secwatch.observer — SEC 8-K summary
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Issuer:     D-Wave Quantum Inc. (QBTS)
CIK:        0001907982
Form:       8-K
Filed at:   2024-02-02T23:59:59+00:00
Accession:  0001907982-24-000005
Event type: regulatory
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1907982/000190798224000005/0001907982-24-000005-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1907982/000190798224000005/qbts-20240202.htm
  HTML page:      https://secwatch.observer/filing/0001907982-24-000005

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