D-Wave Quantum Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
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 -$0.0663 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 <a href="https://247wallst.com/investing/2025/11/06/d-wave-quantum-doubles-revenue-but-burns-through-140m-chasing-growth/">ballooned to $139.99 million</a> — 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.
- 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
“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.”
D-Wave Quantum CEO, on the earnings call
Forward Guidance & Outlook
D-Wave disclosed that subsequent to the end of Q3 2025 and through November 4, 2025, the company closed over $12 million in additional bookings, including a €10 million contract for 50% capacity of a D-Wave Advantage2 annealing quantum computer supporting a quantum computing facility in Lombardy, Italy. The company also raised an additional $21.3 million in cash proceeds from the exercise of warrants post-quarter. The company continues to invest in growth and expansion, with increased operating expenses driven by personnel, fabrication, and marketing investments. D-Wave is advancing its gate-model quantum computing program, having completed fabrication of fluxonium qubit chips and superconducting control chips, which it expects will enable the first-ever scalable gate model system with cryogenic control.
QBTS YoY Financials
QBTS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.