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D-Wave Quantum (QBTS) investor relations material
D-Wave Quantum Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue rose 42% year-over-year to $3.1 million, with GAAP gross profit also up 42% to $2.0 million, driven by system upgrades and professional services.
Achieved record cash balance of $819.3 million, fueled by major equity offerings and warrant exercises.
Launched the Advantage2 quantum computer, expanded developer tools for quantum AI/ML, and announced strategic partnerships in South Korea and with major global organizations.
Net loss widened to $167.3 million in Q2, mainly due to $142 million in non-cash warrant liability charges and higher operating expenses.
Expanded customer base and high retention rates above 90%, with new and renewed engagements across commercial, government, and research sectors.
Financial highlights
Q2 2025 revenue: $3.1 million (up 42% YoY); bookings: $1.3 million (up 92% YoY); over 100 revenue-generating customers in the last four quarters.
Q2 GAAP gross profit: $2.0 million (up 42% YoY); non-GAAP gross profit: $2.2 million (up 39% YoY).
Q2 GAAP gross margin: 63.8% (up from 63.6% YoY); non-GAAP gross margin: 71.8%; Q2 net loss: $167.3 million, mainly from warrant-related charges.
First half 2025 revenue: $18.1 million (up 289% YoY); GAAP gross profit: $15.9 million (up 420% YoY); GAAP gross margin: 87.6%.
Cash position at Q2 2025 end: $819.3 million, up over 1,900% YoY and 170% sequentially.
Outlook and guidance
Proceeds from recent equity offerings to be used for strategic acquisitions, working capital, and capital expenditures.
Company aims to accelerate product roadmap, including development toward a 100,000-qubit Advantage3 system.
Management expects continued significant operating losses as R&D and go-to-market investments persist.
Anticipate quarterly non-GAAP OpEx to be about 15% higher for the rest of the year due to accelerated investments.
QCaaS revenue expected to increase as a share of total revenue over time, though professional services are currently growing faster.
Explain the intended use of the ATM offering proceeds.
What drove the increase in GAAP operating expenses?
Why did bookings decrease for the six months ended?
What's the impact of cryogenic packaging?
What's D-Wave's customer retention rate?
Assess DARPA's Quantum Benchmarking Initiative.
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Next D-Wave Quantum earnings date
Q3 202513 Nov, 2025
Next D-Wave Quantum earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
D-Wave Quantum Inc., also known as D-Wave, is a company active in the field of quantum computing, focusing on the development, delivery, and application of quantum computing systems, software, and services. The company's operations centers on harnessing the power of quantum computing to deliver practical applications with real-world value across a variety of industries, including manufacturing and logistics, financial services, life sciences, and the public sector. D-Wave offers a comprehensive quantum computing ecosystem comprising the Advantage quantum system, the Leap cloud-based quantum computing service, and the Ocean suite of open-source programming tools. The company is headquartered in Burnaby, Canada, and its shares are listed on the NYSE.
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