D‑Wave Quantum reported its results for the fourth quarter of fiscal year 2025, showing both dynamic business growth and certain operational challenges. During this period, the company recorded revenues of approximately 2.8 million USD, representing a 19 percent increase compared to the same period last year, yet falling short of analysts’ expectations. At the same time, earnings per share were below forecasts, which further influenced investors’ assessment of the results.
For the full year 2025, D‑Wave delivered much more impressive results. Annual revenues reached approximately 24.6 million USD, representing a 179 percent increase compared to the previous year, with gross margin improving to over 82 percent. The company ended the year with a record cash position of approximately 884 million USD, providing significant financial flexibility for further investments in technology development and client relationship building.
Key financial highlights:
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Quarterly revenues: approximately 2.8 million USD, up 19 percent year-over-year, below expectations
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Earnings per share (EPS): below analysts’ forecasts
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Annual revenues: approximately 24.6 million USD, up 179 percent year-over-year
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Gross margin: over 82 percent
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Cash position: approximately 884 million USD
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New orders in Q4: up 471 percent compared to the previous quarter
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Preliminary orders for 2026: over 32 million USD
Despite positive trends in revenues and new orders, the company continues to report significant operating losses due to intensive investments in research, development, and marketing aimed at accelerating the commercialization of its technology. The quantum technology market remains in its early development phase, and competitive advantages are not yet fully reflected in actual revenues. D‑Wave’s stock valuation is largely based on expectations for future technological success, making the share price subject to high volatility and sensitive to short-term performance results.
The company is also executing strategic contracts, such as the sale of a quantum system to a university for approximately 20 million USD, demonstrating that real-world applications of quantum technology are gradually starting to materialize.
D‑Wave Quantum is a company with clear growth potential, driven by rapidly increasing annual revenues, a record cash position, and rising demand for quantum technologies. At the same time, ongoing operating losses, uncertainty regarding the pace of commercialization, and a high market valuation mean that investments in the company’s shares carry significant short-term risk.
In the broader industry context, it should be noted that quantum companies are still at the very beginning of their development cycle and can be compared to the artificial intelligence market around 2017. Full commercialization of quantum technologies is likely to occur only in the 2030s, and most companies that survive until then may only become profitable at that time. This means that investments in such companies are primarily long-term, with the potential for significant future gains, but also with a high level of risk in the current market cycle.
Source: xStation5
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