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Dec 31, 2025
D-Wave Q4 2025 Earnings Report
D-Wave reported higher fourth quarter 2025 revenue, narrowing net loss, and significantly strengthened liquidity.
Key Takeaways
In Q4 2025, D-Wave increased revenue year over year while reducing net loss compared to the prior year period. Bookings surged sequentially, and the company ended the quarter with a record cash and marketable securities balance.
Revenue grew 19% year over year to 2752000.
Net loss narrowed to 42326000 from 86077000 in the prior year quarter.
Bookings reached 13400000, up 471% sequentially.
Ended the quarter with 635347000 in cash and cash equivalents and 884500000 in total liquidity.
Forward Guidance
Management highlighted strong momentum entering 2026 with significant year-to-date bookings and strategic expansion following the Quantum Circuits acquisition.
Positive Outlook
- Year-to-date 2026 bookings exceeded 32800000 as of February 25, 2026.
- Announced 20000000 system purchase from Florida Atlantic University.
- Signed 10000000 two-year enterprise QCaaS agreement with a Fortune 100 company.
- Expanded capabilities through Quantum Circuits acquisition.
- Record liquidity position entering 2026.
Challenges Ahead
- Adjusted EBITDA loss increased year over year.
- Operating expenses rose 69% year over year in Q4.
- Company remains in a net loss position.
- Gross margin declined sequentially on a Non-GAAP basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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