What guidance did D-Wave Quantum's management provide for the next earnings period?

Did D-Wave Quantum beat or miss consensus estimates last quarter?

What were the key takeaways from D-Wave Quantum’s earnings call?

What is D-Wave Quantum's latest dividend and current dividend yield?

What is D-Wave Quantum's gross profit margin?

What is the revenue and EPS growth rate for D-Wave Quantum year over year?

What factors drove the changes in D-Wave Quantum's revenue and profit?

What is the market's earnings forecast for D-Wave Quantum next quarter?

- **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.

**【CEO Summary Section】**
- Fiscal 2025 marked a transformative year with revenue of $24.6 million, up 179% YoY, driven by system sales and QCaaS growth.
- Launched Advantage2 system, achieving quantum supremacy on a real-world problem, with bookings of $13.4 million in Q4 and $18.7 million annually.
- Acquired Quantum Circuits, becoming the only dual-platform quantum company with annealing and gate-model capabilities.
- Announced $20 million system sale to Florida Atlantic University and a $10 million 2-year enterprise QCaaS deal with a Fortune 100 company in early 2026.
- Expanded R&D footprint with new hubs in New Haven, CT, and Boca Raton, FL, to accelerate innovation.

**【CFO Financial Commentary】**
- GAAP net loss for FY2025 was $355 million, but adjusted EBITDA loss improved to $71.8 million, reflecting operational efficiency.
- Non-GAAP gross margin expanded to 86%, up from 72.8% YoY, driven by high-margin system sales.
- Ended FY2025 with $884.5 million in cash, up 397% YoY, supporting aggressive R&D and go-to-market investments.
- Expects sequential 15% OpEx growth in 2026, fueled by gate-model R&D and government solutions expansion.

**【Q&A Key Highlights】**
- **Gate-model Technology**: Dual rail qubits enable 10x fewer physical qubits per logical qubit, with 99.9% gate fidelities and 1,000x faster than ion traps, positioning D-Wave for error-corrected gate-model leadership.
- **Customer Pipeline**: FY2026 pipeline up 1,500% YoY, with system sales and QCaaS deals exceeding prior annual totals within months.
- **Government Opportunities**: Launched U.S. Government Solutions unit to solve mission-critical problems, with missile defense simulations showing 10x speed improvements.
- **Risk Mitigation**: Diversifying foundry partners post-IonQ/SkyWater acquisition to ensure annealing and gate-model fabrication continuity.
- **Revenue Recognition**: System sales revenue recognized on a percentage-of-completion basis, with multiyear service contracts and QCaaS deals recognized ratably over 2-5 years.

D-Wave Quantum Inc. (QBTS) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: Q3 revenue up 100% YoY to $3.7M, driven by system upgrades and QCaaS growth.
- **Strategic Deals**: EUR 10M Italy contract and U.S. government partnership highlight expanding commercial traction.
- **Tech Lead**: Advantage2 system solves real-world problems 1,000x faster than classical, with gate model R&D using unique superconducting tech.
- **Financial Strength**: $836M cash enables M&A and R&D, with adjusted EBITDA loss up 49% YoY.
- **Customer Expansion**: Over 100 customers, including 2 dozen Forbes Global 2000 companies, with BASF and North Wales Police seeing 14-18% efficiency gains.

**【CEO Summary Section】**
- **Commercial Momentum**: Q3 revenue up 100% YoY to $3.7M, driven by system upgrades and QCaaS. Signed a EUR 10M contract for 50% capacity of an Advantage2 system in Italy, with option to purchase full system.
- **Customer Wins**: Worked with BASF to reduce production scheduling time by 14-18%, and North Wales Police to cut incident response time by 50%. Expanded customer base to over 100, including 2 dozen Forbes Global 2000 companies.
- **Technology Leadership**: Advantage2 system demonstrated quantum supremacy on a real-world problem, 1,000x faster than classical approaches. Gate model development using fluxonium qubits and cryogenic control, with first chip bonding completed.
- **Government Engagement**: Deployed Advantage2 at U.S. Department of Defense partner Davidson Technologies, with classified applications in military logistics and AI.
- **Financial Strength**: $836M cash balance, up 2,700% YoY, enabling M&A and R&D investments.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: GAAP net loss $140.8M (due to warrant remeasurement), but adjusted EBITDA loss $20.6M (up 49% YoY). Non-GAAP gross margin 77.7%, up 10.5% YoY.
- **Revenue Model**: 3 streams - QCaaS ($1.4M Q3), systems sales ($1.8M Q3), and professional services ($0.5M Q3). QCaaS has $100M+ annual capacity.
- **Pipeline**: $12M+ in Q4 bookings, including Italy deal. System sales growing with higher margins (Jülich sale contributed $1.8M).

**【Q&A Key Highlights】**
- **U.S. Government Strategy**: Focus on solving operational problems (logistics, AI) vs. R&D funding. First classified quantum system for government applications.
- **Gate Model Timeline**: Cryogenic control demonstration in 2026, error-corrected system 5-10 years out. Differentiated by superconducting tech and 60%+ patent portfolio overlap with annealing systems.
- **Sales Model**: Italy deal blueprint for shared capacity QCaaS + system purchase option. Enterprise license discussions for bundled proofs of concept and production apps.
- **R&D Investment**: 15% sequential increase in OpEx for gate model and go-to-market expansion. $40M+ from warrant exercises in Q3.

D-Wave Quantum Inc. (QBTS) Q3 2025 Earnings Call Transcript

- **Breakthrough Product Launch**: Advantage2 quantum computer delivers 40% higher energy scale and quantum supremacy in materials simulation.
- **Strategic Scale-Up**: $819M cash to pursue M&A, with R&D investments in cryogenic packaging and gate model scalability.
- **Customer Momentum**: 12 use case PoC with Fortune 500 aerospace, 90%+ customer retention, and South Korea system deployment in Q2.
- **Financial Strength**: Q2 revenue $3.1M (+42% YoY), bookings $1.3M (+92% YoY), non-GAAP gross margin 71.8%.
- **Quantum AI Innovation**: Open-source quantum AI toolkit integrates PyTorch, enabling hybrid ML workflows for Japan Tobacco and Triumph.

**【CEO Summary Section】**
- **Advantage2 Quantum Computer Launch**: Announced general availability of Advantage2, featuring double coherence time, 40% higher energy scale, and 20-way qubit connectivity. Demonstrated quantum supremacy in materials simulation.
- **Strategic Initiatives**: Advanced cryogenic packaging initiative with NASA JPL for 100,000-qubit scalability. Quantum AI toolkit integrates PyTorch for hybrid quantum-classical ML workflows.
- **Customer Wins**: Julich Supercomputing Center upgrade, Yonsei University partnership in South Korea, and Fortune 500 aerospace defense PoC for 12 use cases.
- **Market Positioning**: Emphasized annealing quantum's superiority for optimization problems (e.g., workforce scheduling, vehicle routing) vs. gate model for chemistry.
- **M&A Ambition**: $819M cash to pursue acquisitions in R&D (e.g., gate model, quantum AI) and go-to-market expansion.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Revenue $3.1M (+42% YoY), bookings $1.3M (+92% YoY), GAAP gross margin 63.8%, non-GAAP 71.8%.
- **Key Metrics**: Adjusted EBITDA loss $20M, net loss $167.3M (includes $142M non-cash warrant remeasurement).
- **Liquidity**: Record $819M cash (vs. $40.9M Q2 2024), with $500M+ raised via ATM, warrant exercises, and Lincoln Park line.
- **Investments**: R&D (superconducting bump bond process, Advantage3 prototypes), sales (pro services expansion), G&A (cybersecurity).

**【Q&A Highlights】**
- **M&A Strategy**: Focus on accelerating R&D (e.g., gate model, quantum AI) and go-to-market. Potential deals this year.
- **Cryogenic Packaging**: NASA JPL collaboration enables multichip scaling for annealing and gate model systems.
- **Advantage2 Deployment**: 4 cloud systems (1 upgraded), Julich upgrade completion by end-2025, South Korea system in pipeline.
- **Quantum AI**: Developer tools enable hybrid ML workflows; Japan Tobacco, Triumph testing quantum image generation.
- **Government Engagement**: Slow but growing interest in defense optimization (e.g., missile resupply, wildfire response).
- **Gate Model Timeline**: Error correction and scaling challenges remain; no near-term commercial viability.
- **Customer Retention**: 90%+ renewal rate; focus on converting DIY users to professional services engagements.
- **Triumph Use Case**: Leveraging Advantage2 for generative AI in particle acceleration research.


D-Wave Quantum Inc. (QBTS) Q2 2025 Earnings Call Transcript

- **Revenue Record**: Q1 FY2025 revenue of $15M (509% YoY) driven by Advantage2 system sale.
- **Tech Breakthroughs**: 4,400+ qubit Advantage2 processors with 2x coherence, 40% energy scale gain; quantum supremacy and blockchain hashing research published.
- **Customer Momentum**: 3 in-production customers; Qubits 2025 attendance up 23% in-person, 100% virtual.
- **Financial Health**: $304M cash; lowest quarterly loss ($5.4M vs. $17.3M YoY).
- **Strategic Focus**: Blockchain/AI partnerships, cryogenic control leadership, and 100,000-qubit roadmap.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q1 FY2025 revenue reached $15 million, up 509% YoY, driven by the sale of an Advantage2 system to Julich Supercomputing Centre.
- **Technical Milestones**: Completed calibration of 4,400+ qubit Advantage2 processors, demonstrating 2x coherence time, 40% energy scale increase, and 20-way qubit connectivity. Published quantum supremacy results and blockchain quantum hashing research.
- **Customer Adoption**: 3 customers (Ford Otosan, NTT DOCOMO, Pattison Food Group) in production; Qubits 2025 saw 23% YoY in-person attendance and nearly 100% virtual growth.
- **Financial Strength**: $304 million cash on hand, sufficient for achieving profitability.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: $12.6 million from system sale, rest from QCaaS and services.
- **Gross Margins**: GAAP 92.5%, Non-GAAP 93.6%, up 25.2% and 17% YoY.
- **Net Loss**: $5.4 million (vs. $17.3 million YoY), lowest quarterly loss as a public company.
- **Liquidity**: Raised $146.2 million via ATM, with $37.8 million remaining under ELOC.

**【Q&A Highlights】**
- **System Sales Pipeline**: Davidson Technologies partnership for government applications; 3+ potential system sales in early stages.
- **Error Correction & Cryogenics**: Lead in cryogenic control (patented) and error mitigation (10x coherence improvement).
- **Blockchain & AI**: Exploring partnerships for quantum-enhanced hashing and AI models; system sales model for blockchain/AI applications.
- **Government Engagement**: U.S. government bias towards gate model; international interest in annealing systems from Julich, Japan Tobacco, etc.
- **Product Roadmap**: Scaling to 100,000 qubits with multi-chip processors; hybrid solvers now handle 2 million variables with continuous/integer support.

D-Wave Quantum (QBTS)-8 May 25-2025 Q1 Earnings call transcript

- **Quantum Supremacy Breakthrough**: D-Wave achieved real-world quantum supremacy, solving a problem in minutes vs. 1M years on classical supercomputers.
- **$300M+ Cash Reserve**: Raised $307M via ATM, positioning for profitability with industry-low capital intensity.
- **Advantage 2 Launch**: 4,400-qubit processors deliver 2x speed, 40% better solutions, and 20-way connectivity for complex problems.
- **Jülich System Sale**: $18.3M Q4 bookings, part of $23.9M FY24 bookings (+128%), marking first commercial quantum system sale.
- **AI Integration**: Partnering with Jülich to integrate quantum with exascale supercomputers for faster AI model training.


**【CEO Summary Section】**
- Achieved quantum supremacy on a real-world problem using a 1,200-qubit Advantage 2 prototype, outperforming classical supercomputers by 1 million years in simulation time.
- Signed first Advantage system sale with Jülich Supercomputing Center, generating $18.3M in Q4 bookings and $300M+ cash reserves.
- Launched Advantage 2 processors with 4,400 qubits, delivering 2x coherence time, 40% higher energy scale, and 20-way qubit connectivity for complex problem-solving.
- Expanded commercial partnerships in AI, drug discovery, and autonomous agriculture, with 76 commercial customers including 28 Forbes Global 2000 firms.

**【CFO Financial Commentary】**
- FY24 revenue: $8.8M (flat YoY), bookings: $23.9M (+128%), non-GAAP gross margin: 72.8%.
- Q4 2024 bookings: $18.3M (+502%), revenue: $2.3M (-21%), non-GAAP gross profit: $1.7M (-28%).
- Net loss FY24: $143.9M (-$0.75/share), driven by $68.3M warrant liability re-measurement. Adjusted EBITDA loss: $56M (+3%).
- Raised $307M via ATM programs, reducing debt and positioning for profitability with $300M+ cash.

**【Q&A Highlights】**
- System sales margins >72.8% (FY24 non-GAAP gross margin), with recurring support and upgrade options.
- Advantage 2 multi-chip scaling R&D underway for faster problem-solving.
- GTC Quantum Day to showcase AI/quantum integration opportunities.
- Jülich system tightly integrated with Jupiter exascale supercomputer for AI workflows.
- 3+ institutions in discussions for system sales, with commercial QCaaS growth alongside.

**【Financial Guidance】**
- Q1 2025 revenue >$10M, driven by Jülich system installation and Advantage 2 rollouts.
- Target: first pure-play quantum company to profitability with <$300M total investment.


Actual	-0.12	-0.11	-0.1	-0.145	-0.2	-0.12	-0.0634	-0.0738	-0.0841	-0.0723	-0.08	-0.0198	-0.08	-0.05	-0.09
Forecast	-0.13	-0.125	-0.1333	-0.1075	-0.1325	-0.128	-0.084	-0.075	-0.0785	-0.0767	-0.064	-0.036	-0.051	-0.0656	-0.0638
Surprise	+7.69%	+12.00%	+24.98%	-34.88%	-50.94%	+6.25%	+24.52%	+1.60%	-7.13%	+5.74%	-25.00%	+45.00%	-56.86%	+23.78%	-41.07%

QBTS

QBTS fundamentals

QBTS Q4 2025 Earnings

Earnings Call

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QBTS

QBTS fundamentals

QBTS Q4 2025 Earnings

Earnings Call

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QBTS Earnings Call Summary for Q1/20258:00 AM on May 8, 2025

QBTS Earnings Call Summary for Q4/20248:00 AM on Mar 13, 2025

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