479 $— 
Capitalized stock-based compensation$422 $132 
Inventory applied to capital projects$1,996 $— 
Reclassification of warrant liability to equity upon exercise$— $116,943 
Operating lease right-of-use assets exchanged for new operating lease obligations$6,131 $— 
Purchases of property and equipment included in accounts payable$3,133 $— 
Unrealized gains (losses) on available-for-sale securities included in other comprehensive loss$160 $— 
The accompanying notes are an integral part of these condensed consolidated financial statements.

9

D-Wave Quantum Inc. 
Notes to Condensed Consolidated Financial Statements

1. DESCRIPTION OF BUSINESS
D-Wave Quantum Inc. (“D-Wave” or the “Company”) was incorporated as a corporation organized and existing under the General Corporation Law of the State of Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems. 
D-Wave is focused on the development and delivery of quantum computing systems, software, and services. The Company is the world’s first commercial supplier of quantum computers, and the first to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. The Company’s superconducting quantum computers provide sub-second response times and can be deployed on-premises or accessed through its LeapTM quantum cloud service (the “Leap service”), which offers 99.9% availability and uptime. Customers apply D-Wave’s technology to address use cases spanning optimization, artificial intelligence, research and more. The Company's current sixth-generation annealing quantum computing system is named Advantage2TM.
D-Wave has four operating facilities, which it leases, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, Palo Alto, California, and New Haven, Connecticut.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission (“SEC”). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire fiscal year. 
The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2025 filed with the SEC on February 26, 2026.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation.

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Use of estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to costs estimated to complete the remaining performance obligations, (ii) standalone selling prices, (iii) fair value of financial instruments, (iv) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 9 for further information), (v) fair value of assets and liabilities acquired in business combinations, and (vi) asset impairment testing, including long-lived, intangible assets, and goodwill (tested at the reporting unit level). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.
The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, tariffs, changes in interest rates and monetary policy, various geopolitical conflicts, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions.
Intangible assets, net
The Company’s finite-lived intangible assets consist of developed technology and trademarks acquired in business combinations, as well as computer software acquired or capitalized in the ordinary course of business, including off-the-shelf software applications and costs associated with systems implementations. Finite-lived intangible assets are recorded at cost or, for assets acquired in a business combination, at their estimated acquisition-date fair values, less accumulated amortization and impairment. These assets are amortized on a straight-line basis over their estimated useful lives, which approximates the pattern in which the related economic benefits are expected to be consumed. Acquired developed technology is amortized over 15 years, trademarks are amortized over two years, off-the-shelf software is amortized over three years, and systems implementation costs are amortized over the initial license term. Annual license fees for off-the-shelf software are expensed as incurred. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Sales of future revenues
On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund (“SIF”), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the “SIF Loan”). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 9 - Loans payable, net for additional information concerning the SIF Loan. 
The accounting treatment for the SIF Loan considers the ”sale of future revenues” guidance promulgated by ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the currently projected effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date.
As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitation provisions of ASC 835. 

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Fair value of financial instruments
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities.
•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. No assets or liabilities were classified as Level 3 during the six months ended June 30, 2026 or 2025.
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands): 

DescriptionLevelAs of June 30, 2026
Assets: 
U.S. government bonds1$149,573 
Time deposits2$100,000 

Revenue recognition 
The Company recognizes revenue in accordance with Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) and accounts for certain contract costs in accordance with FASB’s Accounting Standards Codification (“ASC”) 340-40, Other Assets and Deferred Costs-Contracts with Customers. 
The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To support this core principle, the Company applies the following five step approach:
Step 1: Identify the contract with the customer
The Company executes signed contracts with customers for services sold through either its direct sales force or various reseller channels. Payment terms vary by arrangement and may include net 30 to 60-day terms, milestone billings, advance payments, and installment payments. 
In arrangements with re-sellers of the Company’s services, the re-seller is considered the customer and the Company does not have any contractual relationships with the re-sellers’ end users. For these arrangements, revenue is recognized at the amount charged to the re-seller.
Upon initiation of a customer contract, an assessment is conducted by the Company regarding the customer's ability to pay for the services and/or products provided. This assessment encompasses various factors such as the customer's creditworthiness and past transaction history. Furthermore, periodic evaluations of customers' financial conditions are performed by the Company. The Company generally does not provide rights of return unless explicitly stated in the underlying contract.
Step 2: Identify the performance obligations
The Company’s contracts with customers often include multiple performance obligations. The Company's revenue contracts typically include one or more of the following performance obligations:

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•Subscription access to its Leap service
•Professional services related to the development and implementation of quantum computing applications
•Quantum computing systems, including related installation, calibration, commissioning, and customer-specific upgrade services when those promises are not separately identifiable
•Ongoing support and maintenance services
•Quantum computing application or system training 
•Customer options, renewals, or future upgrade rights that may represent material rights.
The Company evaluates whether promised goods and services are distinct and therefore separate performance obligations, or whether they should be combined into a single performance obligation because they are not separately identifiable in the context of the contract.
Step 3: Determine the transaction price
The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods and services to the customer. Transaction prices may include fixed consideration, variable consideration, milestone payments, advance payments, installment payments, or other contractual amounts.
The Company evaluates whether variable consideration exists, including price concessions, credits, or service-level credits, and includes such amounts in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. The Company also evaluates whether payments to or