D-Wave Reports Fourth Quarter and Year-End 2025 Results
PALO ALTO, Calif.--( BUSINESS WIRE)-- D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave” or the “Company”), the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services, today announced financial results for its fiscal fourth quarter and year ended December 31, 2025.
“Our 2025 results mark one of the most successful and transformative years in D-Wave’s history, with meaningful growth across every key business metric — revenue, Bookings, technical milestones, and scientific breakthroughs,” said Dr. Alan Baratz, CEO of D-Wave. “We are entering 2026 with exceptional momentum: generating over $30 million in Bookings in January alone, expanding our market leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement that underscores growing customer confidence in our technology’s power to transform enterprise operations. 2026 is shaping up to be a defining year for D-Wave.”
Business and Technical Highlights
These enhancements increase the capabilities of D-Wave's Advantage2™ quantum computer, the same system, and the only system in the world, that has demonstrated quantum supremacy on a useful, real-world problem. That result, achieved natively on the Advantage2 quantum processing unit, has not been successfully challenged nearly two years after the paper's initial publication in March 2024.
Financial Results for the Fiscal Year 2025
__________________
1
“Bookings” is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. Year-to-date FY 2026 Bookings includes $2.3 million in Quantum Circuits bookings that were closed immediately prior to the completion of the acquisition of Quantum Circuits in January 2026. We present the operating metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods.
2
"Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted Operating Expenses", "Adjusted Net Loss", "Adjusted Net Loss per Share" and "Adjusted EBITDA Loss" are non-GAAP financial measures. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
Fourth Quarter Fiscal 2025 Financial Highlights
Balance Sheet and Liquidity
As of December 31, 2025, D-Wave’s consolidated cash and marketable investment securities balance totaled a record $884.5 million, representing a 397% increase from the fiscal 2024 fourth quarter consolidated cash balance of $178.0 million, and a 6% increase from the immediately prior fiscal 2025 third quarter consolidated cash balance of $836.2 million.
During the fourth quarter of fiscal 2025, the Company raised $63.7 million in cash proceeds from the exercise of warrants.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Thursday, February 26, 2026, at 8:00 a.m. (Eastern Time), to discuss the Company’s financial results and business outlook. The live dial-in number is 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Participants can use those dial-in numbers or can click this link for instant telephone access to the event. The link will be made active 15 minutes prior to the call’s scheduled start time, and the passcode is 3836181. An on-demand webcast will be available and a transcript of the conference call will be posted on the D-Wave Investor Relations website after the call. Participating in the call will be Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers, and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap™ quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more about realizing the value of quantum computing today and how D-Wave is shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “believe,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc.
Consolidated Balance Sheets
(Unaudited)
December 31,
December 31,
(In thousands, except share and per share data)
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
635,347
$
177,980
Marketable investment securities
249,134
—
Trade accounts receivable, net of allowance for credit losses of $1 and $176
1,587
1,420
Inventories
2,776
1,686
Prepaid expenses and other current assets
7,388
3,954
Total current assets
896,232
185,040
Property and equipment, net
7,841
4,133
Operating lease right-of-use assets
6,518
7,261
Intangible assets, net
915
490
Other non-current assets, net
4,307
2,929
Total assets
$
915,813
$
199,853
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable
$
950
$
815
Accrued expenses and other current liabilities
15,838
8,784
Current portion of operating lease liabilities
1,448
1,512
Loans payable, net, current
134
348
Deferred revenue, current
2,778
18,686
Total current liabilities
21,148
30,145
Warrant liabilities
—
69,875
Operating lease liabilities, net of current portion
6,050
6,389
Loans payable, net, non-current
35,825
30,128
Deferred revenue, non-current
560
670
Total liabilities
$
63,583
$
137,207
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both December 31, 2025 and December 31, 2024; 358,741,605 shares and 266,595,867 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.
35
27
Additional paid-in capital
1,843,218
700,069
Accumulated deficit
(982,002
)
(626,940
)
Accumulated other comprehensive loss
(9,021
)
(10,510
)
Total stockholders' equity
852,230
62,646
Total liabilities and stockholders’ equity
$
915,813
$
199,853
D-Wave Quantum Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(In thousands, except share and per share data)
2025
2024
2025
2024
Revenue
$
2,752
$
2,309
$
24,587
$
8,827
Cost of revenue
968
836
4,281
3,264
Total gross profit
1,784
1,473
20,306
5,563
Operating expenses:
Research and development
13,677
9,752
50,734
35,300
General and administrative
14,695
8,126
41,186
32,422
Sales and marketing
8,251
3,827
28,754
15,064
Total operating expenses
36,623
21,705
120,674
82,786
Loss from operations
(34,839
)
(20,232
)
(100,368
)
(77,223
)
Other income (expense), net:
Interest income
8,124
584
24,115
1,738
Interest expense
(3,380
)
(417
)
(4,013
)
(3,897
)
Change in fair value of Term Loan
—
(10
)
—
(645
)
Gain (loss) on investment in marketable securities, net
(1,009
)
—
(159
)
1,495
Change in fair value of warrant liabilities
(10,576
)
(68,264
)
(270,540
)
(68,245
)
Other income (expense), net
(646
)
2,262
(4,097
)
2,898
Total other income (expense), net
(7,487
)
(65,845
)
(254,694
)
(66,656
)
Net loss
$
(42,326
)
$
(86,077
)
$
(355,062
)
$
(143,879
)
Net loss per share, basic and diluted
$
(0.12
)
$
(0.37
)
$
(1.11
)
$
(0.75
)
Weighted-average shares used in computing net loss per share, basic and diluted
352,932,400
232,997,043
321,202,025
192,129,049
Comprehensive loss:
Net loss
$
(42,326
)
$
(86,077
)
$
(355,062
)
$
(143,879
)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment
(49
)
89
1,335
7
Unrealized gains on available-for-sale securities
154
—
154
—
Total other comprehensive income (loss), net of tax
105
89
1,489
7
Net comprehensive loss
$
(42,221
)
$
(85,988
)
$
(353,573
)
$
(143,872
)
D-Wave Quantum Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Year Ended December 31,
(in thousands)
2025
2024
Cash flows from operating activities:
Net loss
$
(355,062
)
$
(143,879
)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization
1,563
1,109
Stock-based compensation
22,657
15,661
Amortization of operating right-of-use assets
743
823
Provision for excess and obsolete inventory
9
134
Non-cash interest income
(3,947
)
—
Non-cash interest expense
3,921
(1,441
)
Change in fair value of warrant liabilities
270,540
68,245
Change in fair value of Term Loan
—
645
Loss (gain) on marketable equity securities
159
(1,495
)
Unrealized foreign exchange loss (gain)
1,836
(3,307
)
Other noncash items
267
—
Change in operating assets and liabilities:
Trade accounts receivable
(204
)
137
Inventories
(2,398
)
(215
)
Prepaid expenses and other current assets
(585
)
(1,580
)
Trade accounts payable
268
(570
)
Accrued expenses and other current liabilities
6,940
5,520
Deferred revenue
(16,018
)
16,608
Operating lease liability
(745
)
293
Other non-current assets, net
(1,926
)
669
Net cash used in operating activities
(71,982
)
(42,643
)
Cash flows from investing activities:
Purchase of property and equipment
(3,862
)
(2,106
)
Purchases of marketable debt securities
(247,787
)
—
Purchase of convertible note
—
(1,000
)
Proceeds from recovery of previously written-off convertible note
959
—
Sales of marketable securities
—
254
Expenditures for internal-use software
(445
)
(289
)
Net cash used in investing activities
(251,135
)
(3,141
)
Cash flows from financing activities:
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement
37,787
44,285
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs
536,741
169,906
Proceeds from issuance of common stock upon exercise of warrants
202,923
—
Proceeds from the issuance of common stock upon exercise of stock options
11,432
1,347
Proceeds from common stock issued under the Employee Stock Purchase Plan
769
424
Payment of tax withheld pursuant to stock-based compensation settlements
(10,259
)
(3,142
)
Debt payment for Term Loan
—
(30,000
)
Repayments on TPC loan
(365
)
(370
)
Proceeds from equipment financing
412
—
Payments for debt issuance costs
(248
)
—
Repayment of the equipment financing
(43
)
—
Net cash provided by financing activities
779,149
182,450
Effect of exchange rate changes on cash and cash equivalents
1,335
7
Net increase in cash and cash equivalents
457,367
136,673
Cash and cash equivalents at beginning of period
177,980
41,307
Cash and cash equivalents at end of period
$
635,347
$
177,980
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in thousands of U.S. dollars)
2025
2024
2025
2024
Gross Profit
$
1,784
$
1,473
$
20,306
$
5,563
Gross Margin
64.8
%
63.8
%
82.6
%
63.0
%
Excluding:
Depreciation and Amortization (1)
14
54
71
218
Stock-based compensation (2)
179
159
772
647
Non-GAAP Gross Profit
$
1,977
$
1,686
$
21,149
$
6,428
Non-GAAP Gross Margin
71.8
%
73.0
%
86.0
%
72.8
%
Depreciation and Amortization reflects the Depreciation and Amortization recorded in Cost of Revenue only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Operating Expenses.
Stock-based compensation reflects the stock-based compensation recorded in Cost of Revenue only, which differs from the total stock-based compensation set forth in the Condensed Consolidated Statement of Cash Flows that also includes stock-based compensation recorded in Operating Expenses.
D-Wave Quantum Inc.
Reconciliation of Operating Expenses to Non-GAAP Adjusted Operating Expenses
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in thousands of U.S. dollars)
2025
2024
2025
2024
Operating expenses
$
36,623
$
21,705
$
120,674
$
82,786
Excluding:
Depreciation and Amortization (1)
(466
)
(261
)
(1,492
)
(891
)
Stock-based compensation (2)
(5,360
)
(3,771
)
(21,885
)
(15,014
)
Other non-operating or non-recurring expenses (3)
(3,775
)
(651
)
(4,376
)
(4,437
)
Non-GAAP Adjusted Operating Expenses
$
27,022
$
17,022
$
92,921
$
62,444
(1)
Depreciation and Amortization reflects the Depreciation and Amortization recorded in the Operating Expenses only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Cost of Revenue.
(2)
Stock-based compensation reflects the stock-based compensation recorded in Operating Expenses only, which differs from the total stock-based compensation set forth in the Condensed Consolidated Statement of Cash Flows that also includes stock-based compensation recorded in Cost of Revenue.
(3)
Includes legal, consulting, and accounting fees arising from capital markets activities that are unrelated to the Company's core business operations, as well as non-recurring professional fees and credit loss expenses and recoveries.
Three Months Ended December 31,
Year Ended December 31,
(in thousands of U.S. dollars)
2025
2024
2025
2024
Net loss
$
(42,326
)
$
(86,077
)
$
(355,062
)
$
(143,879
)
Net loss per share (basic and diluted)
$
(0.12
)
$
(0.37
)
$
(1.11
)
$
(0.75
)
Excluding:
Change in fair value of warrant liabilities
10,576
68,264
270,540
68,245
Adjusted net loss
$
(31,750
)
$
(17,813
)
$
(84,522
)
$
(75,634
)
Adjusted net loss per share (basic and diluted)
$
(0.09
)
$
(0.08
)
$
(0.26
)
$
(0.39
)
D-Wave Quantum Inc.
Reconciliation of Net Loss to Adjusted EBITDA Loss
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
(in thousands of U.S. dollars)
2025
2024
2025
2024
Net loss
$
(42,326
)
$
(86,077
)
$
(355,062
)
$
(143,879
)
Excluding:
Depreciation and Amortization
480
315
1,563
1,109
Stock-based compensation
5,539
3,930
22,657
15,661
Interest income
(8,124
)
(584
)
(24,115
)
(1,738
)
Interest expense (1)
3,380
417
4,013
3,897
Change in fair value of warrant liabilities
10,576
68,264
270,540
68,245
Change in fair value of Term Loan
—
10
—
645
Loss (gain) on marketable equity securities
1,009
—
159
(1,495
)
Other (income) expense, net (2)
646
(2,262
)
4,097
(2,898
)
Other non-operating or non-recurring items (3)
3,775
651
4,376
4,437
Adjusted EBITDA Loss
$
(25,045
)
$
(15,336
)
$
(71,772
)
$
(56,016
)
(1)
Interest expense primarily reflects the paid-in-kind interest associated with the term loan agreement with PSPIB Unitas Investments II Inc. entered into on April 13, 2023 and fully repaid on October 22, 2024, and interest and adjustments to accrued interest on the SIF Loan.
(2)
Other income (expense), net consists primarily of foreign exchange gains and losses.
(3)
Includes legal, consulting, and accounting fees arising from capital markets activities that are unrelated to the Company's core business operations, as well as non-recurring professional fees and credit loss expenses and recoveries.