D-Wave Quantum Reports 179% Revenue Growth

By Chris Stiles • Thursday, February 26 12:55 • Permanent Link

D-Wave Quantum Inc. has reported its fiscal fourth quarter and year-end 2025 results. The company's revenue for the fiscal year ended December 31, 2025, increased by a staggering 179% year-over-year, reaching $24.6 million, up from $8.8 million in fiscal year 2024. Additionally, the gross profit for the same period rose by 265% year-over-year, reaching $20.3 million, up from $5.6 million in the previous year.

Furthermore, D-Wave Quantum Inc. ended 2025 with its highest liquidity position in the company’s history, boasting over $884 million. The company's bookings for the fourth quarter of fiscal 2025 increased by 471% from the immediately preceding third quarter, reaching $13.4 million, up from $2.4 million.

D-Wave Quantum Inc. also closed a $20 million system purchase by Florida Atlantic University, with deployment expected by the end of 2026, and secured a $10 million, two-year enterprise license quantum computing as a service (QCAAS) agreement with a Fortune 100 company. As of February 25, 2026, first quarter year-to-date 2026 bookings exceed $32.8 million.

The company demonstrated significant growth in its customer base, recognizing revenue from over 135 individual customers encompassing over 70 commercial enterprises, including over two dozen Forbes Global 2000 companies during fiscal year 2025.

From a financial perspective, D-Wave Quantum Inc.'s GAAP gross margin increased by 19.6%, reaching 82.6% for the year ended December 31, 2025, up from 63.0% for the year ended December 31, 2024. Non-GAAP gross margin also saw a substantial increase of 13.2%, reaching 86.0% for the year ended December 31, 2025, up from 72.8% for the year ended December 31, 2024.

However, the company's net loss for the year ended December 31, 2025, increased to $355.1 million, or $1.11 per share, up from a net loss of $143.9 million, or $0.75 per share for the year ended December 31, 2024. The adjusted net loss for the same period was $84.5 million, or $0.26 per share, up from $75.6 million, or $0.39 per share for the year ended December 31, 2024.

In the fourth quarter of fiscal 2025, D-Wave Quantum Inc.'s revenue increased by 19%, reaching $2.8 million, up from $2.3 million in the fiscal 2024 fourth quarter. The company's bookings for the same period decreased by 27%, reaching $13.4 million, down from $18.3 million in the fiscal 2024 fourth quarter. The GAAP gross margin for the fourth quarter of fiscal 2025 increased by 1.0%, reaching 64.8%, up from 63.8% in the fiscal 2024 fourth quarter. Non-GAAP gross margin for the same period decreased by 1.2%, reaching 71.8%, down from 73.0% in the fiscal 2024 fourth quarter.

Today the company's shares have moved 0.38% to a price of $28.83. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.