What Happened?
On , D-Wave Quantum announced its financial results for the Q2 2025 quarter ending June 30, 2025. See its press release for the full details.
TL;DR
- After a surprisingly strong Q1, revenue fell back to earth, dropping over 79% since last quarter. Yes, it was up almost 42% year-over-year, but 42% of a small number is still a small number, especially for a company founded 26 years ago.
- Like their main public small quantum competitors, Rigetti Computing and IonQ, D-Wave sold stock on the market, increasing its total assets above $800 M. Great to have all that cash, but it must lead to real revenue.
- Unlike IonQ, there have been no major senior leadership changes in the company.
The Numbers
The Net Loss and Diluted Loss Per Share numbers vary from quarter to quarter due to warrants and a higher stock price compared to a year ago. See “Sutor Group Earnings Brief: Rigetti Computing Announces Financial Results for Q4 2024 and FY 2024” for a discussion of derivative warrant liabilities.
D-Wave Quantum GAAP Quarterly Financial Results
| Q2 2025 | Q1 2025 | Q/Q | Q2 2024 | Y/Y | |
|---|---|---|---|---|---|
| Revenue ($M) | 3.095 | 15.001 | ↓ 79.4 % | 2.183 | ↑ 41.8 % |
| Operating Expenses ($M) | 28.478 | 25.168 | ↑ 13.2 % | 20.227 | ↑ 40.8 % |
| Research & Development ($M) | 12.694 | 10.288 | ↑ 23.4 % | 8.355 | ↑ 51.9 % |
| Net Income (Loss) ($M) | (167.329) | (5.421) | ↑ 2986.7 % | (17.778) | ↑ 841.2 % |
| Diluted Earnings (Loss) Per Share ($) | (0.55) | (0.02) | ↑ 2650.0 % | (0.10) | ↑ 450.0 % |
| Total Assets ($M) | 819.312 | 325.600 | ↑ 151.6 % | 61.811 | ↑ 1225.5 % |
The Charts
Except last quarter, D-Wave’s revenue has been between $2M and $3M for the previous 8 quarters. They surpassed the upper number this quarter, but just barely, and Q1 looks like a fluke rather than a trend.
Operating expenses increased, in part, because of personnel costs and non-cash stock-based compensation. Does this establish a new base for the quarterly expenses? R&D increased, which is essential in a competitive market, mainly when virtually everyone else in the “quantum” and “computing” industry uses a different technology.
D-Wave must prove every day why it is better than its ~84 hardware competitors. This is not apparent from revenue, but there are clearly stock market investors who see long-term financial value and helped raise the company’s cash asset position.
Additional Thoughts
There are many reasons why people invest in a company. Some may be purely financial, to get a good return. Perhaps the company’s work will lead to solutions important to industry and society, and those appeal to investors. As you consider announcements and earnings reports, make sure you separate the financial status of a company as an investment from the fundamental question of whether its technology will succeed and is better than competitive offerings. Stock price does not imply a great technology, nor does great technology ensure that it will be a winner among users. Insert your usual saying about VHS and Betamax.
Company Profile
Company
D-Wave Quantum (QBTS)
Contact Email: sales@dwavesys.com
Contact Phone: +16046301428
Year Founded
1999
Headquarters
3033 Beta Avenue, Burnaby, British Columbia, V5G 4M9, Canada
Company Description
Generated with the aid of Perplexity on July 7, 2025
D-Wave Quantum is a public company specializing in the development and delivery of quantum annealing systems, software, and services. The company offers cloud-based quantum annealing platforms and software development kits to enable application development on its quantum systems. D-Wave serves industries such as manufacturing, logistics, financial services, life sciences, and artificial intelligence by providing quantum annealing solutions tailored to their computational challenges. Its quantum annealers are among the largest commercially available and are used by over 100 organizations worldwide.
Senior Leadership
 | Alan Baratz | Chief Executive Officer |
 | John Markovich | Chief Financial Officer |
 | Lorenzo Martinelli | Chief Revenue Officer |
 | Trevor Lanting | Chief Development Officer |
 | Sophie Ames | Chief Human Resources Officer |
 | Diane Thi Dong Quan Nguyen | General Counsel |
 | Michelle Maggs | Senior Vice President, Marketing |
 | Allison Schwartz | Vice President of Global Government Relations and Public Affairs |
Previous Earnings Briefs
- May 9, 2025 – Sutor Group Earnings Brief: D-Wave Quantum Announces Financial Results for Q1 2025
- March 14, 2025 – Sutor Group Earnings Brief: D-Wave Quantum Announces Financial Results for Q4 2024 and FY 2024
- November 21, 2024 – The Futurum Group – Quantum in Context: D-Wave, IonQ, and Rigetti 3Q2024 Financial Results
- August 13, 2024 – The Futurum Group – D-Wave Reports Second Quarter 2024 Results
Selected Recent Press Releases and Blog Posts
- August 7, 2025 – D-Wave Reports Second Quarter 2025 Results
- August 4, 2025 – D-Wave Introduces New Developer Tools to Advance Quantum AI Exploration and Innovation
- July 30, 2025 – D-Wave Quantum Announces Strategic Development Initiative for Advanced Cryogenic Packaging
- July 1, 2025 – D-Wave Announces Successful Completion of $400 Million At-the-Market Equity Offering
- April 23, 2025 – D-Wave and Davidson Technologies Near Installation Completion of Alabama’s First On-Site Annealing Quantum Computer
- March 31, 2025 – Japan Tobacco and D-Wave Announce Quantum Proof-of-Concept Outperforms Classical Results for LLM Training in Drug Discovery
- March 31, 2025 – In Production: Ford Otosan Deploys Vehicle Manufacturing Application Built with D-Wave Technology
- March 31, 2025 – D-Wave Highlights Quantum Optimization Customer Growth and Introduces Expanded Offering to Accelerate Adoption and Deployment
- March 20, 2025 – D-Wave Introduces Quantum Blockchain Architecture, Featuring Enhanced Security and Efficiency over Classical Computing
- March 12, 2025 – Beyond Classical: D-Wave First to Demonstrate Quantum Supremacy on Useful, Real-World Problem
- February 18, 2025 – D-Wave and Staque Announce New Hybrid-Quantum Application for Optimization of Autonomous Agriculture Vehicle Movements
- February 13, 2025 – Forschungszentrum Jülich Purchases D-Wave™ Quantum Computer, Becoming First High-Performance Computing Center in the World to Own D-Wave’s Advantage™ System
- February 5, 2025 – D-Wave Announces Qubits 2025 Quantum Computing User Conference
- February 3, 2025 – D-Wave Launches “Quantum Realized” Brand Campaign to Illustrate Benefits of Today’s Quantum Computing
- January 23, 2025 – D-Wave Announces Successful Completion of $150 Million At-the-Market Equity Offering
Copyright, Notices, Disclosures, Disclaimers, and Licenses
Please see the statements on our website for the important legal notices, including copyright information, disclosures, licensing terms, and disclaimers, which govern the use, distribution, and interpretation of this work.
