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D-Wave
🇺🇸 NYSE:QBTS
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•
Mar 31

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.

Total Revenue
$15M
Previous year: $2.47M
+508.6%
EPS
-$0.02
Previous year: -$0.11
-81.8%
Total Bookings
$1.6M
Previous year: $4.5M
-64.4%
GAAP Gross Margin
92.5%
Non-GAAP Gross Margin
93.6%
Gross Profit
$13.9M
Previous year: $1.7M
+716.3%
Cash and Equivalents
$304M
Previous year: $27.3M
+1014.6%
Total Assets
$326M
Previous year: $48.6M
+569.9%

D-Wave

D-Wave

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

Company Overview

Full financial data and analysis

View D-Wave