)

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.
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.
Next D-Wave Quantum earnings date

Next D-Wave Quantum earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, 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.
)
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.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
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.
)
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.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
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.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
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.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
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.
Explore our global coverage