D-Wave Quantum Inc. (QBTS): auditor change — D-Wave Quantum restates FY2020-2022 and Q1-Q3 2023 financials due to government assistance accounting error

D-Wave Quantum Inc.

Audit committee determines audited FY2020-2022 and unaudited Q1-Q3 2023 financials unreliable; restatement planned.
Estimated impact: non-operating items decrease $0.4M to $12.0M; loans payable increase $0.3M to $23.7M; research incentives receivable decrease up to $11.7M.
No impact on reported operating loss, cash flows, key business metrics, non-GAAP measures, or financial covenants.
Error stemmed from improper accounting for conditionally repayable government loans with below-market rates; company says no fraud.
Preliminary estimates; final restated amounts may differ materially. Company to file amended 10-K and 10-Qs.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

D-Wave Quantum Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

March 15, 2022, respectively which include the Financial Statements (collectively, the “Affected Periods”), as well as the relevant portions of any communication which describe or are based on the Financial Statements, should no longer be relied upon. The Company plans to restate, as soon as practicable, the Financial Statements for the Affected Periods in amendments to the Form 10-K, the Q1 2023 Form 10-Q, the Q2 2023 Form 10-Q, and the Q3 2023 Form 10-Q respectively (collectively, the “Restatement”). The Restatement mainly impacts non-cash and non-operating components of other income (expense) and net loss on the consolidated statements of operations and research incentives receivable and loans payable on the consolidated balance sheets. The Restatement does not affect any of the Company’s key business metrics or compliance with any financial covenants. The Company notes that the Rest

View on SEC.gov

Browse all auditor changes →

D-Wave Quantum Inc. filing history →

Source: SEC EDGAR

accession 0001907982-24-000005

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.