D-Wave Quantum Reports 179% Revenue Growth, $779M Capital Raise, and Strategic Acquisition in FY25 10-K
QBTS has more than doubled off its 52-week low of $4.45.
Summary
D-Wave Quantum Inc. filed its annual 10-K, reporting a 179% revenue increase to $24.6 million for FY2025, alongside a significant net loss of $355.1 million. The company substantially boosted its liquidity through $779.1 million in financing activities and completed the strategic acquisition of Quantum Circuits, Inc.
Key Events · Financing and Capital Events · QBTS
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Strong Revenue Growth
Reported a 179% increase in revenue to $24.6 million for the fiscal year ended December 31, 2025, compared to $8.8 million in 2024.
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Increased Net Loss
Net loss for FY2025 was $355.1 million, up from $143.9 million in FY2024, primarily due to mark-to-market changes in warrant liabilities.
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Significant Capital Infusion
Generated $779.1 million in net cash from financing activities in 2025, including $536.7 million from at-the-market (ATM) offerings and $202.9 million from warrant exercises, significantly increasing cash and cash equivalents to $635.3 million.
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Strategic Acquisition Completed
Finalized the acquisition of Quantum Circuits, Inc. on January 20, 2026, for 10,430,444 Common Shares and $250 million in cash, expanding its dual-platform quantum computing capabilities.
Analysis · QBTS · Technology
This annual report provides a comprehensive overview of D-Wave Quantum Inc.'s financial performance and strategic advancements. The substantial increase in revenue, coupled with aggressive capital raises totaling over $700 million in 2025, significantly bolsters the company's liquidity and extends its operational runway, which is critical for a growth-stage company in the capital-intensive quantum computing sector. The strategic acquisition of Quantum Circuits, Inc. is a pivotal move, solidifying D-Wave's position as a dual-platform provider and accelerating its gate-model quantum computing roadmap. While net losses increased, this is largely attributable to non-cash warrant liability adjustments and is typical for companies heavily investing in research and development. The successful remediation of internal control weaknesses and regaining NYSE compliance are positive indicators of improved corporate governance. The transition from emerging growth company status signals increased maturity but also higher compliance costs. Overall, the filing paints a picture of a company actively executing its growth strategy and securing the necessary capital to advance its technology and market position.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 41.2% of the 374 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.38%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, QBTS was trading at $19.88 on NYSE in the Technology sector, with a market capitalization of approximately $7.5B. The 52-week trading range was $4.45 to $46.75. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.