D-Wave Quantum Inc.QBTSEarnings & Financial Report
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
QBTS Q4 FY2025 Key Financial Metrics
Revenue
$2.8M
Gross Profit
$1.8M
Operating Profit
$-34.8M
Net Profit
$-42.3M
Gross Margin
64.8%
Operating Margin
-1266.0%
Net Margin
-1538.0%
YoY Growth
19.2%
EPS
$-0.13
D-Wave Quantum Inc. Q4 FY2025 Financial Summary
D-Wave Quantum Inc. reported revenue of $2.8M (up 19.2% YoY) for Q4 FY2025, with a net profit of $-42.3M (up 50.8% YoY) (-1538.0% margin). Cost of goods sold was $968.0K, operating expenses totaled $36.6M.
Key Financial Metrics
| Total Revenue | $2.8M |
|---|---|
| Net Profit | $-42.3M |
| Gross Margin | 64.8% |
| Operating Margin | -1266.0% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
D-Wave Quantum Inc. Q4 FY2025 revenue of $2.8M breaks down across 2 segments, led by Transferred Over Time at $2.4M (88.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Transferred Over Time | $2.4M | 88.9% |
| Other | $306.0K | 11.1% |
D-Wave Quantum Inc. Revenue by Segment — Quarterly Trend
D-Wave Quantum Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Transferred Over Time and Other) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Transferred Over Time | $2.4M | $3.7M | $3.1M | $2.3M |
| Other | $306.0K | — | — | — |
D-Wave Quantum Inc. Annual Revenue by Year
D-Wave Quantum Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $24.6M).
D-Wave Quantum Inc. Quarterly Revenue & Net Profit History
D-Wave Quantum Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $2.8M | +19.2% | $-42.3M | -1538.0% |
| Q3 FY2025 | $3.7M | +99.9% | $-140.0M | -3743.9% |
| Q2 FY2025 | $3.1M | +41.8% | $-167.3M | -5406.4% |
| Q1 FY2025 | $15.0M | +508.6% | $-5.4M | -36.1% |
| Q4 FY2024 | $2.3M | -20.5% | $-86.1M | -3727.9% |
| Q2 FY2024 | $2.2M | +27.9% | $-17.8M | -814.4% |
| Q1 FY2024 | $2.5M | +55.7% | $-17.3M | -702.3% |
| Q4 FY2023 | $2.9M | — | $-16.0M | -551.1% |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9M | $2.5M | $2.2M | $2.3M | $15.0M | $3.1M | $3.7M | $2.8M |
| YoY Growth | N/A | 55.7% | 27.9% | -20.5% | 508.6% | 41.8% | 99.9% | 19.2% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $59.4M | $48.6M | $61.8M | $199.9M | $325.6M | $843.6M | $865.8M | $915.8M |
| Liabilities | $83.8M | $85.6M | $83.3M | $137.2M | $118.2M | $149.3M | $195.3M | $63.6M |
| Equity | $-24.5M | $-37.0M | $-21.5M | $62.6M | $207.4M | $694.3M | $670.6M | $852.2M |
Cash Flow
| Q4 2023 | Q1 2024 | Q2 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-14.7M | $-12.1M | $-14.5M | $2.0M | $-19.3M | $-15.3M | $-19.0M | $-18.4M |