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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Gain (Loss) on Change in Fair Value

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QBTS

QBTS fundamentals

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