D-Wave Quantum Reports Strong FY25 Revenue Growth, Record Cash, and Key Strategic Wins
QBTS has more than doubled off its 52-week low of $4.45.
Summary
D-Wave Quantum reported a 179% revenue increase for FY25, achieved record cash of $884.5 million, and secured over $32.8 million in Q1 2026 year-to-date bookings, alongside a strategic acquisition and new government business unit.
Key Events · Earnings and Guidance · QBTS
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Strong FY25 Revenue Growth
Revenue for fiscal year 2025 increased by 179% to $24.6 million, up from $8.8 million in fiscal year 2024.
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Record Cash and Liquidity
The company ended fiscal year 2025 with a record consolidated cash and marketable investment securities balance of $884.5 million, a 397% increase year-over-year.
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Significant Bookings Momentum
Q4 2025 bookings increased 471% sequentially to $13.4 million, and Q1 2026 year-to-date bookings (as of Feb 25, 2026) exceed $32.8 million.
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Major Customer Agreements
Secured a $20 million system purchase from Florida Atlantic University and a $10 million, two-year enterprise Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company.
Analysis · QBTS · Technology
D-Wave Quantum Inc. reported robust financial results for fiscal year 2025, highlighted by a 179% increase in revenue to $24.6 million. The company significantly strengthened its balance sheet, ending the year with a record $884.5 million in cash and marketable securities, a 397% increase from the prior year, providing substantial liquidity and operational runway. Bookings for Q4 2025 surged 471% sequentially to $13.4 million, and Q1 2026 year-to-date bookings already exceed $32.8 million, driven by major agreements including a $20 million system purchase from Florida Atlantic University and a $10 million, two-year enterprise QCaaS agreement with a Fortune 100 company. The completion of the Quantum Circuits, Inc. acquisition further enhances its gate-model quantum computing capabilities, while the formation of a new U.S. government business unit signals strategic market expansion. Although the GAAP net loss increased to $355.1 million, this was primarily attributed to non-cash warrant liability remeasurement due to stock price appreciation, with the adjusted net loss being $84.5 million. Overall, the report indicates strong operational momentum, strategic growth, and a significantly improved financial position.
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At the time of this filing, QBTS was trading at $20.65 on NYSE in the Technology sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $4.45 to $46.75. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.