)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
D-Wave Quantum (QBTS) investor relations material
D-Wave Quantum Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue doubled year-over-year, reaching $3.7M, with significant growth in gross profit, bookings, and cash balance, driven by commercial traction, new customer wins, and major system deployments across multiple sectors.
Secured a €10M contract for a quantum system in Italy, supporting the Q-Alliance initiative and expanding global presence.
Demonstrated real-world quantum advantage with successful customer applications in manufacturing, law enforcement, and drug discovery, and received industry recognition.
Hosted the first Qubits Japan user conference and expanded international partnerships and executive leadership.
Completed major equity financings, raising over $700M YTD through at-the-market offerings and warrant exercises, ending Q3 with a record $836.2M in cash.
Financial highlights
Q3 2025 revenue was $3.7M (up 100% YoY); YTD revenue was $21.8M (up 235% YoY).
Q3 GAAP gross profit was $2.7M (up 156% YoY); Q3 non-GAAP gross profit was $2.9M (up 131% YoY).
Q3 GAAP gross margin was 71.4% (up 15.6 pts YoY); YTD GAAP gross margin was 84.8% (up from 62.7%).
Q3 net loss was $140.0M, primarily due to $121.9M in non-cash, non-operating warrant-related charges; adjusted net loss was $18.1M.
Cash balance as of September 30, 2025, was $836.2M, up over 2700% YoY.
Outlook and guidance
Pipeline remains strong with large opportunities for system sales and quantum computing as a service (QCAS) deals, and over $12M in additional bookings closed post-Q3.
Operating expenses expected to increase approximately 15% sequentially in the second half of 2025, mainly in R&D.
Expectation of continued operating losses as investments in R&D and go-to-market initiatives persist.
No specific guidance provided for the first half of 2026.
Reconcile YTD bookings decline with revenue growth.
Italy Advantage2 deal: capacity and full system option.
Gate model progress: commercialization timeline?
Q-Alliance deal: blueprint for future system sales?
Davidson system: impact on classified US gov't apps?
D-Wave gate model: unique tech for scaling qubits?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next D-Wave Quantum earnings date
Q4 202513 Mar, 2026
Next D-Wave Quantum earnings date
Q4 202513 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage