By Mackenzie Tatananni

D-Wave Quantum posted higher revenue in its latest third quarter and the stock was rising in premarket trading.

Revenue grew to $3.7 million from $1.8 million last year, marking a 100% increase. The number also was slightly higher than the $3.1 million reported in the second quarter.

CEO Alan Baratz highlighted the company's bookings, which represent customer orders that are expected to generate revenue in the future. D-Wave ended the quarter with bookings of $2.4 million, up 80% sequentially.

It can be difficult to benchmark D-Wave's performance. Numbers can whipsaw wildly between quarters. As a system sale delivers a large amount of revenue in one shot, this can result in so-called lumpiness, the phenomenon in which revenue arrives in large chunks at irregular times.

D-Wave's net loss in the period swelled to $140 million in the third quarter, compared with a year-earlier loss of $22.7 million.

Shares were up 1.7%. Peers IonQ and Rigetti Computing were up 4.7% and 1%, respectively.

D-Wave attributed the wider loss to over $120 million in non-cash, non-operating charges tied to the company's warrants, as well as realized losses stemming from warrant exercises.

The company raised $39.9 million in cash from the exercise of warrants in the third quarter. An additional $21.3 million was raised following the end of the quarter, D-Wave said.

Baratz pointed to the company's consolidated cash balance, which reached a "record" $836.2 million, up from the same period last year as well as last quarter.

The report came on the heels of announcements from industry peers IonQ and Quantinuum. Publicly-traded IonQ posted a narrower-than-expected loss on higher revenue after the bell Wednesday. Separately, Quantinuum announced the launch of Helios, its next-generation quantum computer.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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November 06, 2025 08:21 ET (13:21 GMT)

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