Short answer
D-Wave Quantum Inc. (QBTS) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $25M (+178.5% year over year) and net income of −$355M.
- Top risk flagged: Regulatory/legal risk: Compliance with government funding regulations impacting use of government assistance for R&D, no specific law cited but ongoing government funding reliance noted
FY2025 key financial metrics · XBRL
- Revenue
- $25M
- +178.5% YoY
- Net income
- −$355M
- −146.8% YoY
- Operating margin
- -408.2%
- +466.6 pp YoY
- Gross margin
- 82.6%
- +19.6 pp YoY
- EPS (diluted)
- −$1.11
- −48.0% YoY
- ROE
- -41.7%
- +188.0 pp YoY
- Operating cash flow
- −$72M
- −68.8% YoY
Source: XBRL data from the D-Wave Quantum Inc. (QBTS) FY2025 10-K on SEC EDGAR. USD.
D-Wave Quantum Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Development and delivery of quantum computing systems, software, and services with dual-platform technology (annealing and gate-model)
- New product emphasis: Sixth-generation annealing quantum system Advantage2 and Leap quantum cloud service with 99.9% uptime availability
- Strategic shift: Full redemption and delisting of all Public Warrants and conversion of all Private Warrants to Public Warrants in 2025, eliminating warrant liabilities
- Quantitative highlight: Revenue $24.6M in 2025, up 178% from $8.8M in 2024; stockholders’ equity surged to $852.2M from $62.6M
- Noteworthy fact: Cash and cash equivalents grew to $635.3M in 2025 from $178.0M in 2024, driven by significant capital raises including $536.7M net ATM offerings and $202.9M from warrant exercises
Management Discussion & Analysis
- Revenue $24.6M in 2025, up 179% YoY from $8.8M; driven by $16.2M system sales, $0.8M professional services, offset by $1.2M QCaaS decline
- Operating loss widened to $100.4M in 2025 from $77.2M in 2024; net loss $355.1M vs $143.9M; operating margin approx. -408% vs -876% (implied)
- Best segment: System sales $16.2M growth; worst impacted: QCaaS revenue down by $1.2M
- Cash flows: Operating cash used $72.0M vs $42.6M; Investing cash outflow $251.1M vs $3.1M; Financing cash inflow $779.1M vs $182.5M from ATM equity offerings ($647M+), warrant exercises ($203M), no debt repayments
- Forward outlook: Continued R&D and sales & marketing expense growth; expect ongoing losses; risk from macroeconomic factors and fair value changes of warrants; corporate HQ relocation planned 2026
Risk Factors
- Regulatory/legal risk: Compliance with government funding regulations impacting use of government assistance for R&D, no specific law cited but ongoing government funding reliance noted
- Geopolitical/macro risk: Currency exchange exposure due to revenues in USD and expenses in Canadian dollars, creating risk from fluctuations in CAD/USD rates
- Operational/supply chain risk: Dependence on third-party suppliers for electronics and semiconductor components critical to manufacturing quantum computers
- Competitive/market risk: Potential competitive threat from classical computing advances outpacing quantum computing, impacting timing of quantum advantage
- Financial/structural risk: Accumulated deficit of $982M as of 12/31/2025 with net losses of $355.1M in fiscal 2025, reflecting ongoing significant operating losses
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