D-Wave Quantum Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
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, 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, <a href="https://247wallst.com/investing/2025/11/06/d-wave-quantum-doubles-revenue-but-burns-through-140m-chasing-growth/">pushing its cash balance</a> 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.
- 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
“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.”
D-Wave Quantum CEO, on the earnings call
Forward Guidance & Outlook
D-Wave intends to use the proceeds from its $400 million ATM equity offering primarily for strategic acquisitions and general corporate purposes including providing additional working capital and funding capital expenditures. The company is pursuing an aggressive product roadmap on the path to a 100,000-qubit Advantage3 system, supported by a new strategic development initiative focused on advanced cryogenic packaging in collaboration with NASA's Jet Propulsion Laboratory. Management expressed confidence in the ability to continue delivering long-term value for customers, partners, and shareholders.
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Figures from SEC filings and company reports. Not investment advice.