FY 2025 Revenue Increased 179% Year over Year
FY 2025 Gross Profit Increased 265% Year over Year
Ended 2025 With Highest Liquidity Position in Company's History at over $884 Million
PALO ALTO, Calif.--(BUSINESS WIRE)--February 26, 2026--
D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company"), the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services, today announced financial results for its fiscal fourth quarter and year ended December 31, 2025.
"Our 2025 results mark one of the most successful and transformative years in D-Wave's history, with meaningful growth across every key business metric -- revenue, Bookings, technical milestones, and scientific breakthroughs," said Dr. Alan Baratz, CEO of D-Wave. "We are entering 2026 with exceptional momentum: generating over $30 million in Bookings in January alone, expanding our market leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement that underscores growing customer confidence in our technology's power to transform enterprise operations. 2026 is shaping up to be a defining year for D-Wave."
Business and Technical Highlights
-- Announced revenue of $24.6 million for the fiscal year ended December
31, 2025, representing an increase of $15.8 million, or 179%, from
revenue of $8.8 million reported for fiscal year 2024.
-- Closed Bookings of $13.4 million for the fourth quarter of fiscal 2025,
up 471% from the immediately preceding third quarter Bookings of $2.4
million. This included a Booking of EUR10 million for 50% capacity of a
D-Wave Advantage2$(TM)$ annealing quantum computer to support the
development of a state-of-the-art quantum computing and research facility
in Lombardy, Italy.
-- Subsequent to the close of the fourth quarter, announced a $20 million
system purchase by Florida Atlantic University, with deployment expected
by the end of 2026, and a $10 million, two-year enterprise license
Quantum Computing as a Service (QCaaS) agreement with a Fortune 100
company. As a result, as of February 25, 2026, first quarter year-to-date
2026 Bookings exceed $32.8 million.
-- Announced the completion of the acquisition of Quantum Circuits, a
leading developer of error-corrected superconducting gate-model quantum
computing systems. Quantum Circuits' dual-rail qubits with built-in
erasure detection identify 90% of errors that occur. With erasure
detection, this technology delivers gate fidelities that exceed 99.9%,
bringing trapped ion fidelities along with superconducting execution
speeds to today's gate-model algorithm developers. Our erasure detection,
and our observed erasure rate of 0.5%, allow us to deliver logical qubits
with an order of magnitude fewer physical qubits compared to
architectures without this capability.
-- Demonstrated the first scalable, on-chip cryogenic control of
gate-model qubits, which significantly reduces the amount of wiring
required to control larger numbers of qubits without degrading qubit
fidelity. This control technology uses multiplexed digital-to-analog
converters to control tens of thousands of qubits and couplers with just
200 control wires. With Quantum Circuits' high-fidelity, error-detecting
dual-rail qubits and D-Wave's robust cryogenic platforms, we believe
D-Wave is now uniquely positioned as the only company that has all three
core technologies required to deliver scaled, error-corrected
superconducting gate-model systems.
-- Announced a collaboration with Davidson Technologies and Anduril
Industries to develop quantum-classical hybrid applications for complex
U.S. air and missile defense planning challenges. An initial
proof-of-concept demonstrated that as problem complexity scaled, D-Wave's
Stride(TM) hybrid solver extended its performance lead over
classical-only approaches, delivering at least 10x faster
time-to-solution, a 9% to 12% improvement in threat mitigation, and the
ability to intercept an additional 45-60 missiles in a 500-missile attack
simulation.
-- Signed a number of new and renewing customer engagements for both
commercial and research applications, including: LG CNS -- a major South
Korean IT services and systems integration company; Sharp Corporation --
a multinational electronics company; and CINECA -- an interuniversity
consortium founded in 1969 bringing together 122 members, including two
Italian Ministries (the Ministry of University and Research, and the
Ministry of Education and Merit), 71 Italian universities, and 49
national public universities, that supports and drives digital
transformation and is one of the world's most advanced computing centers
for High Performance Computing (HPC).
-- Announced several advancements in annealing quantum computing
technologies that further D-Wave's unique dual-platform approach,
including:
-- New Stride(TM) hybrid solver capabilities that enable customers
to incorporate machine learning models directly into quantum
workflows;
-- Multicolor annealing, a set of processor controls that give
researchers new ways to shape and observe quantum behavior over
time, enabling exploration in quantum materials simulation,
molecular models for drug discovery, and advanced quantum-driven
applications; and
-- Fast-reverse anneal, which allows the annealing quantum computer
to move back and forth through the annealing process while
maintaining coherence, thus leading to faster time-to-solution.
These enhancements increase the capabilities of D-Wave's Advantage2(TM) quantum computer, the same system, and the only system in the world, that has demonstrated quantum supremacy on a useful, real-world problem. That result, achieved natively on the Advantage2 quantum processing unit, has not been successfully challenged nearly two years after the paper's initial publication in March 2024.
-- Announced the formation of a new business unit dedicated to driving the
adoption of D-Wave's quantum computing products and services within the
U.S. government. The unit is led by seasoned government and public sector
business executive Jack Sears Jr., who brings more than 25 years of
experience in developing and executing organizational growth strategies
for companies serving the federal government in the defense and aerospace
industries.
-- Hosted Qubits 2026 in Boca Raton, Florida on January 27-28, 2026. This
was the Company's largest Qubits event ever, with in-person attendees
increasing 63% year over year compared to Qubits 2025. Notable speakers
included Anduril, AT&T, Davidson Technologies, Lighthouse DIG, North
Wales Police, PolarisQB, Q-Alliance, Quantum Coast Capital, TECNALIA,
Unissant, Verge, and others.
-- Announced that Boca Raton, Florida has been selected as the location of
the Company's new corporate headquarters and a key U.S. research and
development facility. The transition of the headquarters from Palo Alto,
California is expected by the end of 2026.
Financial Results for the Fiscal Year 2025
-- Revenue: Revenue for the year ended December 31, 2025 was $24.6 million,
an increase of $15.8 million, or 179%, from revenue of $8.8 million for
the year ended December 31, 2024.
-- Bookings1: Bookings for the year ended December 31, 2025 were $18.7
million, a decrease of $5.2 million, or 22%, from Bookings of $23.9
million for the year ended December 31, 2024 that included an
eight-figure booking of the Company's first quantum computer system sale.
Subsequent to year-end 2025, the Company has closed over $32.8 million in
additional Bookings.
-- Customers: During FY 2025, D-Wave recognized revenue from over 135
individual customers encompassing over 70 commercial enterprises,
including over two dozen Forbes Global 2000 companies.
-- GAAP Gross Profit: GAAP gross profit for the year ended December 31,
2025 was $20.3 million, an increase of $14.7 million, or 265%, from $5.6
million in GAAP gross profit for the year ended December 31, 2024, with
the increase due primarily to a higher margin quantum computer system
sale during the year ended December 31, 2025.
-- GAAP Gross Margin: GAAP gross margin for the year ended December 31,
2025 was 82.6%, an increase of 19.6% from the 63.0% GAAP gross margin for
the year ended December 31, 2024, with the increase due primarily to a
higher margin quantum computer system sale during the year ended December
31, 2025.
-- Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the year ended
December 31, 2025 was $21.1 million, an increase of $14.7 million, or
229%, from the Non-GAAP Gross Profit of $6.4 million for the year ended
December 31, 2024. The difference between GAAP and Non-GAAP Gross Profit
is limited to non-cash stock-based compensation and depreciation and
amortization expenses that are excluded from the Non-GAAP Gross Profit.
-- Non-GAAP Gross Margin2: Non-GAAP Gross Margin for the year ended
December 31, 2025 was 86.0%, an increase of 13.2% from the 72.8% Non-GAAP
Gross Margin for the year ended December 31, 2024. The difference between
GAAP and Non-GAAP Gross Margin is limited to non-cash stock-based
compensation and depreciation and amortization expenses that are excluded
from the Non-GAAP Gross Margin.
-- GAAP Operating Expenses: GAAP operating expenses for the year ended
December 31, 2025 were $120.7 million, an increase of $37.9 million, or
46%, from GAAP operating expenses of $82.8 million for the year ended
December 31, 2024, with the year-over-year increase primarily driven by
increases of $17.0 million in salaries and related personnel costs, 74%
of which relates to increases in Sales & Marketing and Research &
Development personnel; $6.9 million in non-cash stock-based compensation,
$5.7 million in fabrication costs, $5.1 million in third party
professional services and $3.0 million in marketing expenses. The
increased operating expenses stem from investments to support the
Company's accelerated product development and go-to-market initiatives.
-- Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating
Expenses for the year ended December 31, 2025 were $92.9 million, an
increase of $30.5 million, or 49%, from Non-GAAP Adjusted Operating
Expenses of $62.4 million for the year ended December 31, 2024, with the
difference between GAAP and Non-GAAP Operating Expenses being primarily
non-cash stock-based compensation expense, depreciation and amortization
expense, and non-recurring one-time expenses that are excluded from the
Non-GAAP Adjusted Operating Expenses.
-- Net Loss: Net loss for the year ended December 31, 2025 was $355.1
million, or $1.11 per share, an increase of $211.2 million, or $0.36 per
share, compared with the net loss of $143.9 million, or $0.75 per share
for the year ended December 31, 2024. The increase was primarily due to
$270.5 million in non-cash, non-operating charges related to the
remeasurement of the Company's warrant liability, as well as realized
losses stemming from warrant exercises, both a direct function of the
magnitude of the increase in the price of the Company's warrants driven
by the appreciation in the price of the Company's common stock.
-- Adjusted Net Loss2: Adjusted Net Loss for the year ended December 31,
2025 was $84.5 million, or $0.26 per share, an increase of $8.9 million,
and decrease of $0.13 per share, when compared with the Adjusted Net Loss
of $75.6 million, or $0.39 per share for the year ended December 31,
2024, with the difference between net loss and Adjusted Net Loss being
non-cash, non-operating warrant remeasurement related charges that are
excluded from the Adjusted Net Loss. The decrease in Adjusted Net Loss
per Share was due to higher issued and outstanding shares of the
Company's common stock in 2025 when compared to 2024.
-- Adjusted EBITDA Loss2: Adjusted EBITDA Loss for the year ended December
31, 2025 was $71.8 million, an increase of $15.8 million, or 28%, from
the Adjusted EBITDA Loss of $56.0 million for the year ended December 31,
2024, with the increase due primarily to higher operating expenses,
partly offset by higher gross profit.
__________________
(1) "Bookings" is an operating metric that is defined as customer orders
received that are expected to generate net revenues in the future.
Year-to-date FY 2026 Bookings includes $2.3 million in Quantum Circuits
bookings that were closed immediately prior to the completion of the
acquisition of Quantum Circuits in January 2026. We present the
operating metric of Bookings because it reflects customers' demand for
our products and services and to assist readers in analyzing our
potential performance in future periods.
(2) "Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted
Operating Expenses", "Adjusted Net Loss", "Adjusted Net Loss per Share"
and "Adjusted EBITDA Loss" are non-GAAP financial measures. Please see
the discussion in the section "Non-GAAP Financial Measures" and the
reconciliations included at the end of this press release.
Fourth Quarter Fiscal 2025 Financial Highlights
-- Revenue: Revenue for the fourth quarter of fiscal 2025 was $2.8 million,
an increase of $0.5 million, or 19%, from the fiscal 2024 fourth quarter
revenue of $2.3 million.
-- Bookings1: Bookings for the fourth quarter of fiscal 2025 were $13.4
million, a decrease of $4.9 million, or 27%, from the fiscal 2024 fourth
quarter Bookings of $18.3 million that included an eight-figure booking
of the Company's first quantum computer system sale, and an increase of
$11.0 million, or 471%, from the immediately preceding fiscal 2025 third
quarter Bookings of $2.4 million.
-- GAAP Gross Profit: GAAP gross profit for the fourth quarter of fiscal
2025 was $1.8 million, an increase of $0.3 million, or 21%, from the
fiscal 2024 fourth quarter GAAP gross profit of $1.5 million, with the
increase due primarily to the growth in revenue.
-- GAAP Gross Margin: GAAP gross margin for the fourth quarter of fiscal
2025 was 64.8%, an increase of 1.0% from the fiscal 2024 fourth quarter
GAAP gross margin of 63.8%.
-- Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the fourth quarter of
fiscal 2025 was $2.0 million, an increase of $0.3 million, or 17%, from
the fiscal 2024 fourth quarter Non-GAAP Gross Profit of $1.7 million. The
difference between GAAP and Non-GAAP Gross Profit is limited to non-cash
stock-based compensation, and depreciation and amortization expenses that
are excluded from the Non-GAAP Gross Profit.
-- Non-GAAP Gross Margin2: Non-GAAP Gross Margin for the fourth quarter of
fiscal 2025 was 71.8%, a decrease of 1.2% from the fiscal 2024 fourth
quarter Non-GAAP Gross Margin of 73.0%. The difference between GAAP and
Non-GAAP Gross Margin is limited to non-cash stock-based compensation and
depreciation and amortization expenses that are excluded from the
Non-GAAP Gross Margin.
-- GAAP Operating Expenses: GAAP operating expenses for the fourth quarter
of fiscal 2025 were $36.6 million, an increase of $14.9 million, or 69%,
from the fiscal 2024 fourth quarter GAAP operating expenses of $21.7
million with the increase driven primarily by increases of $6.2 million
in personnel costs, $4.0 million in third party professional services,
$1.6 million in non-cash stock-based compensation and $1.1 million in
marketing expenses. The increased operating expenses stem from
investments to support the Company's accelerated product development and
go-to-market initiatives.
-- Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating
Expenses for the fourth quarter of fiscal 2025 were $27.0 million, an
increase of $10.0 million, or 59% from the fiscal 2024 fourth quarter
Non-GAAP Adjusted Operating Expenses of $17.0 million, with the
difference between GAAP and Non-GAAP Adjusted Operating Expenses being
primarily non-cash stock-based compensation expense, depreciation and
amortization, and non-recurring one-time expenses that are excluded from
the Non-GAAP Adjusted Operating Expenses.
-- Net Loss: Net loss for the fourth quarter of fiscal 2025 was $42.3
million, or $0.12 per share, a decrease of $43.8 million, or $0.25 per
share, from the fiscal 2024 fourth quarter net loss of $86.1 million, or
$0.37 per share. The decrease was primarily due to a $57.7 million
decrease in the amount of non-cash, non-operating charges related to the
remeasurement of the Company's warrant liability, that is a direct
function of the magnitude of the increase in the price of the Company's
warrants driven by the appreciation in the price of the Company's common
stock, partially offset by higher operating expenses.
-- Adjusted Net Loss2: Adjusted Net Loss for the fourth quarter of fiscal
2025 was $31.8 million, or $0.09 per share, an increase of $14.0 million,
or $0.01 per share, from the fiscal 2024 fourth quarter Adjusted Net Loss
of $17.8 million, or $0.08 per share, with the difference between Net
Loss and Adjusted Net Loss being non-cash, non-operating warrant
remeasurement related charges that are excluded from the Adjusted Net
Loss.
-- Adjusted EBITDA Loss2: Adjusted EBITDA Loss for the fourth quarter of
fiscal 2025 was $25.0 million, an increase of $9.7 million, or 63%, from
the fiscal 2024 fourth quarter Adjusted EBITDA Loss of $15.3 million with
the increase due primarily to higher operating expenses, partly offset by
higher gross profit.
Balance Sheet and Liquidity
As of December 31, 2025, D-Wave's consolidated cash and marketable investment securities balance totaled a record $884.5 million, representing a 397% increase from the fiscal 2024 fourth quarter consolidated cash balance of $178.0 million, and a 6% increase from the immediately prior fiscal 2025 third quarter consolidated cash balance of $836.2 million.
During the fourth quarter of fiscal 2025, the Company raised $63.7 million in cash proceeds from the exercise of warrants.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Thursday, February 26, 2026, at 8:00 a.m. (Eastern Time), to discuss the Company's financial results and business outlook. The live dial-in number is 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Participants can use those dial-in numbers or can click this link for instant telephone access to the event. The link will be made active 15 minutes prior to the call's scheduled start time, and the passcode is 3836181. An on-demand webcast will be available and a transcript of the conference call will be posted on the D-Wave Investor Relations website after the call. Participating in the call will be Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world's first commercial supplier of quantum computers, and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave's mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap(TM) quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more about realizing the value of quantum computing today and how D-Wave is shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
-- Non-GAAP Gross Profit is defined as GAAP gross profit less depreciation
and amortization expense and non-cash stock-based compensation expense.
We use Non-GAAP Gross Profit to measure, understand and evaluate our core
operating performance and trends and to develop short-term and long-term
operating plans.
-- Non-GAAP Gross Margin is defined as GAAP gross margin adjusted to
exclude depreciation and amortization expense and non-cash stock-based
compensation expense. We use Non-GAAP Gross Margin to measure, understand
and evaluate our core business performance.
-- Adjusted EBITDA Loss is defined as net loss before interest expense,
depreciation and amortization expense, stock-based compensation,
remeasurements of liability-classified warrants, and other non-operating
or non-recurring income and expenses. We use Adjusted EBITDA Loss to
measure the operating performance of our business, excluding specifically
identified items that we do not believe directly reflect our core
operations and may not be indicative of our recurring operations.
-- Adjusted Net Loss and Adjusted Net Loss per Share are defined as net
loss and net loss per share, respectively, excluding the impact of the
non-cash, non-operating charges associated with the remeasurement of the
Company's warrant liability.
-- Non-GAAP Adjusted Operating Expenses is defined as operating expenses
before depreciation and amortization expense, non-operating or
non-recurring expenses and non-cash stock-based compensation expense. We
use Non-GAAP Adjusted Operating Expenses to measure our operating
expenses, excluding items we do not believe directly reflect our core
operations.
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: "believe," "may," "will," "could," "would," "should," "expect," "intend, " "plan," "anticipate," "trend," "believe," "estimate," "predict," "project," "potential," "seem," "seek," "future," "outlook," "forecast," "projection," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc.
Consolidated Balance Sheets
(Unaudited)
December 31, December 31,
(In thousands, except share and per
share data) 2025 2024
--------- ---------
Assets
Current assets:
Cash and cash equivalents $ 635,347 $ 177,980
Marketable investment securities 249,134 --
Trade accounts receivable, net of
allowance for credit losses of $1 and
$176 1,587 1,420
Inventories 2,776 1,686
Prepaid expenses and other current
assets 7,388 3,954
--------- ---------
Total current assets 896,232 185,040
--------- ---------
Property and equipment, net 7,841 4,133
Operating lease right-of-use assets 6,518 7,261
Intangible assets, net 915 490
Other non-current assets, net 4,307 2,929
--------- ---------
Total assets $ 915,813 $ 199,853
========= =========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 950 $ 815
Accrued expenses and other current
liabilities 15,838 8,784
Current portion of operating lease
liabilities 1,448 1,512
Loans payable, net, current 134 348
Deferred revenue, current 2,778 18,686
--------- ---------
Total current liabilities 21,148 30,145
--------- ---------
Warrant liabilities -- 69,875
Operating lease liabilities, net of
current portion 6,050 6,389
Loans payable, net, non-current 35,825 30,128
Deferred revenue, non-current 560 670
--------- ---------
Total liabilities $ 63,583 $ 137,207
--------- ---------
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001 per
share; 675,000,000 shares authorized
at both December 31, 2025 and
December 31, 2024; 358,741,605 shares
and 266,595,867 shares issued and
outstanding as of December 31, 2025
and December 31, 2024, respectively. 35 27
Additional paid-in capital 1,843,218 700,069
Accumulated deficit (982,002) (626,940)
Accumulated other comprehensive loss (9,021) (10,510)
--------- ---------
Total stockholders' equity 852,230 62,646
--------- ---------
Total liabilities and
stockholders' equity $ 915,813 $ 199,853
========= =========
D-Wave Quantum Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended December
31, Year Ended December 31,
---------------------------- ------------------------------
(In thousands, except
share and per share
data) 2025 2024 2025 2024
----------- ----------- ----------- -----------
Revenue $ 2,752 $ 2,309 $ 24,587 $ 8,827
Cost of revenue 968 836 4,281 3,264
----------- ----------- ----------- -----------
Total gross profit 1,784 1,473 20,306 5,563
Operating expenses:
Research and
development 13,677 9,752 50,734 35,300
General and
administrative 14,695 8,126 41,186 32,422
Sales and marketing 8,251 3,827 28,754 15,064
----------- ----------- ----------- -----------
Total operating
expenses 36,623 21,705 120,674 82,786
----------- ----------- ----------- -----------
Loss from operations (34,839) (20,232) (100,368) (77,223)
Other income
(expense), net:
Interest income 8,124 584 24,115 1,738
Interest expense (3,380) (417) (4,013) (3,897)
Change in fair
value of Term
Loan -- (10) -- (645)
Gain (loss) on
investment in
marketable
securities, net (1,009) -- (159) 1,495
Change in fair
value of warrant
liabilities (10,576) (68,264) (270,540) (68,245)
Other income
(expense), net (646) 2,262 (4,097) 2,898
----------- ----------- ----------- -----------
Total other
income
(expense), net (7,487) (65,845) (254,694) (66,656)
----------- ----------- ----------- -----------
Net loss $ (42,326) $ (86,077) $ (355,062) $ (143,879)
=========== =========== =========== ===========
Net loss per share,
basic and diluted $ (0.12) $ (0.37) $ (1.11) $ (0.75)
=========== =========== =========== ===========
Weighted-average
shares used in
computing net loss
per share, basic and
diluted 352,932,400 232,997,043 321,202,025 192,129,049
=========== =========== =========== ===========
Comprehensive loss:
Net loss $ (42,326) $ (86,077) $ (355,062) $ (143,879)
Other comprehensive
income (loss), net of
tax:
Foreign currency
translation
adjustment (49) 89 1,335 7
Unrealized gains on
available-for-sale
securities 154 -- 154 --
----------- ----------- ----------- -----------
Total other
comprehensive
income (loss),
net of tax 105 89 1,489 7
----------- ----------- ----------- -----------
Net comprehensive
loss $ (42,221) $ (85,988) $ (353,573) $ (143,872)
=========== =========== =========== ===========
D-Wave Quantum Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Year Ended December 31,
-----------------------------
(in thousands) 2025 2024
--------- ---------
Cash flows from operating activities:
Net loss $ (355,062) $ (143,879)
Adjustments to reconcile net loss to
cash used in operating activities:
Depreciation and amortization 1,563 1,109
Stock-based compensation 22,657 15,661
Amortization of operating
right-of-use assets 743 823
Provision for excess and obsolete
inventory 9 134
Non-cash interest income (3,947) --
Non-cash interest expense 3,921 (1,441)
Change in fair value of warrant
liabilities 270,540 68,245
Change in fair value of Term Loan -- 645
Loss (gain) on marketable equity
securities 159 (1,495)
Unrealized foreign exchange loss
(gain) 1,836 (3,307)
Other noncash items 267 --
Change in operating assets and
liabilities:
Trade accounts receivable (204) 137
Inventories (2,398) (215)
Prepaid expenses and other current
assets (585) (1,580)
Trade accounts payable 268 (570)
Accrued expenses and other current
liabilities 6,940 5,520
Deferred revenue (16,018) 16,608
Operating lease liability (745) 293
Other non-current assets, net (1,926) 669
--------- ---------
Net cash used in operating activities (71,982) (42,643)
--------- ---------
Cash flows from investing activities:
Purchase of property and equipment (3,862) (2,106)
Purchases of marketable debt securities (247,787) --
Purchase of convertible note -- (1,000)
Proceeds from recovery of previously
written-off convertible note 959 --
Sales of marketable securities -- 254
Expenditures for internal-use software (445) (289)
--------- ---------
Net cash used in investing activities (251,135) (3,141)
--------- ---------
Cash flows from financing activities:
Proceeds from the issuance of common
stock pursuant to the Lincoln Park
Purchase Agreement 37,787 44,285
Proceeds from the issuance of common
stock in at-the-market offerings, net
of issuance costs 536,741 169,906
Proceeds from issuance of common stock
upon exercise of warrants 202,923 --
Proceeds from the issuance of common
stock upon exercise of stock options 11,432 1,347
Proceeds from common stock issued under
the Employee Stock Purchase Plan 769 424
Payment of tax withheld pursuant to
stock-based compensation settlements (10,259) (3,142)
Debt payment for Term Loan -- (30,000)
Repayments on TPC loan (365) (370)
Proceeds from equipment financing 412 --
Payments for debt issuance costs (248) --
Repayment of the equipment financing (43) --
--------- ---------
Net cash provided by financing activities 779,149 182,450
--------- ---------
Effect of exchange rate changes on cash
and cash equivalents 1,335 7
--------- ---------
Net increase in cash and cash equivalents 457,367 136,673
Cash and cash equivalents at beginning of
period 177,980 41,307
--------- ---------
Cash and cash equivalents at end of
period $ 635,347 $ 177,980
========= =========
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(Unaudited)
Three Months Ended
December 31, Year Ended December 31,
----------------------- -----------------------
(in thousands
of U.S.
dollars) 2025 2024 2025 2024
--------------- ----- ----- --- ------ -----
Gross Profit $1,784 $1,473 $20,306 $5,563
Gross Margin 64.8% 63.8% 82.6% 63.0%
Excluding:
Depreciation
and
Amortization
(1) 14 54 71 218
Stock-based
compensation
(2) 179 159 772 647
----- ----- --- ------ -----
Non-GAAP Gross
(MORE TO FOLLOW) Dow Jones Newswires
February 26, 2026 07:00 ET (12:00 GMT)
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