D-Wave Reports Fourth Quarter and Year-End 2025 Results: Revenue Surges 179% Amid Strategic Evolution to Dual-Platform Provider

D-Wave Quantum Inc. has announced its financial results for the fourth quarter and fiscal year ended December 31, 2025. The company reported a transformative year characterized by triple-digit revenue growth and a significant expansion of its technology stack through the acquisition of gate-model expertise. The table below summarizes key GAAP financial metrics for Q4 2025 compared with the prior quarter (Q3 2025) and the year-ago quarter (Q4 2024).

Financial and Strategic Momentum

D-Wave’s fiscal year 2025 was marked by an annual revenue increase of 179% to $24.6 million, fueled largely by higher-margin quantum system sales. While Q4 revenue showed a sequential dip to $2.8 million following a strong Q3, the company reported continued forward-looking momentum. January 2026 alone generated over $30 million in Bookings, exceeding the total Bookings for the entire 2024 and 2025 fiscal years combined.

The company ended the year with its strongest liquidity position to date, holding $884.5 million in cash and marketable securities. This capital base has allowed D-Wave to aggressively pursue its dual-platform strategy, transitioning from an annealing-only provider to one capable of delivering error-corrected gate-model systems.

GAAP Net Loss for Q4 improved sequentially to ($42.3) million, as the company saw a relative decrease in non-cash charges related to warrant liability remeasurement compared to earlier periods. However, operating expenses rose 69% year-over-year to $36.6 million, reflecting intensified investment in R&D and the formation of a new dedicated U.S. government business unit.

Dual-Platform Strategy and Technical Breakthroughs

2025 was a year of fundamental technical expansion for D-Wave, highlighted by the integration of superconducting gate-model capabilities:

• Acquisition of Quantum Circuits, Inc. (QCi): D-Wave completed the acquisition of QCi, a pioneer in erasure-detecting dual-rail qubits. This technology allows for the identification of 90% of errors natively, potentially delivering logical qubits with an order of magnitude fewer physical qubits than competing architectures.

• Cryogenic Control Milestone: D-Wave demonstrated the first scalable, on-chip cryogenic control for gate-model qubits. By using multiplexed digital-to-analog converters, the company reduced the wiring requirements for tens of thousands of qubits down to just 200 control wires, a critical requirement for hardware scaling.

• Annealing Advancements: The company released several upgrades to its Advantage2™ system, including "multicolor annealing" for complex materials simulation and "fast-reverse anneal" to maintain coherence during iterative optimization tasks.

• Defense Collaboration: A collaboration with Davidson Technologies and Anduril Industries yielded a hybrid quantum-classical application for missile defense. Simulations showed D-Wave’s Stride™ solver delivered 10x faster solutions and improved threat mitigation by 12% over classical methods.

Operational Shifts and 2026 Outlook

D-Wave is undergoing a significant corporate relocation, selecting Boca Raton, Florida, as the site of its new corporate headquarters and a primary R&D facility. The move from Palo Alto is expected to be completed by the end of 2026.

The company enters 2026 with a robust pipeline, including a $20 million system purchase by Florida Atlantic University and a $10 million enterprise license agreement with a Fortune 100 company. The company also highlighted its work with Davidson Technology and Anduril Industries to develop hybrid quantum-classical applications for complex U.S. air and missile defense planning challenges. D-Wave remains focused on commercializing its annealing systems for immediate optimization challenges while accelerating its roadmap toward scaled, error-corrected gate-model systems.

The full press release for D-Wave’s Q4 and Full Year 2025 results can be found here, the February 2026 investor update presentation is available here, and D-Wave's 10-K filing with the SEC can be accessed here.

February 27, 2026