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.
Revenue
$15.0M
Gross Profit
$13.9M
Operating Profit
$-11.3M
Net Profit
$-5.4M
Gross Margin
92.5%
Operating Margin
-75.3%
Net Margin
-36.1%
YoY Growth
508.6%
EPS
$-0.02
Financial Flow
D-Wave Quantum Inc. Q1 2025 Financial Summary
D-Wave Quantum Inc. reported revenue of $15.0M (up 508.6% YoY) for Q1 2025, with a net profit of $-5.4M (up 68.7% YoY) (-36.1% margin). Cost of goods sold was $1.1M, operating expenses totaled $25.2M.
Key Financial Metrics
| Total Revenue | $15.0M |
|---|---|
| Net Profit | $-5.4M |
| Gross Margin | 92.5% |
| Operating Margin | -75.3% |
| Report Period | Q1 2025 |
Revenue Breakdown
D-Wave Quantum Inc. Q1 2025 revenue of $15.0M breaks down across 2 segments, led by Transferred At Point In Time at $12.7M (84.4% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Transferred At Point In Time | $12.7M | 84.4% |
| Transferred Over Time | $2.3M | 15.6% |
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 At Point In Time and Transferred Over Time) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Transferred At Point In Time | — | — | — | $12.7M |
| Transferred Over Time | $2.4M | $3.7M | $3.1M | $2.3M |
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).
| Year | Annual Revenue |
|---|---|
| 2025 | $24.6M |
| 2024 | $8.8M |
| 2023 | $8.8M |
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 2025 | $2.8M | +19.2% | $-42.3M | -1538.0% |
| Q3 2025 | $3.7M | +99.9% | $-140.0M | -3743.9% |
| Q2 2025 | $3.1M | +41.8% | $-167.3M | -5406.4% |
| Q1 2025 | $15.0M | +508.6% | $-5.4M | -36.1% |
| Q4 2024 | $2.3M | -20.5% | $-86.1M | -3727.9% |
| Q3 2024 | $1.9M | -27.0% | $-22.7M | -1214.5% |
| Q2 2024 | $2.2M | +27.9% | $-17.8M | -814.4% |
| Q1 2024 | $2.5M | +55.7% | $-17.3M | -702.3% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5M | $2.2M | $1.9M | $2.3M | $15.0M | $3.1M | $3.7M | $2.8M |
| YoY Growth | 55.7% | 27.9% | -27.0% | -20.5% | 508.6% | 41.8% | 99.9% | 19.2% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $48.6M | $61.8M | $49.6M | $199.9M | $325.6M | $843.6M | $865.8M | $915.8M |
| Liabilities | $85.6M | $83.3M | $66.5M | $137.2M | $118.2M | $149.3M | $195.3M | $63.6M |
| Equity | $-37.0M | $-21.5M | $-16.9M | $62.6M | $207.4M | $694.3M | $670.6M | $852.2M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-12.1M | $-14.5M | $-18.1M | $2.0M | $-19.3M | $-15.3M | $-19.0M | $-18.4M |