Key Points
D-Wave Quantum (NYSE: QBTS) reported a significant increase in its financial performance for 2025, with a 179% rise in revenue and a 265% increase in gross profit. The company also reached its highest liquidity position ever, ending the year with over $884 million on its balance sheet. However, D-Wave ended the fiscal year with a net loss of $355 million.
Bookings surged by 471% in 2025, exceeding $32 million in the first quarter of 2026 alone, which is nearly $8 million more than all of last year’s revenue. Wall Street anticipates substantial long-term upside for D-Wave, despite its current enterprise-value-to-revenue ratio nearing 280, indicating a competitive landscape in quantum computing.
