D-Wave Quantum Q3 2025 earnings: revenue doubles, cash reserves hit record high
D-Wave's Q3 2025 revenue doubled year over year to $3.7 million and bookings rose, but the company posted a wide net loss driven largely by non-cash charges, while ending the quarter with a record cash pile.
| Q3 2025 | Reported |
|---|---|
| EPS | -$0.41 |
| Revenue | $3.7M |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Quarterly revenue came from D-Wave’s quantum computing systems and services business, which is still small in absolute dollar terms but doubled from the year-ago period, driven mainly by growth in Quantum Computing as a Service (QCaaS) usage and system access agreements.
- New bookings (contracted future business) came in at $2.4 million for the quarter, up 80% from the prior quarter, and the company said it closed more than $12 million in additional bookings after the quarter ended, including a deal tied to Italy’s government and the Q-Alliance for capacity on a next-generation Advantage2 quantum computer.
- The steep negative operating and net margins mostly reflect that D-Wave is still an early-stage company with modest revenue relative to its research, development and operating costs — not a sign of a sudden deterioration in the underlying business, which management described as gaining momentum.
- A large share of the reported net loss for the quarter came from non-cash accounting charges tied to warrants (a type of stock-linked security) rather than from day-to-day operations, which is why the loss looks large relative to the size of the business.
- Gross margin — the share of revenue left after direct costs of delivering its systems and services — improved noticeably from a year earlier, which the company pointed to as evidence that its core computing and services business is becoming more efficient as it scales.
- D-Wave ended the quarter with what it called the highest cash balance in company history, over $836 million, giving it a large financial cushion to fund research and expansion without needing to raise money immediately.
- For the rest of the year, management said operating expenses would rise roughly 15% sequentially, with most of the added spending going into research and development rather than sales or overhead.
- CEO Alan Baratz said the quarter’s results — spanning revenue, gross profit, bookings and cash balance — reflected “momentum building across every aspect of our business” in accelerating adoption of quantum computing globally.
- Coverage of the report noted that while revenue is growing quickly on a percentage basis, the company continues to post substantial losses as it invests ahead of building a larger commercial customer base for its quantum systems.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $4M | $2M | +99.9% |
| Net income | -$140M | -$23M | -516.4% |
| Free cash flow | -$20M | -$18M | -9.2% |
| Diluted EPS | -$0.41 | -$0.11 | -272.7% |
| Gross margin | 71.4% | 55.8% | +15.6 pts |
| Operating margin | -741.8% | -1103.5% | +361.7 pts |
| Net margin | -3743.9% | -1214.5% | -2529.4 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
D-Wave Quantum Inc closed at $31.02 on Nov 5, 2025, the last session before the report, and at $29.50 on Nov 7, 2025, the first session after it — -4.9% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call · The Quantum Insider