QBTS
D-Wave Quantum Inc.25.52
+1.78+7.5%
Dec 16, 4:00:53 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms momentum, adds foundry risk color.
Q&A largely reaffirmed scripted momentum on bookings surge and pipeline expansion, but incremental nuggets included active foundry diversification after IonQ's SkyWater acquisition—QCI unaffected, annealing wiring only at risk—and early cross-sell interest from annealing customers eyeing gate-model systems. Management confirmed 15% sequential OpEx hikes fully absorb Quantum Circuits integration and R&D ramp, with cloud capacity ample for tens of enterprise QCaaS deals at $25M-$30M revenue each. Analysts probed gate-model timing edge and QCaaS retention; answers stressed fewer qubits needed for error correction and larger deal visibility. No hedges, just confident execution tone. Investors watch pipeline conversion speed.
Key Stats
Market Cap
9.11BP/E (TTM)
-Basic EPS (TTM)
-1.44Dividend Yield
0%Recent Filings
8-K
Revenue up 179%, cash $885M
D-Wave Quantum crushed FY25 with revenue rocketing 179% to $24.6M and cash soaring to a record $884.5M. They snapped up Quantum Circuits for gate-model tech boasting 99.9% gate fidelities, locked $20M FAU system sale and $10M Fortune 100 QCaaS deal. Cash fuels dual-platform push, yet net losses widened on warrant charges.
10-K
FY2025 results
D-Wave Quantum posted FY2025 revenue of $24.6M, up 179% y/y, driven by $16.2M system sales while QCaaS dipped. Net loss widened to $355.1M from $143.9M, reflecting $270.5M warrant liability mark-up and R&D spend up 44% to $50.7M amid Advantage2 rollout and gate-model push. Q4 momentum shone through peer-reviewed quantum supremacy demo in Science and Leap service uptime >99.9%, fueling production apps at clients like Pattison and Ford Otosan. Cash burn hit $72M ops/$251M investing, offset by $779M equity raises; $13.8M equipment financing bolsters liquidity. No annual guidance disclosed. Integration risk from January 2026 Quantum Circuits buyout could slow gate-model commercialization.
8-K
Joins Southeastern Quantum Collaborative
D-Wave Quantum joined the Southeastern Quantum Collaborative as an inaugural member on February 19, 2026, alongside The University of Alabama in Huntsville, Davidson Technologies, IBM, and Alabama A&M University. The group unites academia, industry, and government to speed quantum tech across the Southeast and build a quantum-ready workforce. Davidson's D-Wave Advantage2 system positions D-Wave to drive these efforts. Collaboration accelerates adoption.
8-K
D-Wave signs $10M QCaaS deal
D-Wave Quantum inked a $10 million, two-year QCaaS deal with a Fortune 100 giant on January 27, 2026. The pact spurs collaboration on quantum-powered apps, validating annealing tech's enterprise pull. This deal locks in revenue. CEO hails it as a key adoption milestone, though forward-looking risks apply.
8-K
D-Wave's $20M FAU deal, defense wins
D-Wave locked in a $20M deal with Florida Atlantic University for an Advantage2 quantum computer install later in 2026, fueling Florida's quantum push. Defense collab with Anduril and Davidson crushed classical solvers—10x faster solutions, 9-12% better threat mitigation in missile sims. Boca Raton HQ move adds bicoastal redundancy. Quantum scales here.
IPO
Website
Employees
Sector
Industry
ARQQ
Arqit Quantum Inc.
24.73+0.38
BTQ
BTQ Technologies Corp.
6.61+0.27
DDD
3D Systems Corporation
1.91-0.04
DELL
Dell Technologies Inc.
133.75+3.24
HPQ
HP Inc.
24.83+0.34
IONQ
IonQ, Inc.
49.67+3.60
QMCO
Quantum Corporation
7.96+0.23
QSI
Quantum-Si Incorporated
1.22-0.01
QUBT
Quantum Computing Inc.
11.27+0.36
RGTI
Rigetti Computing, Inc.
23.96+0.43