D‑Wave Quantum Inc. reported its fiscal 2025 fourth‑quarter and year‑end results, showing a revenue increase of 179% year‑over‑year to $2.752 million for the quarter and $24.587 million for the full year. Gross profit rose 265% year‑over‑year to $1.784 million for the quarter and $20.306 million for the year, driven by higher system sales and a stronger mix of high‑margin products.
The company missed revenue estimates, reporting $2.75 million in Q4 versus consensus estimates of $3.72–$3.84 million, a miss of roughly 26%. The shortfall reflects lower‑than‑expected demand in core segments, despite the strong mix of high‑margin products that helped lift gross profit.
Gross profit margin expanded to 64.8% in Q4, up from 64.8% in the prior year, reflecting the company’s ability to sell more high‑margin Advantage2 systems and leverage its dual‑platform offering. The 265% year‑over‑year increase in gross profit underscores the effectiveness of the company’s pricing strategy and product mix.
Net loss for the quarter was $42.326 million, a decline from the $86.077 million loss in the prior year’s fourth quarter. The loss was largely driven by a $10.576 million warrant remeasurement charge and increased research and development and sales‑marketing expenses as the company expands its go‑to‑market capabilities.
D‑Wave ended the year with a record $884.5 million cash balance, up 397% from the prior year’s fourth‑quarter balance of $178.0 million and a 6% increase from the immediately preceding third‑quarter balance of $836.2 million. Bookings for 2026 exceeded $30 million in January alone, and Q4 bookings were $13.4 million, up 471% from the preceding quarter.
Management highlighted the company’s momentum, stating, “Our 2025 results mark one of the most successful and transformative years in D‑Wave's history, with meaningful growth across every key business metric — revenue, Bookings, technical milestones, and scientific breakthroughs.” CEO Alan Baratz added, “We are entering 2026 with exceptional momentum: generating over $30 million in Bookings in January alone, expanding our market leadership through the acquisition of gate‑model quantum computing company Quantum Circuits, Inc., and securing an eight‑figure enterprise QCaaS agreement that underscores growing customer confidence in our technology's power to transform enterprise operations. 2026 is shaping up to be a defining year for D‑Wave.” Investors reacted positively, with the stock trading higher in pre‑market trading, driven by the surge in bookings and the record liquidity position that offsets the revenue miss.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.