D-Wave's earnings call reflects significant technical progress and strong financial positioning, highlighted by the successful launch of the Advantage2 quantum computer and a strong cash reserve. However, these positives are tempered by a substantial net loss and slower-than-expected deal closures, suggesting a balanced outlook.

Company Guidance -

Q3 2025

During the second quarter of fiscal year 2025, D-Wave reported a revenue increase of 42% to $3.1 million, compared to $2.2 million in the same quarter of fiscal 2024. The company also noted bookings totaling $1.3 million, a significant 92% increase from the $700,000 booked in the prior year. D-Wave's non-GAAP gross profit rose by 39% to $2.2 million, while GAAP gross margin improved slightly to 63.8% from 63.6%. The adjusted EBITDA loss increased to $20 million, reflecting a 44% rise from the previous year's $13.9 million, primarily due to higher operating expenses. The company ended the quarter with a cash position of $819.3 million, a dramatic increase from $40.9 million a year prior, bolstered by substantial equity raises. Despite a net loss of $167.3 million due to non-cash charges related to warrants, D-Wave's adjusted net loss was $25.3 million. The company anticipates further investments in R&D and sales to support growth, while also exploring M&A opportunities with its strengthened cash position.

Launch of Advantage2 Quantum Computer

D-Wave announced the general availability of the Advantage2 quantum computer, featuring a 40% increase in energy scale and increased qubit connectivity from 15 to 20, aimed at solving real-world use cases in optimization, material simulation, and AI.

Record Revenue Growth

Second quarter revenue totaled $3.1 million, marking a 42% increase from the prior year's second quarter revenue of $2.2 million.

Strategic Partnerships

D-Wave signed several new and renewing customer engagements, including with companies like GE Vernova, the University of Oxford, and NTT DOCOMO, reflecting continued commercial interest in quantum computing.

Strong Cash Position

The company's cash position reached $819.3 million, marking over a 1,900% increase from the previous year.

Successful Quantum AI Initiatives

D-Wave introduced new developer tools for quantum AI, including an open-source toolkit that integrates with PyTorch, aimed at advancing machine learning innovation.

D-Wave Quantum (QBTS) Earnings, Revenues Date & History

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QBTS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.07 / -	-0.072	―	―	―
Aug 07, 2025	2025 (Q2)	-0.05 / -0.08	-0.084	4.76% (<+0.01)
May 08, 2025	2025 (Q1)	-0.04 / -0.02	-0.074	72.97% (+0.05)
Mar 13, 2025	2024 (Q4)	-0.06 / -0.08	-0.063	-26.98% (-0.02)
Nov 14, 2024	2024 (Q3)	-0.08 / -0.07	-0.12	40.00% (+0.05)
Aug 08, 2024	2024 (Q2)	-0.08 / -0.08	-0.2	58.00% (+0.12)	―
May 13, 2024	2024 (Q1)	-0.07 / -0.07	-0.145	48.97% (+0.07)		―
Mar 28, 2024	2023 (Q4)	-0.08 / -0.06	-0.1	37.00% (+0.04)		―
Nov 09, 2023	2023 (Q3)	-0.13 / -0.12	-0.11	-9.09% (>-0.01)	―	―
Aug 10, 2023	2023 (Q2)	-0.13 / -0.20	-0.12	-66.67% (-0.08)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

QBTS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$17.58	$17.17	-2.33%
May 08, 2025	$6.89	$10.42	+51.23%
Mar 13, 2025	$5.82	$6.91	+18.73%
Nov 14, 2024	$1.78	$1.87	+5.06%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.