S&P 500
7,542.50
+0.69%
Dow Jones
52,796.60
+0.84%
Nasdaq 100
30,027.40
+0.54%
Russell 2000
3,039.31
+0.87%
FTSE 100
10,673.60
+1.77%
Nikkei 225
69,747.30
+0.17%
Stock Market Live July 2, 2026: S&P 500 (SPY) Flat with New Jobs Data
D-Wave Quantum

D-Wave Quantum (QBTS) Q3 2025 Earnings

Reported Nov 6, 2025 at 2:02 AM ET · SEC Source

Q3 25 EPS

$-0.05

BEAT +24.59%

Est. $-0.07

Q3 25 Revenue

$3.7M

BEAT +23.50%

Est. $3.0M

vs S&P Since Q3 25

-35.4%

TRAILING MARKET

QBTS -23.4% vs S&P +12.0%

Market Reaction

Did QBTS Beat Earnings? Q3 2025 Results

D-Wave Quantum delivered a decisive beat across the board in Q3 2025, with revenue doubling year-over-year to $3.74 million, a 100% gain from the year-ago quarter, while adjusted EPS of -$0.05 came in well ahead of the -$0.07 consensus estimate, repr… Read more D-Wave Quantum delivered a decisive beat across the board in Q3 2025, with revenue doubling year-over-year to $3.74 million, a 100% gain from the year-ago quarter, while adjusted EPS of -$0.05 came in well ahead of the -$0.07 consensus estimate, representing a 24.59% positive surprise. The revenue figure itself cleared expectations by 23.50%, driven in part by the upgrade of the Jülich Supercomputing Centre system to an Advantage2 processor, which helped expand gross margin to 71.4% from 55.8% a year earlier. While the headline net loss ballooned to $139.99 million, largely due to $121.86 million in non-cash warrant liability charges, the adjusted loss of $18.13 million actually improved meaningfully from $23.19 million in Q3 2024. Looking ahead, D-Wave has already closed over $12 million in post-quarter bookings, including a €10 million contract for a quantum computing facility in Lombardy, Italy, while a cash position of $836.23 million gives the company ample runway to advance its gate-model quantum computing program.

Key Takeaways

  • • Revenue doubled year-over-year driven by growing quantum computing adoption across commercial and research applications
  • • GAAP gross margin improved to 71.4% from 55.8% YoY, aided by the upgrade of the Jülich Supercomputing Centre system to Advantage2 processor
  • • Q3 bookings increased 80% sequentially to $2.4 million
  • • Over 100 revenue-generating customers including nearly two dozen Forbes Global 2000 companies
  • • YTD revenue of $21.8 million, up 235% year-over-year, driven in part by a higher-margin quantum computer system sale
24/7 Wall St

QBTS YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

“Our strong third quarter results reflect the momentum we see building across every aspect of our business, with key metrics, including revenue, gross profit, bookings and cash balance, clearly indicating D-Wave's success in accelerating global quantum computing adoption.”

— Alan Baratz, Q3 2025 Earnings Press Release

Back to QBTS Stock Page