D-Wave has announced its Q2 and first-half 2025 financial results. The table below summarizes key financial metrics for Q2 2025, with comparisons to the prior quarter (Q1 2025) and the year-ago quarter (Q2 2024).
| Amounts in $M | Q2’2025 | Q1’2025 | Q2’2024 | % vs Q1’2025 | % vs Q2’2024 |
| Revenue | $3.1 | $15.0 | $2.2 | -79.3% | +40.9% |
| Operating Expenses | $28.5 | $25.2 | $20.2 | +13.1% | +41.1% |
| Operating Loss | ($26.5) | ($11.3) | ($18.8) | +134.5% | +40.9% |
| Net Loss | ($167.3) | ($5.4) | ($17.8) | +2998.1% | +840.4% |
| Cash and Cash Equivalents | $819.3 | $304.3 | $40.9 | +169.2% | +1902.9% |
Financial and Business Overview
D-Wave’s Q2 2025 results show an increase in revenue on a year-over-year basis, but a sequential decline. The company reported revenue of $3.1 million, a 40.9% increase from Q2 2024, but a 79.3% drop from Q1 2025’s record revenue. The Q1 2025 revenue included a high-margin system sale to the Jülich Supercomputing Centre, which distorted the comparison. Bookings for Q2 were $1.3 million, a 92% increase from the prior year, suggest a positive trend in customer demand despite the quarterly revenue volatility.
Operating expenses rose to $28.5 million, a 41.1% increase from Q2 2024. This was primarily driven by increases in personnel costs, non-cash stock-based compensation, and fabrication activities as the company invests in its growth. The net loss for the quarter widened to ($167.3) million. This was primarily due to a $142.0 million non-cash charge related to the remeasurement of warrant liabilities, which materially increased as a result of the company’s share price appreciation.
A major highlight for the quarter was D-Wave’s liquidity position. The company successfully completed a $400 million at-the-market (ATM) equity offering, bringing its consolidated cash balance to a record $819.3 million as of June 30, 2025. This provides the company with a runway for future R&D and strategic initiatives.
Technical and Commercial Developments
- Advantage2 Quantum Computer: D-Wave announced the general availability of its sixth-generation Advantage2 system. The system features increased connectivity, reduced noise, and greater coherence, aiming to provide faster and higher-quality solutions for complex problems in optimization, materials simulation, and AI.
- Cryogenic Packaging Initiative: The company launched a new strategic development initiative focused on advanced cryogenic packaging. This effort is designed to scale both annealing and gate-model processors, building on D-Wave’s superconducting technology leadership. The goal is to accelerate its product roadmap toward 100,000 qubits.
- Quantum AI Tools: D-Wave released a new collection of offerings for quantum artificial intelligence and machine learning, including an open-source toolkit that integrates quantum computers into modern ML architectures.
- South Korea Partnership: The company signed a memorandum of understanding (MOU) with Yonsei University and Incheon Metropolitan City. The agreement focuses on talent development, mutual research, and a path toward the acquisition of a D-Wave Advantage2 system at the university.
- Customer Engagements: D-Wave announced new and renewed customer engagements with several prominent organizations, including E.ON, GE Vernova, the National Quantum Computing Centre (NQCC) in the UK, Nikon, and NTT Data.
Outlook
For the full year 2025, D-Wave reaffirmed its focus on delivering long-term value through its technological and commercial roadmaps, with a strengthened balance sheet to support these efforts.
GQI’s View
We remain disappointed in the lack of transparency on D-Wave’s gate model architecture strategy and progress. While D-Wave’s commercial success, though modest, is undisputable, simple optimization problems do present a limited market, especially in competition with ever improving classical solutions.
Their robust business and financial position, after years of volatility, is a logical consequence of their industry leading efforts in quantum annealing.
D-Wave is to be congratulated for having built the largest customer base in quantum computing and we are eager to see how they are able to leverage this beyond annealing.The press release can be found here.
August 7, 2025
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