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 Q3 2025 Key Financial Metrics
Revenue
$3.7M
Gross Profit
$2.7M
Operating Profit
$-27.7M
Net Profit
$-140.0M
Gross Margin
71.4%
Operating Margin
-741.8%
Net Margin
-3743.9%
YoY Growth
99.9%
EPS
$-0.41
Financial Flow
D-Wave Quantum Inc. Q3 2025 Financial Summary
D-Wave Quantum Inc. reported revenue of $3.7M for Q3 2025, with a net profit of $-140.0M (-3743.9% margin). Cost of goods sold was $1.1M, operating expenses totaled $30.4M.
Key Financial Metrics
| Total Revenue | $3.7M |
|---|---|
| Net Profit | $-140.0M |
| Gross Margin | 71.4% |
| Operating Margin | -741.8% |
| Report Period | Q3 2025 |
D-Wave Quantum Inc. Annual Revenue by Year
D-Wave Quantum Inc. annual revenue history includes year-by-year totals (for example, 2024 revenue was $8.8M).
| Year | Annual Revenue |
|---|---|
| 2024 | $8.8M |
| 2023 | $8.8M |
| 2022 | $7.2M |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9M | $2.5M | $2.2M | $1.9M | $2.3M | $15.0M | $3.1M | $3.7M |
| YoY Growth | 21.4% | 55.7% | 27.9% | -27.0% | -20.5% | 508.6% | 41.8% | 99.9% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $59.4M | $48.6M | $61.8M | $49.6M | $199.9M | $325.6M | $843.6M | $865.8M |
| Liabilities | $83.8M | $85.6M | $83.3M | $66.5M | $137.2M | $118.2M | $149.3M | $195.3M |
| Equity | $-24.5M | $-37.0M | $-21.5M | $-16.9M | $62.6M | $207.4M | $694.3M | $670.6M |
Cash Flow
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-14.7M | $-12.1M | $-14.5M | $-18.1M | $2.0M | $-19.3M | $-15.3M | $-19.0M |
