D-Wave Quantum (QBTS) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 marked a pivotal year with quantum computing moving from research to real-world impact, highlighted by record commercial traction, technical milestones, and the demonstration of quantum supremacy on a real-world problem.

• Achieved first commercial annealing quantum computer sale to Jülich Supercomputing Centre, major system sales to Florida Atlantic University ($20M) and Q-Alliance in Italy (€10M), and expanded customer base to over 135, including more than two dozen Forbes Global 2000 companies.

• Launched Advantage2 system, completed the acquisition of Quantum Circuits, Inc., and established dual-platform leadership in both annealing and gate-model quantum computing.

• Entered 2026 with bookings in January alone exceeding all of fiscal 2025, including a $20M system sale and a $10M enterprise QCaaS deal with a Fortune 100 company.

• Ended 2025 with record liquidity of $884.5M, up 397% year-over-year.

Financial highlights

• Fiscal 2025 revenue reached $24.6M, up 179% year-over-year, with $16.2M from system sales, $5.5M from QCaaS, and $2.7M from professional services.

• GAAP gross profit was $20.3M (up 265%), and non-GAAP gross profit was $21.1M (up 229%).

• GAAP gross margin rose to 82.6% (from 63%), and non-GAAP gross margin to 86% (from 72.8%).

• Net loss was $355M, primarily due to $250.5M–$270.5M in non-cash warrant-related charges; adjusted net loss was $84.5M.

• Cash and marketable securities at year-end totaled $884.5M.

Outlook and guidance

• 2026 bookings already surpass any prior full-year total, with a 1,500% year-over-year increase in sales pipeline and over $30M in bookings in January.

• Revenue growth expected to accelerate in the second half of 2026.

• Quarterly OpEx projected to increase by 15% sequentially throughout 2026, reflecting aggressive R&D and expansion.

• No formal financial guidance provided, but significant investments planned in R&D, headcount, and government business unit.

• Roadmap includes general availability of 17, 49, and 181 qubit dual-rail systems by 2028, with error correction milestones.