QBTS Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	5.53B EUR	8.92B EUR	5.34B EUR	9.38B EUR
Enterprise Value	4.94B EUR	8.68B EUR	5.05B EUR	8.79B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	-38.58x	--	--	--
Price to Sales	445.16x	718.27x	429.09x	978.62x
Price to Book	5.01x	8.24x	4.75x	11.01x
EV/Revenue	397.55x	698.27x	405.68x	916.88x
EV/EBITDA	-30.64x	--	--	--
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-1.33%	-1.34%	-1.92%	-0.6%