---
schema_version: "secwatch.filing_event.v1"
accession: "0001907982-24-000005"
form_type: "8-K"
ticker: "QBTS"
cik: "0001907982"
company_name: "D-Wave Quantum Inc."
filed_at: "2024-02-02T23:59:59+00:00"
generated_at: "2026-06-06T10:14:41.010386+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# D-Wave Quantum restates FY2020-2022 and Q1-Q3 2023 financials due to government assistance accounting error

## Summary
- 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.

## SEC filing metadata
- accession: 0001907982-24-000005
- form_type: 8-K
- ticker: QBTS
- cik: 0001907982
- company_name: D-Wave Quantum Inc.
- filed_at: 2024-02-02T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1907982/000190798224000005/0001907982-24-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1907982/000190798224000005/qbts-20240202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001907982-24-000005
- JSON: https://secwatch.observer/filing/0001907982-24-000005.json
- Plain text: https://secwatch.observer/filing/0001907982-24-000005.txt

## Key facts
- Auditor Changes
  D-Wave Quantum Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1907982/000190798224000005/0001907982-24-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.