)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
D-Wave Quantum
D-Wave Quantum (QBTS) investor relations material
D-Wave Quantum Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Fiscal 2025 marked a pivotal year with quantum computing moving from research to real-world impact, highlighted by record commercial traction, technical milestones, and the demonstration of quantum supremacy on a real-world problem.
Achieved first commercial annealing quantum computer sale to Jülich Supercomputing Centre, major system sales to Florida Atlantic University ($20M) and Q-Alliance in Italy (€10M), and expanded customer base to over 135, including more than two dozen Forbes Global 2000 companies.
Launched Advantage2 system, completed the acquisition of Quantum Circuits, Inc., and established dual-platform leadership in both annealing and gate-model quantum computing.
Entered 2026 with bookings in January alone exceeding all of fiscal 2025, including a $20M system sale and a $10M enterprise QCaaS deal with a Fortune 100 company.
Ended 2025 with record liquidity of $884.5M, up 397% year-over-year.
Financial highlights
Fiscal 2025 revenue reached $24.6M, up 179% year-over-year, with $16.2M from system sales, $5.5M from QCaaS, and $2.7M from professional services.
GAAP gross profit was $20.3M (up 265%), and non-GAAP gross profit was $21.1M (up 229%).
GAAP gross margin rose to 82.6% (from 63%), and non-GAAP gross margin to 86% (from 72.8%).
Net loss was $355M, primarily due to $250.5M–$270.5M in non-cash warrant-related charges; adjusted net loss was $84.5M.
Cash and marketable securities at year-end totaled $884.5M.
Outlook and guidance
2026 bookings already surpass any prior full-year total, with a 1,500% year-over-year increase in sales pipeline and over $30M in bookings in January.
Revenue growth expected to accelerate in the second half of 2026.
Quarterly OpEx projected to increase by 15% sequentially throughout 2026, reflecting aggressive R&D and expansion.
No formal financial guidance provided, but significant investments planned in R&D, headcount, and government business unit.
Roadmap includes general availability of 17, 49, and 181 qubit dual-rail systems by 2028, with error correction milestones.
Quantum Circuits acquisition impact on gate-model
Bookings trend analysis, excluding large system sales
Justify 2025 operating expense increase and EBITDA loss
How does dual-rail tech accelerate gate-model time-to-market?
What drives the 15% sequential OpEx increase?
How is D-Wave mitigating SkyWater acquisition risk?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next D-Wave Quantum earnings date
Q1 20267 May, 2026
D-Wave Quantum
Next D-Wave Quantum earnings date
Q1 20267 May, 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