NYSE$QBTS
D-Wave Quantum Inc · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
D-Wave reported higher fourth quarter 2025 revenue, narrowing net loss, and significantly strengthened liquidity.
In Q4 2025, D-Wave increased revenue year over year while reducing net loss compared to the prior year period. Bookings surged sequentially, and the company ended the quarter with a record cash and marketable securities balance.
- Revenue grew 19% year over year to 2752000.
- Net loss narrowed to 42326000 from 86077000 in the prior year quarter.
- Bookings reached 13400000, up 471% sequentially.
- Ended the quarter with 635347000 in cash and cash equivalents and 884500000 in total liquidity.
Headline financials
Revenue & EPS history
D-Wave · Revenue · Quarterly
$2.75M
Forward guidance
Management highlighted strong momentum entering 2026 with significant year-to-date bookings and strategic expansion following the Quantum Circuits acquisition.
Tailwinds
- Year-to-date 2026 bookings exceeded 32800000 as of February 25, 2026.
- Announced 20000000 system purchase from Florida Atlantic University.
- Signed 10000000 two-year enterprise QCaaS agreement with a Fortune 100 company.
- Expanded capabilities through Quantum Circuits acquisition.
- Record liquidity position entering 2026.
Headwinds
- Adjusted EBITDA loss increased year over year.
- Operating expenses rose 69% year over year in Q4.
- Company remains in a net loss position.
- Gross margin declined sequentially on a Non-GAAP basis.
- Business remains dependent on large bookings variability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2025
+7.2%
Avg return
Earnings day
+9.5%
Avg return
5 days after
+29.1%
Avg return
30 days after
48%
10 / 21 earnings
Positive
+67.2%
Q1 2023
Best reaction
-21.6%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.8% | -17.7% | — | |
| 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 2022 | +67.2% | +80.3% | +208.2% | |
| Q1 2023 | +67.2% | +80.3% | +208.2% | |
| Q4 2020 | +21.0% | +12.0% | +12.0% | |
| Q4 2022 | -21.6% | -5.2% | -36.7% | |
| Q3 2022 | +9.1% | +4.0% | -8.3% | |
| Q3 2021 | +9.1% | +4.0% | -8.3% | |
| Q2 2021 | -8.6% | -21.7% | -24.6% | |
| Q4 2021 | -8.6% | -21.7% | -24.6% | |
| Q2 2022 | -3.1% | -16.4% | -22.2% | |
| Q1 2021 | +1.7% | +1.8% | +1.4% |
Discussion
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