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Jun 30
D-Wave Q2 2025 Earnings Report
D-Wave reported Q2 2025 results with higher revenue and record cash, but a significantly increased net loss.
Key Takeaways
D-Wave posted strong year-over-year revenue growth in Q2 2025 and ended the quarter with a record $819 million in cash, driven by successful financing activities. However, the company reported a steep net loss due to non-cash warrant remeasurement charges.
Revenue rose to $3.1 million, up from $2.2 million a year ago
Net loss widened significantly to $167.3 million due to non-operating charges
Adjusted EPS improved to -$0.08 versus -$0.12 last year
Ended the quarter with over $819 million in cash after raising $400 million
D-Wave
D-Wave
Forward Guidance
D-Wave did not issue specific numerical forward guidance but emphasized continued investment in quantum technologies and expansion into international markets.
Positive Outlook
- Launched sixth-generation Advantage2 quantum computer
- Established strategic partnerships in South Korea
- Signed deals with major institutions including Oxford and GE Vernova
- Strong developer engagement with new quantum AI toolkit
- Raised $400M through equity offerings boosting liquidity
Challenges Ahead
- Significant non-cash charges from warrant remeasurements
- High operating expenses due to increased R&D and personnel costs
- Adjusted EBITDA loss widened year-over-year
- Bookings growth did not match revenue growth
- Gross margin slightly decreased on a non-GAAP basis