D-Wave Quantum Inc. ((QBTS)) has held its Q3 earnings call. Read on for the main highlights of the call.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
D-Wave Quantum Inc. recently held its earnings call, revealing a mixed sentiment. The company celebrated robust revenue growth and significant technological milestones, such as achieving quantum supremacy. However, these achievements were tempered by challenges, including increased net loss and adjusted EBITDA loss, primarily due to higher operating expenses and noncash charges.
Significant Revenue Growth
D-Wave reported impressive revenue figures for Q3 2025, totaling $3.7 million, which marks a 100% increase from Q3 2024. The year-to-date revenue for the first nine months of 2025 reached $21.8 million, showcasing a remarkable 235% growth compared to the same period in 2024.
Successful Deployment of Advantage2 System
The deployment of D-Wave’s Advantage2 system at Davidson Technologies headquarters signifies a major step forward in advancing the U.S. government’s use of quantum computing technology, highlighting the company’s commitment to innovation.
Strong Cash Position
D-Wave’s financial stability is underscored by its cash balance, which surged to $836.2 million as of September 30, 2025. This represents a staggering 2,700% increase from the previous year, providing a solid foundation for future growth.
EUR 10 Million Contract in Italy
Reflecting strong international demand, D-Wave secured a EUR 10 million contract to install an Advantage2 system in Europe, further expanding its global footprint and showcasing the appeal of its quantum solutions.
Quantum Supremacy Achievement
D-Wave’s Advantage2 system achieved quantum supremacy on a practical real-world problem, setting it apart from competitors and underscoring its leadership in the quantum computing space.
Increasing High-Profile Customer Engagements
The company is gaining traction in the market, as evidenced by engagements with major enterprises, including one of the world’s largest airlines and a major U.S.-based international airline, indicating strong customer interest.
Adjusted EBITDA Loss Increase
Despite the positive developments, D-Wave reported an adjusted EBITDA loss of $20.6 million for Q3 2025, a 49% increase from Q3 2024. This was primarily attributed to higher operating expenses.
Net Loss Widening
The company’s net loss for Q3 2025 widened significantly to $140.8 million from $22.7 million in Q3 2024, largely due to noncash charges related to warrant liability, highlighting financial challenges.
Decrease in Year-to-Date Bookings
Bookings for the first nine months of 2025 decreased by 7% to $5.3 million compared to the same period in 2024, indicating a slight dip in new business acquisition.
Forward-Looking Guidance
D-Wave’s guidance for the future remains optimistic, with a focus on quantum computing solutions and strategic growth. The company reported a 100% increase in revenue for the third quarter, driven by systems revenue, QCaaS, and professional services. Notable deals, such as the EUR 10 million contract in Italy, contribute to a 3% year-over-year increase in bookings. With a strong cash balance and advancements in annealing and gate model systems, D-Wave is well-positioned for future growth.
In conclusion, D-Wave Quantum Inc.’s earnings call presented a mixed bag of achievements and challenges. While the company is making significant strides in revenue growth and technological advancements, it faces financial hurdles with increased losses. Nevertheless, its strong cash position and strategic focus on quantum computing solutions provide a promising outlook for the future.