Symbols

QBTS

D-Wave Quantum·NYSE

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QBTS fundamentals

QBTS Q4 2025 Earnings

D-Wave Quantum (QBTS) released its earnings on Feb 26, 2026: revenue was 2.75M (YoY +19.19%), missed estimates; EPS was -0.09 (YoY -12.50%), missed estimates.

Revenue / YoY

2.75M

+19.19%

EPS / YoY

-0.09

-12.50%

Report date

Feb 26, 2026

QBTS Earnings Call Summary for Q4,2025

Revenue Surge: FY2025 revenue up 179% to $24.6 million, driven by $16.2 million in system sales and $5.5 million in QCaaS.
Dual-Platform Dominance: Only company with proven annealing systems in production and gate-model tech achieving 99.9% gate fidelities.
Strategic Acquisitions: $250 million Quantum Circuits deal expands gate-model leadership, with 8-qubit systems operational and 17-qubit systems coming in 2026.
Government Momentum: New unit targeting U.S. defense applications, with simulations showing 10x faster missile defense solutions.
Financial Strength: $884.5 million cash balance supports 15% sequential OpEx growth, focusing on R&D and government solutions.

Earnings

EPS

Revenue

Revenue & Expenses

QBTS has released its 2025 Q4 earnings report, with revenue of 2.75M, reflecting a YoY change of 19.19%, and net profit of -42.33M, showing a YoY change of 50.83%. The Sankey diagram below clearly presents QBTS's revenue sources and cost distribution.

Key Indicators

D-Wave Quantum (QBTS) key financial stats and ratios, covering profitability, financial health, and leverage.

Income Statement

D-Wave Quantum (QBTS)'s revenue and profit trends over recent years, visualized with a waterfall chart to showcase the revenue-to-profit funnel.

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Balance Sheet

D-Wave Quantum (QBTS)'s asset and liability trends over recent years, visualized with a waterfall chart to illustrate changes in its asset-liability structure.

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Breakdown

Cash Flow

D-Wave Quantum (QBTS)'s cash flow trends over recent years, visualized with a waterfall chart to illustrate changes in its operating, investing, and financing cash flows.

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Breakdown