D-Wave said FY 2025 revenue was USD 24.6 million (up 179%) and bookings were USD 18.7 million (down 22%). GAAP gross profit was USD 20.3 million (up 265%) with GAAP gross margin of 82.6%, while GAAP operating expenses were USD 120.7 million (up 46%). FY 2025 net loss was USD 355.1 million, and adjusted net loss was USD 84.5 million; the company said the net loss was primarily driven by USD 270.5 million in non-cash, non-operating charges tied to remeasurement of warrant liabilities. Cash and marketable investment securities totaled USD 884.5 million at December 31, 2025. For Q4 2025, D-Wave reported revenue of USD 2.8 million (up 19%) and bookings of USD 13.4 million (up 471% vs. Q3 2025). Q4 GAAP gross margin was 64.8%, and Q4 net loss was USD 42.3 million; adjusted net loss was USD 31.8 million. Business updates included completion of the Quantum Circuits acquisition to expand its gate-model platform, a EUR 10 million booking for 50% capacity of an Advantage2 annealing system for a facility in Lombardy, Italy, and post-quarter agreements including a USD 20 million Advantage2 system purchase by Florida Atlantic University (deployment expected by end of 2026) and a USD 10 million, two-year QCaaS enterprise license with a Fortune 100 company. D-Wave said as of February 25, 2026, Q1 2026 YTD bookings exceeded USD 32.8 million, and it also announced a planned headquarters move to Boca Raton, Florida by end of 2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. D-Wave Quantum Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20260226778591) on February 26, 2026, and is solely responsible for the information contained therein.