Stock Market Live July 2, 2026: S&P 500 (SPY) Flat with New Jobs Data
Q2 25 EPS
$-0.55
MISS 912.89%
Est. $-0.05
Q2 25 Revenue
$3.1M
BEAT +21.79%
Est. $2.5M
vs S&P Since Q2 25
+13.8%
BEATING MARKET
QBTS +31.5% vs S&P +17.7%
Market Reaction
Did QBTS Beat Earnings? Q2 2025 Results
D-Wave Quantum delivered a headline-grabbing but complicated Q2 2025, posting revenue of $3.10 million, a 42% year-over-year gain reflecting steady commercial adoption of its quantum systems, while reporting a staggering net loss of $167.33 million, … Read more D-Wave Quantum delivered a headline-grabbing but complicated Q2 2025, posting revenue of $3.10 million, a 42% year-over-year gain reflecting steady commercial adoption of its quantum systems, while reporting a staggering net loss of $167.33 million, or $0.55 per share, almost entirely inflated by $142.05 million in non-cash warrant remeasurement charges. Strip those out, and the adjusted net loss was a more measured $0.08 per share. The quarter's defining move, however, may prove to be financial rather than technical: D-Wave completed a $400 million at-the-market equity offering and collected $99.30 million from warrant exercises, pushing its cash balance to a record $819.31 million. The company also launched its sixth-generation Advantage2 quantum computer and unveiled a cryogenic packaging collaboration with NASA's Jet Propulsion Laboratory targeting a 100,000-qubit Advantage3 system, a roadmap management says its now-substantial war chest is positioned to fund through strategic acquisitions and continued platform development.
Key Takeaways
- • 42% year-over-year Q2 revenue growth driven by commercial and research customer engagements
- • 92% year-over-year increase in Q2 bookings to $1.3 million
- • High-margin annealing quantum computer system sale contributed to first-half gross margin expansion to 87.6%
- • Over 100 revenue-generating customers over the most recent four quarters
QBTS YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Our second quarter results show consistently strong performance across a multitude of technical and business metrics. During the quarter, we brought to market our sixth-generation quantum computer, signed a memorandum of understanding related to the acquisition of an on-premises system in South Korea, completed physical assembly of the previously announced system at Davidson Technologies, introduced a collection of developer tools to advance quantum AI and machine learning innovation, and ended the quarter with a record $819 million in cash. We're confident in our ability to continue delivering long-term value for our customers, partners and shareholders.”
— Alan Baratz, Q2 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% |