Q4 25 EPS
$-0.12
MISS 94.49%
Est. $-0.06
Q4 25 Revenue
$2.8M
MISS 26.40%
Est. $3.7M
vs S&P Since Q4 25
+5.7%
BEATING MARKET
QBTS +13.9% vs S&P +8.2%
Full Year 2025 Results
FY 25 EPS
$-1.11
MISS 411.76%
Est. $-0.22
FY 25 Revenue
$24.6M
MISS 4.10%
Est. $25.6M
Market Reaction
Did QBTS Beat Earnings? Q4 2025 Results
D-Wave Quantum delivered a decidedly mixed fourth quarter, missing on both the top and bottom lines even as the company's broader 2025 story remained compelling. Q4 revenue came in at $2.75 million, up 19.2% year-over-year but falling 27.63% short of… Read more D-Wave Quantum delivered a decidedly mixed fourth quarter, missing on both the top and bottom lines even as the company's broader 2025 story remained compelling. Q4 revenue came in at $2.75 million, up 19.2% year-over-year but falling 27.63% short of the $3.80 million consensus, while the loss per share of $-0.12 came in nearly double the $-0.06 analysts had expected, a 93.86% miss, as the softest quarter of the year followed a first half buoyed by a large quantum system sale. Still, investors appeared willing to look past the Q4 softness given what surrounded it: full-year 2025 revenue surged 179% to $24.59 million, Q4 bookings spiked 471% sequentially to $13.40 million anchored by a €10 million Advantage2 contract in Italy, and the company closed the year with a record $884.50 million in cash. Despite recent sector weakness, D-Wave's stock rose on the print, with management pointing to $32.80 million in Q1 2026 year-to-date bookings and a dual-platform roadmap targeting gate-model general availability in 2026 as the real narrative heading forward.
Key Takeaways
- • 179% year-over-year revenue growth driven by higher-margin quantum computer system sale
- • GAAP gross margin expansion to 82.6% from 63.0% year-over-year
- • Q4 bookings of $13.4 million, up 471% sequentially
- • Record liquidity position of $884.5 million
- • Over 135 customers including 70+ commercial enterprises and two dozen Forbes Global 2000 companies
QBTS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“Our 2025 results mark one of the most successful and transformative years in D-Wave's history, with meaningful growth across every key business metric — revenue, Bookings, technical milestones, and scientific breakthroughs.”
— Alan Baratz, Q4 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% |