D-Wave Quantum | 10-K: FY2025 Annual Report

D-Wave Quantum Inc. reported strong financial results for fiscal year 2025, with revenue surging 179% to $24.6 million from $8.8 million in 2024. The growth was primarily driven by system sales of $16.2 million and increased professional services revenue. Gross profit rose significantly to $20.3 million from $5.6 million in the prior year.Operating expenses increased 46% to $120.7 million, reflecting continued investments in research and development, which grew 44% to $50.7 million, and sales and marketing expenses that rose 91% to $28.8 million. The company strengthened its financial position through successful capital raises, including multiple at-the-market offerings and warrant exercises that generated total net proceeds of $779.1 million during the year.The company achieved several strategic milestones, including the launch of its sixth-generation Advantage2 quantum computer in May 2025 with improved performance metrics. In January 2026, D-Wave completed the acquisition of Quantum Circuits for $250 million in cash plus shares, positioning itself as the world's first dual-platform quantum computing company offering both annealing and gate-model systems. The company plans to make an initial gate-model system generally available in 2026.

D-Wave Quantum Inc. reported strong financial results for fiscal year 2025, with revenue surging 179% to $24.6 million from $8.8 million in 2024. The growth was primarily driven by system sales of $16.2 million and increased professional services revenue. Gross profit rose significantly to $20.3 million from $5.6 million in the prior year.Operating expenses increased 46% to $120.7 million, reflecting continued investments in research and development, which grew 44% to $50.7 million, and sales and marketing expenses that rose 91% to $28.8 million. The company strengthened its financial position through successful capital raises, including multiple at-the-market offerings and warrant exercises that generated total net proceeds of $779.1 million during the year.The company achieved several strategic milestones, including the launch of its sixth-generation Advantage2 quantum computer in May 2025 with improved performance metrics. In January 2026, D-Wave completed the acquisition of Quantum Circuits for $250 million in cash plus shares, positioning itself as the world's first dual-platform quantum computing company offering both annealing and gate-model systems. The company plans to make an initial gate-model system generally available in 2026.