D-Wave Quantum Inc. has reported a 100% increase in revenue for the third quarter of 2025, reaching $3.7 million. However, this significant growth was accompanied by a substantial widening of its net loss, creating a mixed financial picture for the quantum computing firm.
Despite the mounting losses, the company highlighted major technological advancements and a vastly improved cash position, which surged by 2,700% year-over-year to over $836 million.
Key Takeaways
- Revenue Growth: Q3 revenue doubled to $3.7 million compared to the same period last year. Year-to-date revenue is up 235%.
- Widening Losses: Net loss for the quarter increased to $140.8 million, up from $22.7 million in Q3 2024, largely due to noncash charges.
- Strong Cash Position: The company's cash on hand grew to $836.2 million, a 2,700% increase from the previous year.
- Technological Milestone: D-Wave announced its Advantage2 system achieved "quantum supremacy" on a practical, real-world problem.
Revenue Soars on New Contracts and Services
D-Wave's financial results for the third quarter painted a picture of rapid commercial expansion. The company's revenue of $3.7 million represents a 100% jump from the third quarter of 2024. This growth was fueled by a combination of system sales, Quantum Computing as a Service (QCaaS) offerings, and professional services.
Looking at the year so far, the trend is even more pronounced. For the first nine months of 2025, D-Wave's revenue hit $21.8 million, a 235% increase compared to the same period in the prior year. This demonstrates accelerating adoption of its quantum computing solutions.
Global Expansion and Government Contracts
A key driver of this growth is D-Wave's success in securing high-value contracts. The company recently announced a EUR 10 million deal to install one of its flagship Advantage2 systems in Europe, signaling strong international demand. Domestically, it successfully deployed another Advantage2 system at the headquarters of Davidson Technologies, a move aimed at advancing the use of quantum technology within the U.S. government sector.
The company is also seeing increased interest from major commercial players. Recent engagements include collaborations with one of the world's largest airlines and a major U.S.-based international carrier, indicating that its technology is gaining traction in solving complex logistical and optimization problems.
Financial Headwinds and Rising Costs
While top-line growth was impressive, the company's bottom line revealed significant financial pressures. The net loss for Q3 2025 widened dramatically to $140.8 million. This is a substantial increase from the $22.7 million loss reported in the same quarter of 2024.
Company officials attributed much of this increase to noncash charges associated with warrant liability. However, operational costs also played a role. The adjusted EBITDA loss, which excludes certain noncash items, grew by 49% to $20.6 million for the quarter, driven by higher operating expenses related to research, development, and expansion.
A Slight Dip in New Business: Bookings for the first nine months of 2025 saw a slight decrease of 7%, falling to $5.3 million compared to the same period in 2024.
This slight downturn in new bookings suggests that while existing revenue streams are strong, the pace of acquiring new large-scale commitments has momentarily slowed. This metric will be closely watched by investors in the coming quarters.
A Quantum Leap in Technology
Beyond the financials, D-Wave celebrated a landmark technical achievement. The company announced that its Advantage2 system had demonstrated "quantum supremacy" by solving a practical, real-world problem that is intractable for classical supercomputers. This is a significant milestone that differentiates D-Wave from many competitors in the quantum space, who have often demonstrated such capabilities on more abstract, academic problems.
"Achieving quantum supremacy on a practical application underscores our leadership in the quantum computing space and validates our approach to building commercially valuable systems."
This breakthrough is crucial for D-Wave as it seeks to prove the real-world utility of its annealing quantum computers. Success in this area could unlock new markets and solidify its position as a leader in applied quantum solutions.
Fortified Balance Sheet Provides a Runway for Growth
Perhaps the most striking figure in the earnings report was the company's cash balance. As of September 30, 2025, D-Wave held $836.2 million in cash and cash equivalents. This represents a staggering 2,700% increase from the previous year.
This massive cash reserve provides the company with a substantial financial cushion. It allows D-Wave to continue investing heavily in research and development and to fund its operations despite the current losses. This strong cash position is a critical asset that gives the company a long runway to pursue its strategic growth initiatives without an immediate need for additional financing.
Looking ahead, D-Wave's management expressed optimism. The focus remains on converting its technological leadership into sustained commercial success. While the path to profitability involves navigating high operational costs, the combination of exponential revenue growth, landmark technical achievements, and a fortified balance sheet provides a promising, if complex, outlook for the quantum computing pioneer.
