NYSE$QBTS
D-Wave Quantum Inc · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
D-Wave Quantum Inc reported Q2 2025 financial results with revenue of $3.1 million and a net loss of $167.3 million.
D-Wave Quantum Inc. reported revenue of $3.1 million for the three months ended June 30, 2025, up 42% year-over-year, driven by system upgrade revenue and professional services. The company recorded a net loss of $167.3 million, primarily due to a $142.0 million non-cash increase in warrant liabilities. Cash and cash equivalents stood at $819.3 million following multiple equity offerings.
- Revenue increased 42% to $3.1 million, including $1.0 million from a system upgrade project.
- Net loss widened to $167.3 million due to $142.0 million non-cash warrant liability fair value adjustment.
- Cash position strengthened to $819.3 million after raising over $670 million in equity financing during the first half of 2025.
- Operating expenses rose 41% to $28.5 million, reflecting increased R&D, sales, and marketing investments.
Headline financials
Revenue & EPS history
D-Wave · Revenue · Quarterly
$1M
Revenue by segment
D-Wave · $3.1M total across 4 segments · Q2 2025
- QCaaS$1.24M—40.1%
- System sales$1.03M—33.1%
- Professional services$785K—25.4%
- Other revenue$44K—1.4%
Forward guidance
No specific quantitative guidance provided.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports
+7.2%
Avg return
Earnings day
+9.5%
Avg return
5 days after
+27.5%
Avg return
30 days after
48%
10 / 21 earnings
Positive
+67.2%
Q1 2022
Best reaction
-21.6%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -9.8% | -17.7% | -3.0% | |
| Q4 2025 | -0.6% | -7.2% | -29.3% | |
| Q3 2025 | -10.2% | -6.5% | -13.0% | |
| Q1 2025 | +51.6% | +55.7% | +170.2% | |
| Q4 2024 | +18.7% | +85.6% | +24.6% | |
| Q3 2024 | -7.9% | -16.3% | +180.9% | |
| Q2 2024 | +4.0% | +17.0% | +8.6% | |
| Q1 2024 | +7.7% | +0.0% | -10.8% | |
| Q4 2023 | -5.2% | -12.4% | -31.4% | |
| Q3 2023 | -16.0% | -4.4% | +22.4% | |
| Q2 2023 | -14.2% | -11.2% | -46.1% | |
| Q1 2023 | +67.2% | +80.3% | +208.2% | |
| Q1 2022 | +67.2% | +80.3% | +208.2% | |
| Q4 2020 | +21.0% | +12.0% | +12.0% | |
| Q4 2022 | -21.6% | -5.2% | -36.7% | |
| Q3 2021 | +9.1% | +4.0% | -8.3% | |
| Q3 2022 | +9.1% | +4.0% | -8.3% | |
| Q4 2021 | -8.6% | -21.7% | -24.6% | |
| Q2 2021 | -8.6% | -21.7% | -24.6% | |
| Q2 2022 | -3.1% | -16.4% | -22.2% | |
| Q1 2021 | +1.7% | +1.8% | +1.4% |
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