Q1 25 EPS
$-0.02
BEAT +44.44%
Est. $-0.04
Q1 25 Revenue
$15.0M
BEAT +42.85%
Est. $10.5M
vs S&P Since Q1 25
+176.0%
BEATING MARKET
QBTS +207.8% vs S&P +31.8%
Market Reaction
Did QBTS Beat Earnings? Q1 2025 Results
D-Wave Quantum put up what may prove to be a landmark quarter in the young history of commercial quantum computing, posting Q1 2025 revenue of $15.00 million, a staggering 508.6% jump year over year, while narrowing its loss per share to $0.02 agains… Read more D-Wave Quantum put up what may prove to be a landmark quarter in the young history of commercial quantum computing, posting Q1 2025 revenue of $15.00 million, a staggering 508.6% jump year over year, while narrowing its loss per share to $0.02 against a consensus estimate of $0.04, a beat of 44.44%. The single most material driver was the sale of an Advantage quantum computing system to the Jülich Supercomputing Centre, a marquee European HPC facility, which alone propelled GAAP gross margin to 92.5% from 67.3% a year ago and compressed the net loss to $5.42 million from $17.31 million. Revenue of $15.00 million cleared the $10.50 million consensus by 42.85%, though some observers have flagged the lumpy, deal-driven nature of this growth as a complicating factor for forward projections. Management, bolstered by a record cash position of $304.32 million, stated it believes that balance is sufficient to carry the company to profitability, a forward-looking signal the market greeted with a sharp rally.
Key Takeaways
- • First Advantage system sale to Jülich Supercomputing Centre drove majority of revenue increase
- • High-margin system sale drove GAAP gross margin to 92.5% from 67.3%
- • Demonstration of quantum computational supremacy on useful real-world problem validated technology leadership
- • Ford Otosan deployment of hybrid-quantum application into commercial production
QBTS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“The first quarter of 2025 was arguably the most significant in D-Wave's history, especially in terms of our unique ability to deliver quantum value today to our customers and the scientific community. We recognized revenue on our first Advantage system sale to a major research institution, moved an additional customer application into commercial production, and became the first to demonstrate quantum supremacy over classical computing on a useful real-world problem. The end result was a record revenue and gross profit quarter.”
— Alan Baratz, Q1 2025 Earnings Press Release
QBTS Earnings Trends
QBTS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
QBTS EPS Trend
Earnings per share: estimate vs actual
QBTS Revenue Trend
Quarterly revenue: estimate vs actual
QBTS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.08 | $-0.05 | +34.55% | $2.9M | -30.95% |
| Q4 25 MISS FY | $-0.06 | $-0.12 | -94.49% | $2.8M | -26.40% |
| FY Full Year | $-0.22 | $-1.11 | -411.76% | $24.6M | -4.10% |
| Q3 25 BEAT | $-0.07 | $-0.05 | +24.59% | $3.7M | +23.50% |
| Q2 25 MISS | $-0.05 | $-0.55 | -912.89% | $3.1M | +21.79% |
| Q1 25 BEAT | $-0.04 | $-0.02 | +44.44% | $15.0M | +42.85% |