The combination of strong revenue growth, significant liquidity position, and major post-quarter deals suggests accelerating commercial adoption of quantum computing. The Quantum Circuits acquisition enhances D-Wave's technological capabilities in the competitive quantum computing space.
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Executive Summary
D-Wave Quantum reported a transformative year with FY2025 revenue up 179% YoY to $24.6M and gross profit up 265% to $20.3M. The company ended 2025 with $884.5M in liquidity and announced major post-quarter deals including a $20M system sale to Florida Atlantic University and a $10M enterprise QCaaS agreement with a Fortune 100 company. The acquisition of Quantum Circuits strengthens its gate-model quantum computing capabilities.
Key Financial Metrics
Key Facts
- FY2025 revenue: $24.6M (179% YoY growth from $8.8M)
- FY2025 gross profit: $20.3M (265% YoY growth)
- Liquidity: $884.5M as of Dec 31, 2025 (397% increase YoY)
- Post-quarter announced: $20M system purchase by Florida Atlantic University
- Post-quarter announced: $10M, two-year QCaaS agreement with Fortune 100 company
- Completed acquisition of Quantum Circuits, Inc. for gate-model quantum technology
Financial Impact
Revenue grew from $8.8M to $24.6M, gross profit from $5.6M to $20.3M, with liquidity increasing from $178M to $884.5M
Risk Factors
- Net loss increased to $355.1M due to warrant remeasurement charges
- Adjusted EBITDA loss increased to $71.8M due to higher operating expenses
- Bookings decreased 22% YoY to $18.7M despite revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001907982-26-000022 |
| Document: qbts-20260226.htm | 0001907982-26-000022 |
| Document: a2026_022626d-wavexinves.htm | 0001907982-26-000022 |
| Document: 0001907982-26-000022-index-headers.html | 0001907982-26-000022 |
| Document: 0001907982-26-000022-index.html | 0001907982-26-000022 |
| Document: 0001907982-26-000022.txt | 0001907982-26-000022 |
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