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Mar 31, 2025
D-Wave Q1 2025 Earnings Report
D-Wave reported record revenue and significantly reduced its net loss compared to the same quarter last year.
Key Takeaways
D-Wave delivered a strong Q1 2025 with $15M in revenue driven by a major system sale, while continuing to make notable technical and commercial advancements.
Forward Guidance
Management believes current liquidity will sustain the company to profitability amid increasing commercialization momentum.
Positive Outlook
- Record revenue driven by quantum system sale
- Demonstrated quantum supremacy on a real-world problem
- Deployed Ford Otosan scheduling system into production
- Completed Advantage2 system installation for national defense use
- Raised $146.2M through ATM program, boosting cash reserves
Challenges Ahead
- Bookings declined 64% YoY
- Operating expenses increased due to growth investments
- Net loss remained, despite narrowing significantly
- Decline in deferred revenue from $18.7M to $5.5M
- Free cash flow not explicitly reported, high cash burn implied
Historical Earnings Impact
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Avg. Return Before/After Earnings
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