Q3 and YTD Revenue up 100% and 235% Year over Year Respectively
Q3 and YTD GAAP Gross Profit up 156% and 353% Year over Year Respectively
Highest Cash Balance in Company's History at over $836 Million
PALO ALTO, Calif.--(BUSINESS WIRE)--November 06, 2025--
D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company"), a leader in commercial quantum computing systems, software, and services, today announced financial results for its third fiscal quarter ended September 30, 2025.
"Our strong third quarter results reflect the momentum we see building across every aspect of our business, with key metrics, including revenue, gross profit, bookings and cash balance, clearly indicating D-Wave's success in accelerating global quantum computing adoption," said Dr. Alan Baratz, CEO of D-Wave. "The world is watching quantum, and specifically D-Wave, as we deliver quantum computing's value to businesses, researchers and governments now, while advancing the technology for even greater impact and scale in the future."
Recent Business and Technical Highlights
-- Announced revenue of $3.7 million for the third quarter of fiscal 2025.
This is an increase of $1.8 million, or 100%, from revenue of $1.9
million for the third quarter of fiscal 2024.
-- Closed Bookings of $2.4 million for the third quarter of fiscal 2025, up
80% from the immediately preceding second quarter Bookings of $1.3
million.
-- Announced a fourth quarter 2025 booking of EUR10 million for 50% capacity
of a D-Wave Advantage2$(TM)$ annealing quantum computer that supports the
development of a state-of-the-art quantum computing and research facility
in Lombardy, Italy. In partnership with the Italian government and the
Q-Alliance, the agreement includes acquisition of 50% capacity of an
Advantage2(TM) system for five years with the option to purchase the full
system. In addition, D-Wave started a series of workshops in Italy to
advance annealing quantum computing awareness and adoption among leading
universities in the region.
-- Signed a number of new and renewing customer engagements for both
commercial and research applications, including: one of the largest
U.S.-based international airlines; SkyWater -- the nation's largest
pure-play semiconductor foundry; the pharmaceutical division of Japan
Tobacco; Yapi Kredi -- one of the leading banks in Turkey; Korea Quantum
Computing -- a company specializing in quantum computing R&D, quantum
security solutions and AI infrastructure in Korea; and a number of major
universities around the globe.
-- Collaborated with customers on a variety of quantum hybrid applications,
including BASF, one of the world's leading chemical companies, to
optimize manufacturing workflows in a BASF liquid filling facility.
D-Wave also successfully completed a joint proof-of-technology with North
Wales Police, demonstrating positive results for optimizing forward
deployment of police vehicles for incident response.
-- Named as a winner in Fast Company's 2025 Next Big Things in Tech Awards,
which recognizes emerging technologies that have the potential to
profoundly impact industries. D-Wave was acknowledged for "showing what
quantum computing can do right now" and its powerful and energy-efficient
4,400+ qubit Advantage2(TM) quantum computer was highlighted.
-- Completed the fabrication of fluxonium qubit chips and superconducting
control chips, and are currently bonding the two to demonstrate scalable
control of gate model qubits. D-Wave expects this work will enable the
first ever scalable gate model system with cryogenic control.
-- Announced that calibration of the Advantage2(TM) system installed at
Davidson Technologies in Huntsville, Alabama is now complete, and that
the system is now operational and accessible for customer use. The system
is expected to enable development of quantum applications tailored to
address U.S. government mission critical challenges, particularly in
national defense.
-- Hosted the first ever Qubits Japan 2025 quantum computing conference in
Tokyo, a highly-attended event including representatives from many of the
leading companies in Japan. In addition to D-Wave's CEO Dr. Alan Baratz
and Chief Development Officer Dr. Trevor Lanting, speakers included
Hidetoshi Nishimori, professor emeritus at the Institute of Science Tokyo,
widely considered the father of annealing quantum technology, as well as
representatives from Japan Tobacco Inc., NTT DOCOMO Inc. and Tohoku
University.
-- Expanded global awareness of the Company's commercial-grade quantum
computing technology and impactful customer success stories at a series
of high-profile U.S. and international industry events including: Quantum
World Congress; SEMICON Taiwan; FintechNation 25; Finnish Quantum Days
2025; Quantum Beach; Digital Innovation Forum: ComoLake2025; and LA Tech
Week.
-- Expanded the executive leadership team with the hiring of industry
veteran Stan Black as the Company's chief information security officer
$(CISO)$.
-- Announced that Qubits 2026, D-Wave's highly-anticipated annual quantum
computing user conference, will take place on January 27-28, 2026 in Boca
Raton, FL.
Third Quarter Fiscal 2025 Financial Highlights
-- Revenue: Revenue for the third quarter of fiscal 2025 was $3.7 million,
an increase of $1.8 million, or 100%, from the fiscal 2024 third quarter
revenue of $1.9 million, and an increase of $0.6 million, or 20.8%, from
the immediately preceding fiscal 2025 second quarter revenue of $3.1
million.
-- Bookings1: Bookings for the third quarter of fiscal 2025 were $2.4
million, an increase of $0.1 million, or 3%, from the fiscal 2024 third
quarter Bookings of $2.3 million, and an increase of $1.1 million, or 80%,
from the immediately preceding fiscal 2025 second quarter Bookings of
$1.3 million. Subsequent to the end of the third quarter, the Company has
closed over $12 million in additional Bookings.
-- Customers: For the most recent four quarters, D-Wave had in excess of 100
revenue generating customers including nearly two dozen Forbes Global
2000 companies.
-- GAAP Gross Profit: GAAP gross profit for the third quarter of fiscal 2025
was $2.7 million, an increase of $1.7 million, or 156%, from the fiscal
2024 third quarter GAAP gross profit of $1.0 million, and an increase of
$0.7 million, or 35%, from the immediately preceding fiscal 2025 second
quarter GAAP gross profit of $2.0 million, with the increase due
primarily to the growth in revenue.
-- GAAP Gross Margin: GAAP gross margin for the third quarter of fiscal 2025
was 71.4%, an increase of 15.6% from the fiscal 2024 third quarter GAAP
gross margin of 55.8%, and an increase of 7.6% from the immediately
preceding fiscal 2025 second quarter GAAP gross margin of 63.8% with the
increase primarily due to the upgrade of the previously announced
Jülich Supercomputing Centre Advantage system to an Advantage2(TM)
processor during the three months ended September 30, 2025.
-- Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the third quarter of
fiscal 2025 was $2.9 million, an increase of $1.6 million, or 131%, from
the fiscal 2024 third quarter Non-GAAP Gross Profit of $1.3 million. The
difference between GAAP and Non-GAAP Gross Profit is limited to non-cash
stock-based compensation, and depreciation and amortization expenses that
are excluded from the Non-GAAP Gross Profit.
-- Non-GAAP Gross Margin2: Non-GAAP Gross Margin for the third quarter of
fiscal 2025 was 77.7%, an increase of 10.5% from the fiscal 2024 third
quarter Non-GAAP Gross Margin of 67.2%. The difference between GAAP and
Non-GAAP Gross Margin is limited to non-cash stock-based compensation and
depreciation and amortization expenses that are excluded from the
Non-GAAP Gross Margin.
-- GAAP Operating Expenses: GAAP Operating Expenses for the third quarter of
fiscal 2025 were $30.4 million, an increase of $8.7 million, or 40%, from
the fiscal 2024 third quarter GAAP Operating Expenses of $21.7 million
with the increase driven primarily by increases of $4.1 million in
personnel costs, $2.9 million in fabrication costs and $2.3 million in
non-cash stock-based compensation. The increased operating expenses stem
from incremental investments to support the Company's continued growth
and expansion.
-- Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating
Expenses for the third quarter of fiscal 2025 were $23.5 million, an
increase of $8.4 million, or 56% from the fiscal 2024 third quarter
Non-GAAP Adjusted Operating Expenses of $15.1 million, with the
difference between GAAP and Non-GAAP Adjusted Operating Expenses being
primarily non-cash stock-based compensation expense, depreciation and
amortization, and non-recurring one-time expenses.
-- Net Loss: Net loss for the third quarter of fiscal 2025 was $140.0
million, or $0.41 per share, an increase of $117.3 million, or $0.30 per
share, from the fiscal 2024 third quarter net loss of $22.7 million, or
$0.11 per share. The increase was primarily due to $121.9 million in
non-cash, non-operating charges related to the remeasurement of the
Company's warrant liability, as well as realized losses stemming from
warrant exercises, that materially increased as a result of the
significant price appreciation of the Company's warrants.
-- Adjusted Net Loss2: Adjusted Net Loss for the third quarter of fiscal
2025 was $18.1 million, or $0.05 per share, a decrease of $5.1 million,
and a decrease of $0.07 per share, from the fiscal 2024 third quarter
Adjusted Net Loss of $23.2 million, or $0.12 per share, with the
difference between Net Loss and Adjusted Net Loss being non-cash,
non-operating warrant remeasurement related charges.
-- Adjusted EBITDA Loss2: Adjusted EBITDA Loss for the third quarter of
fiscal 2025 was $20.6 million, an increase of $6.8 million, or 49%, from
the fiscal 2024 third quarter Adjusted EBITDA Loss of $13.8 million with
the increase due primarily to higher operating expenses, partly offset by
higher gross profit.
Financial Results for the First Nine Months of Fiscal Year 2025
-- Revenue: Revenue for the nine months ended September 30, 2025 was $21.8
million, an increase of $15.3 million, or 235%, from revenue of $6.5
million for the nine months ended September 30, 2024.
-- Bookings1: Bookings for the nine months ended September 30, 2025 were
$5.3 million, a decrease of $0.3 million, or 7%, from Bookings of $5.6
million for the nine months ended September 30, 2024.
-- GAAP Gross Profit: GAAP gross profit for the nine months ended September
30, 2025 was $18.5 million, an increase of $14.4 million, or 353%, from
$4.1 million in GAAP gross profit for the nine months ended September 30,
2024, with the increase due primarily to a higher margin quantum computer
system sale during the nine months ended September 30, 2025.
-- GAAP Gross Margin: GAAP gross margin for the nine months ended September
30, 2025 was 84.8%, an increase of 22.1% from the 62.7% GAAP gross margin
for the nine months ended September 30, 2024, with the increase due
primarily to a higher margin quantum computer system sale during the nine
months ended September 30, 2025.
-- Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the nine months ended
September 30, 2025 was $19.2 million, an increase of $14.5 million, or
304%, from the Non-GAAP Gross Profit of $4.7 million for the nine months
ended September 30, 2024. The difference between GAAP and Non-GAAP Gross
Profit is limited to non-cash stock-based compensation and depreciation
and amortization expenses that are excluded from the Non-GAAP Gross
Profit.
-- Non-GAAP Gross Margin2: Non-GAAP Gross Margin for the nine months ended
September 30, 2025 was 87.8%, an increase of 15.1% from the 72.7%
Non-GAAP Gross Margin for the nine months ended September 30, 2024. The
difference between GAAP and Non-GAAP Gross Margin is limited to non-cash
stock-based compensation and depreciation and amortization expenses that
are excluded from the Non-GAAP Gross Margin.
-- GAAP Operating Expenses: GAAP Operating Expenses for the nine months
ended September 30, 2025 were $84.1 million, an increase of $23.0 million,
or 38%, from GAAP Operating Expenses of $61.1 million for the nine months
ended September 30, 2024, with the year-over-year increase primarily
driven by increases of $10.7 million in salaries and related personnel
costs, 78% of which relates to increases in Sales & Marketing and
Research & Development personnel; $5.3 million in non-cash stock-based
compensation, $4.9 million in fabrication costs, $1.9 million in
marketing expenses and $1.1 million in third party professional services.
The increased operating expenses stem from incremental investments to
support the Company's continued growth and expansion.
-- Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating
Expenses for the nine months ended September 30, 2025 were $65.9 million,
an increase of $20.5 million, or 45%, from Non-GAAP Adjusted Operating
Expenses of $45.4 million for the nine months ended September 30, 2024,
with the difference between GAAP and Non-GAAP Operating Expenses being
primarily non-cash stock-based compensation expense, depreciation and
amortization expense, and non-recurring one-time expenses.
-- Net Loss: Net loss for the nine months ended September 30, 2025 was
$312.7 million, or $1.01 per share, an increase of $254.9 million, or
$0.69 per share, compared with a net loss of $57.8 million, or $0.32 per
share for the nine months ended September 30, 2024. The increase was
primarily due to $260.0 million in non-cash, non-operating charges
related to the remeasurement of the Company's warrant liability, as well
as realized losses stemming from warrant exercises.
-- Adjusted Net Loss2: Adjusted Net Loss for the nine months ended September
30, 2025 was $52.8 million, or $0.17 per share, a decrease of $5.1
million, or $0.15 per share, when compared with the Adjusted Net Loss of
$57.8 million, or $0.32 per share for the nine months ended September 30,
2024, with the difference between Net Loss and Adjusted Net Loss being
non-cash, non-operating warrant remeasurement related charges.
-- Adjusted EBITDA Loss2: Adjusted EBITDA Loss for the nine months ended
September 30, 2025 was $46.7 million, an increase of $6.1 million, or 15%,
from the Adjusted EBITDA Loss of $40.6 million for the nine months ended
September 30, 2024, with the increase due primarily to higher operating
expenses, partly offset by higher gross profit.
(1) "Bookings" is an operating metric that is defined as customer orders
received that are expected to generate net revenues in the future. We present
the operational metric of Bookings because it reflects customers' demand for
our products and services and to assist readers in analyzing our potential
performance in future periods.
(2) "Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted
Operating Expenses", "Adjusted Net Loss", "Adjusted Net Loss per Share" and
"Adjusted EBITDA Loss", are non-GAAP financial measures or metrics. Please see
the discussion in the section "Non-GAAP Financial Measures" and the
reconciliations included at the end of this press release.
Balance Sheet and Liquidity
As of September 30, 2025, D-Wave's consolidated cash balance totaled a record $836.2 million, representing an over 2700% increase from the fiscal 2024 third quarter consolidated cash balance of $29.3 million, and a 2% increase from the immediately prior fiscal 2025 second quarter consolidated cash balance of $819.3 million.
During the third quarter of fiscal 2025, the Company raised $39.9 million in cash proceeds from the exercise of warrants. Subsequent to the end of the third quarter and through November 4, 2025, the Company raised an additional $21.3 million in cash proceeds from the exercise of warrants.
Earnings Conference Call
D-Wave will host a conference call on Thursday, November 6, 2025, at 8:00 a.m. (Eastern Time), to discuss the Company's financial results and business outlook. The live dial-in number is 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Participants can use those dial-in numbers or can click this link for instant telephone access to the event. The link will be made active 15 minutes prior to the call's scheduled start time, and the passcode is 3836181. An on-demand webcast will be available on the D-Wave Investor Relations website after the call. Participating in the call will be Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world's first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our quantum computers -- the world's largest -- feature QPUs with sub-second response times and can be deployed on-premises or accessed through our quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our quantum systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we're shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
-- Non-GAAP Gross Profit is defined as GAAP gross profit less depreciation
and amortization expense and non-cash stock-based compensation expense.
We use Non-GAAP Gross Profit to measure, understand and evaluate our core
operating performance and trends and to develop short-term and long-term
operating plans.
-- Non-GAAP Gross Margin is defined as GAAP gross margin less non-cash
stock-based compensation expense. We use Non-GAAP Gross Margin to measure,
understand and evaluate our core business performance.
-- Adjusted EBITDA Loss is defined as net loss before interest expense,
depreciation and amortization expense, stock-based compensation,
remeasurements of liability-classified warrants, and other non-operating
or non-recurring income and expenses. We use Adjusted EBITDA Loss to
measure the operating performance of our business, excluding specifically
identified items that we do not believe directly reflect our core
operations and may not be indicative of our recurring operations.
-- Adjusted Net Loss and Adjusted Net Loss per Share are defined as net loss
and net loss per share excluding the impact of the non-cash,
non-operating charges associated with the remeasurement of the Company's
warrant liability.
-- Non-GAAP Adjusted Operating Expenses is defined as operating expenses
before depreciation and amortization expense, non-operating or
non-recurring expenses and non-cash stock-based compensation expense. We
use Non-GAAP Adjusted Operating Expenses to measure our operating
expenses, excluding items we do not believe directly reflect our core
operations.
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
(In thousands, except share and per
share data) 2025 2024
---------- ---------
Assets
Current assets:
Cash and cash equivalents $ 836,231 $ 177,980
Trade accounts receivable, net of
allowance for doubtful accounts of
$1 and $176 1,927 1,420
Inventories 2,831 1,686
Prepaid expenses and other current
assets 7,150 3,954
---------- ---------
Total current assets 848,139 185,040
---------- ---------
Property and equipment, net 5,608 4,133
Operating lease right-of-use assets 6,716 7,261
Intangible assets, net 803 490
Other non-current assets, net 4,554 2,929
---------- ---------
Total assets $ 865,820 $ 199,853
========== =========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 992 $ 815
Accrued expenses and other current
liabilities 9,496 8,784
Current portion of operating lease
liabilities 1,491 1,512
Loans payable, net, current 144 348
Deferred revenue, current 3,389 18,686
---------- ---------
Total current liabilities 15,512 30,145
---------- ---------
Warrant liabilities 140,970 69,875
Operating lease liabilities, net of
current portion 6,101 6,389
Loans payable, net, non-current 32,054 30,128
Deferred revenue, non-current 629 670
---------- ---------
Total liabilities $ 195,266 $ 137,207
---------- ---------
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001 per
share; 675,000,000 shares
authorized at both September 30,
2025 and December 31, 2024;
345,971,195 shares and 266,595,867
shares issued and outstanding as of
September 30, 2025 and December 31,
2024, respectively. 34 27
Additional paid-in capital 1,619,322 700,069
Accumulated deficit (939,676) (626,940)
Accumulated other comprehensive loss (9,126) (10,510)
---------- ---------
Total stockholders' equity 670,554 62,646
---------- ---------
Total liabilities and
stockholders' equity $ 865,820 $ 199,853
========== =========
D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended September Nine Months Ended September
30, 30,
---------------------------- ------------------------------
(In thousands,
except share and
per share data) 2025 2024 2025 2024
----------- ----------- ----------- -----------
Revenue $ 3,739 $ 1,870 $ 21,835 $ 6,518
Cost of revenue 1,070 827 3,313 2,428
----------- ----------- ----------- -----------
Total gross
profit 2,669 1,043 18,522 4,090
Operating
expenses:
Research and
development 14,075 8,668 37,057 25,548
General and
administrative 9,383 9,259 26,491 24,296
Sales and
marketing 6,947 3,752 20,503 11,237
----------- ----------- ----------- -----------
Total
operating
expenses 30,405 21,679 84,051 61,081
----------- ----------- ----------- -----------
Loss from
operations (27,736) (20,636) (65,529) (56,991)
Other income
(expense), net:
Interest
expense (201) (1,180) (633) (3,480)
Change in fair
value of Term
Loan -- (1,559) -- (635)
Gain (loss) on
investment in
marketable
securities 850 (8) 850 1,495
Change in fair
value of
warrant
liabilities (121,859) 476 (259,964) 19
Other income,
net 8,960 195 12,540 1,790
----------- ----------- ----------- -----------
Total other
income
(expense),
net (112,250) (2,076) (247,207) (811)
----------- ----------- ----------- -----------
Net loss $ (139,986) $ (22,712) $ (312,736) $ (57,802)
=========== =========== =========== ===========
Net loss per
share, basic and
diluted $ (0.41) $ (0.11) $ (1.01) $ (0.32)
=========== =========== =========== ===========
Weighted-average
shares used in
computing net
loss per share,
basic and
diluted 342,204,831 201,585,533 310,509,005 178,406,948
=========== =========== =========== ===========
Comprehensive
loss:
Net loss $ (139,986) $ (22,712) $ (312,736) $ (57,802)
Foreign currency
translation
adjustment 99 (151) 1,384 (82)
----------- ----------- ----------- -----------
Net comprehensive
loss $ (139,887) $ (22,863) $ (311,352) $ (57,884)
=========== =========== =========== ===========
D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
---------------------------------------
(in thousands) 2025 2024
-------------- -----------
Cash flows from operating
activities:
Net loss $ (312,736) $ (57,802)
Adjustments to reconcile net
loss to cash used in operating
activities:
Depreciation and
amortization 1,083 793
Stock-based compensation 17,119 11,784
Amortization of operating
right-of-use assets 545 565
Provision for excess and
obsolete inventory 22 89
Non-cash interest expense 587 (1,350)
Change in fair value of
Warrant liabilities 259,964 (19)
Change in fair value of
Term Loan -- 635
Gain on marketable
securities (850) (1,495)
Unrealized foreign exchange
loss (gain) 1,275 (810)
Other noncash items 267 --
Change in operating assets
and liabilities:
Trade accounts
receivable (539) 122
Inventories (1,430) (298)
Prepaid expenses and
other current assets (2,683) (437)
Trade accounts payable 203 (822)
Accrued expenses and
other current
liabilities 607 3,268
Deferred revenue (15,338) 219
Operating lease
liability (546) 292
Other non-current
assets, net (1,160) 606
-------------- -----------
Net cash used in operating
activities (53,610) (44,660)
-------------- -----------
Cash flows from investing
activities:
Purchase of property and
equipment (2,203) (1,156)
Purchase of convertible note -- (1,000)
Proceeds from recovery of
previously written-off
convertible note 959 --
Sales of marketable securities -- 254
Expenditures for internal-use
software (323) (276)
-------------- -----------
Net cash used in investing
activities (1,567) (2,178)
-------------- -----------
Cash flows from financing
activities:
Proceeds from the issuance of
common stock pursuant to the
Lincoln Park Purchase
Agreement 37,787 32,187
Proceeds from the issuance of
common stock in at-the-market
offerings, net of issuance
costs 536,741 20,688
Proceeds from issuance of
common stock upon exercise of
warrants 139,185 --
Proceeds from the issuance of
common stock upon exercise of
stock options 8,227 84
Proceeds from common stock
issued under the Employee
Stock Purchase Plan 291 171
Payment of tax withheld
pursuant to stock-based
compensation settlements (9,986) (1,470)
Debt payment for Term Loan -- (16,403)
Repayments on TPC loan (365) (370)
Proceeds from equipment
financing 412 --
Payments for debt issuance
costs (248) --
-------------- -----------
Net cash provided by financing
activities 712,044 34,887
-------------- -----------
Effect of exchange rate changes
on cash and cash equivalents 1,384 (82)
-------------- -----------
Net increase (decrease) in cash
and cash equivalents 658,251 (12,033)
Cash and cash equivalents at
beginning of period 177,980 41,307
-------------- -----------
Cash and cash equivalents at end
of period $ 836,231 $ 29,274
============== ===========
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
(in thousands of
U.S. dollars) 2025 2024 2025 2024
---------------- ----- ----- ---- ------ ----- ---
Gross Profit $2,669 $1,043 $18,522 $4,090
Gross Margin 71.4% 55.8% 84.8% 62.7%
Excluding:
Depreciation
and
Amortization
(1) 14 54 56 163
Stock-based
compensation
(2) 221 159 594 487
----- ----- ---- ------ ----- ---
Non-GAAP Gross
Profit $2,904 $1,256 $19,172 $4,740
Non-GAAP Gross
Margin 77.7% 67.2% 87.8% 72.7%
(1) Depreciation and Amortization reflects the Depreciation and
Amortization recorded in Cost of Revenue only, which differs from the
total Depreciation and Amortization set forth in the Condensed
Consolidated Statement of Cash Flows that also includes Depreciation
and Amortization recorded in Operating Expenses.
(2) Stock-based compensation reflects the stock-based compensation recorded
in Cost of Revenue only, which differs from the total stock-based
compensation set forth in the Condensed Consolidated Statement of Cash
Flows that also includes stock-based compensation recorded in Operating
Expenses.
D-Wave Quantum Inc. Reconciliation of Operating Expenses to
Non-GAAP Adjusted Operating Expenses (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ----------------------
(in thousands of
U.S. dollars) 2025 2024 2025 2024
----------------- ------ ------ ------- -------
Operating
expenses $30,405 $21,679 $ 84,051 $ 61,081
Excluding:
Depreciation
and
Amortization
(1) (356) (229) (1,027) (630)
Stock-based
compensation
(2) (6,233) (3,896) (16,525) (11,297)
Other
non-operating
or
non-recurring
expenses (3) (297) (2,462) (601) (3,786)
------ ------ ------- -------
Non-GAAP Adjusted
Operating
Expenses $23,519 $15,092 $ 65,898 $ 45,368
------ ------ ------- -------
(1) Depreciation and Amortization reflects the Depreciation and
Amortization recorded in the Operating Expenses only, which differs
from the total Depreciation and Amortization set forth in the Condensed
Consolidated Statement of Cash Flows that also includes Depreciation
and Amortization recorded in Cost of Revenue.
(2) Stock-based compensation reflects the stock-based compensation recorded
in Operating Expenses only, which differs from the total stock-based
compensation set forth in the Condensed Consolidated Statement of Cash
Flows that also includes stock-based compensation recorded in Cost of
Revenue.
(3) Includes legal, consulting, and accounting fees arising from capital
markets activities that are unrelated to the Company's core business
operations, as well as non-recurring professional fees and credit loss
expenses and recoveries.
D-Wave Quantum Inc.
Reconciliation of Net Loss to Adjusted Net Loss
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- -----------------------
(in thousands of
U.S. dollars) 2025 2024 2025 2024
-------------------- -------- ------- -------- -------
Net loss $(139,986) $(22,712) $(312,736) $(57,802)
Net loss per share
(basic and
diluted) $ (0.41) $ (0.11) $ (1.01) $ (0.32)
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November 06, 2025 07:00 ET (12:00 GMT)