D-Wave Quantum Inc (QBTS) — playbook

D-Wave Quantum Inc (QBTS)

Kerrisdale Capital · 2025-04

arc beats above · slides in the middle · loops below · scroll → 2 LOOPS

Deck intelligence map

3

coverage by narrative range · generated from this deck JSON

Narrative range 13 total

Metadata

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Loops

The Monster 8 slides 100% 8/8 slides 100% 8/8 slides · 59 hits

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87.5% 7/8 slides · 11 hits 12.5% 1/8 slides 100% 8/8 slides 100% 8/8 slides The Struggle 4 slides 100% 4/4 slides 100% 4/4 slides · 28 hits

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50% 2/4 slides 100% 4/4 slides 100% 4/4 slides The Victory 1 slides 100% 1/1 slides 100% 1/1 slides · 7 hits

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Slide inventory

19

every slide · same image gating as the playbook

01

This is a classic short-seller research note cover/summary page.frame_problem

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02

front_matter

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03

This is a short-seller research note summary.summarize

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04

The slide includes a detailed financial table and a narrative section highlighting the company's controversial reputation and marketing history.summarize

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05

The slide functions as a critical assessment of D-Wave's technical claims and market positioning.diagnose_problem

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

06

The slide highlights technical limitations of D-Wave's annealing qubits and questions the company's progress in gate-model quantum computing.diagnose_problem

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

07

This is a research note page from Kerrisdale Capital criticizing D-Wave's business model and financial health.diagnose_problem

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

08

The slide highlights significant dilution (77% increase in shares) and a disconnect between share price rally and stagnant revenue estimates.analyze_data

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

09

Includes two expert testimonials from former D-Wave employees criticizing the technology's efficacy.name_villain

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

10

The slide argues that D-Wave's model is not truly scalable or SaaS-like due to the bespoke nature of customer engagements and hardware overhead.diagnose_problem

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

11

The slide uses academic citations to undermine the company's technical claims and highlights a significant price premium.name_villain

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

12

The slide uses expert testimony to undermine the company's core value proposition.expose_contradiction

Open slide detailBeat · The MonsterLoop · Cost Of Inaction

13

Includes direct quotes from an Airbus manager and an unnamed source, framing D-Wave's customer success stories as 'innovation theater'.expose_contradiction

Open slide detailBeat · The StruggleLoop · Myth Buster

14

The slide uses negative customer feedback to challenge the company's value proposition.expose_contradiction

Open slide detailBeat · The StruggleLoop · Myth Buster

15

Uses expert quotes to undermine the credibility of the company's technical claims.name_villain

Open slide detailBeat · The StruggleLoop · Myth Buster

16

The slide uses a testimonial from an industry consultant to reinforce the negative thesis.name_villain

Open slide detailBeat · The StruggleLoop · Myth Buster

17

Technical primer on quantum computing concepts relevant to D-Wave.appendix

Open slide detailBeat · The Victory

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other

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other

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