D-Wave Quantum Inc. (QBTS) FY2025 10-K Annual Report
D-Wave Quantum Inc. (QBTS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
D-Wave Quantum Inc. FY2025 10-K Analysis
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
D-Wave Quantum Inc. FY2025 Key Financial MetricsXBRL
Revenue
$25M
▲ +178.5% YoY
Net Income
-$355M
▼ -146.8% YoY
Gross Margin
82.6%
▲ +1957bp YoY
Operating Margin
-408.2%
▲ +46663bp YoY
Net Margin
-1444.1%
▲ +18588bp YoY
ROE
-41.7%
▲ +18801bp YoY
Total Assets
$916M
▲ +358.2% YoY
EPS (Diluted)
$-1.11
▼ -48.0% YoY
Operating Cash Flow
-$72M
▼ -68.8% YoY
Source: XBRL data from D-Wave Quantum Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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