D-Wave Quantum Inc. (QBTS) shares soared 5.09% in pre-market trading on Thursday following the release of its impressive third-quarter fiscal 2025 results. The quantum computing systems company reported a 100% year-over-year increase in revenue and beat analyst expectations, signaling strong momentum in its business operations.

For the third quarter, D-Wave reported revenue of $3.7 million, doubling from $1.9 million in the same period last year and surpassing the consensus estimate of $3.03 million. The company's bookings for the quarter reached $2.4 million, up 80% from the previous quarter. D-Wave's customer base expanded to over 100 revenue-generating customers, including nearly two dozen Forbes Global 2000 companies. Notably, the company achieved its highest cash balance in history, exceeding $836 million.

Despite reporting a net loss of $139.99 million for the quarter, primarily due to non-cash warrant liability charges, D-Wave's core business showed significant improvement. The company's gross profit increased by 156% year-over-year to $2.7 million, with a gross margin of 71.4%. CEO Dr. Alan Baratz highlighted the company's success in accelerating global quantum computing adoption and delivering value to businesses, researchers, and governments. With ongoing expansion efforts, strategic partnerships, and the upcoming Qubits 2026 user conference, D-Wave appears well-positioned for continued growth in the quantum computing market.