D-Wave Quantum Inc. has announced its Q3 2025 financial results, demonstrating significant year-over-year revenue growth and a strengthened balance sheet. The company also secured a major international capacity deal for its latest system. The table below summarizes key financial metrics for Q3 2025, with comparisons to the prior quarter (Q2 2025) and the year-ago quarter (Q3 2024).
| Amounts in $M | Q3’2025 | Q2’2025 | Q3’2024 | % vs Q2’2025 | % vs Q3’2024 |
| Revenue | $3.7 | $3.1 | $1.9 | 20.6% | 99.9% |
| Operating Expenses | $30.4 | $28.5 | $21.7 | 6.7% | 40.3% |
| Operating Loss | ($27.7) | ($26.5) | ($20.6) | 4.7% | 34.4% |
| Net Loss | ($140.0) | ($167.3) | ($22.7) | -16.3% | 516.4% |
| Cash, Cash Equivalents, and Investments | $836.2 | $819.3 | $29.3 | 2.1% | 2754.0% |
Financial and Business Overview
D-Wave’s Q3 2025 results show substantial growth in core business metrics. Revenue reached $3.7 million, marking a nearly 100% increase year-over-year and a solid 20.6% sequential increase, indicating stabilization following the large system sale recorded in Q1 2025. GAAP Gross Profit rose 156% year-over-year, reaching $2.7 million, with Gross Margin improving to 71.4% (up from 55.8% in Q3 2024).
Operating expenses continued to climb, increasing 6.7% sequentially to $30.4 million. This growth is attributed to personnel costs and increases in fabrication expenses, stemming from strategic investments in R&D and expansion.
The Net Loss of ($140.0) million was primarily driven by a $121.9 million non-cash charge related to the remeasurement of the company’s warrant liability. Excluding these volatile charges, the Adjusted Net Loss improved by $5.1 million year-over-year. The Adjusted EBITDA Loss widened to ($20.6) million due to increased operational expenditures offset partially by strong gross profit growth.
The company’s liquidity position remains exceptionally strong. Cash reserves grew to a record $836.2 million, representing a massive increase of over 2,700% from the prior year, primarily due to successful equity offerings and warrant exercises completed earlier in 2025. This capital provides a robust runway for technology development.
Technical and Commercial Developments
- Major International Booking: D-Wave announced a fourth-quarter €10 million booking for 50% capacity of an Advantage2™ annealing quantum computer in Lombardy, Italy. This strategic agreement supports the development of a state-of-the-art research facility and includes an option to purchase the full system, establishing a major presence in Southern Europe.
- Advantage2 Deployment: The Advantage2™ system installed at Davidson Technologies in Huntsville, Alabama, has been calibrated and is now operational for U.S. government customers, particularly focusing on national defense applications.
- Gate Model Progress: D-Wave completed the fabrication and bonding of fluxonium qubit chips and superconducting control chips, aiming to demonstrate the first scalable gate model system with cryogenic control.
- Customer & Use Case Expansion: The company signed new and renewed engagements with organizations across key verticals, including Japan Tobacco (pharmaceutical division), SkyWater (semiconductor foundry), Yapi Kredi (banking), and a large U.S. international airline. Collaborative proofs-of-technology included BASF (optimizing manufacturing workflows) and North Wales Police (optimizing vehicle deployment).
- Market Leadership: D-Wave was named a winner in Fast Company’s 2025 Next Big Things in Tech Awards, recognizing the immediate commercial utility of its 4,400+ qubit Advantage2™ system.
Outlook and Resources
D-Wave concluded the quarter with strong momentum across financial and technical fronts, leveraging its significant cash balance to accelerate its ambitious roadmap towards larger, more performant systems (both annealing and gate-model).
The press release from D-Wave announcing its Q3 2025 financial results can be found here.
November 6, 2025