D-Wave Reports First Quarter 2025 Results

Palo Alto, Calif. – May 8, 2025 – D-Wave Quantum Inc. (NYSE: QBTS) announced its financial results for the first quarter ended March 31, 2025. The company reported record quarterly revenue of $15 million, up over 500% year-over-year, and a record quarterly GAAP gross profit of $13.9 million. The quarter-end cash position reached a record of $304.3 million.

According to Dr. Alan Baratz, CEO of D-Wave, the first quarter of 2025 was the most significant in the company's history, highlighting its ability to deliver quantum value to customers and the scientific community.

Key Highlights:

• Record revenue of $15.0 million for Q1 2025, a 509% increase from $2.5 million in Q1 2024.
• Cash balance of $304.3 million as of March 31, 2025.
• Published research in Science validating quantum computational supremacy on a real-world problem.
• Ford Otosan deployed a hybrid-quantum application in production, reducing scheduling time for 1,000 vehicles from 30 minutes to less than five minutes.
• Successful completion of a proof-of-concept with Japan Tobacco using D-Wave's quantum computer with AI in drug discovery.
• Delivered the first Advantage system to the Jülich Supercomputing Centre, expected to connect to Europe’s first exascale HPC.
• Physical assembly of a D-Wave Advantage2 annealing quantum system is complete at Davidson Technologies’ headquarters.

Financial Highlights:

• GAAP gross profit for the first quarter of fiscal 2025 was a record $13.9 million, an increase of $12.2 million, or 736%, from the first quarter of fiscal 2024 GAAP gross profit of $1.7 million.
• Net loss for the first quarter of fiscal 2025 was $5.4 million, or $0.02 per share, a decrease of $11.9 million, or $0.09 per share, from the first quarter of fiscal 2024 net loss of $17.3 million or $0.11 per share.