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Sep 30, 2025
D-Wave Q3 2025 Earnings Report
D-Wave reported strong year-over-year revenue growth and a record cash balance, despite a widened net loss driven by non-cash warrant-related charges.
Key Takeaways
D-Wave doubled its revenue from the prior year’s quarter, improved gross profit significantly, and closed the quarter with the highest cash balance in its history, though its net loss widened due to non-operating expenses.
Revenue rose to $3,739,000, up 100% year-over-year.
Net loss widened to $139,986,000 due to warrant liability charges.
Adjusted EPS improved to -$0.05, compared to -$0.12 in Q3 2024.
Cash and cash equivalents reached a record $836,231,000.
Forward Guidance
No specific forward guidance was provided, but the company signaled strong momentum via recent wins and partnerships.
Positive Outlook
- Closed €10M Q4 booking for Advantage2 system capacity in Italy.
- Expanded global customer base including major airlines and pharma.
- Achieved milestone of $836M cash on hand.
- Showcased Advantage2 system in Italy and the U.S. government sector.
- Recognized by Fast Company as a top emerging tech innovator.
Challenges Ahead
- Significant net loss driven by warrant liability remeasurement.
- Adjusted EBITDA loss widened year-over-year.
- Operating expenses increased due to higher personnel and fabrication costs.
- Deferred revenue decreased significantly from Q2.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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