D-Wave Quantum Inc. (QBTS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to D-Wave's fourth quarter fiscal year 2025 earnings conference call. Today's conference call is being recorded. At this time, I would like to turn the call over to Kevin Hunt, Senior Director of Investor Relations. Please go ahead. Thank you, and good morning. With me today are Dr. Alan Barrett, our Chief Executive Officer, and John Markovich, our Chief Financial Officer. Before we begin, I would like to remind everyone that this call will contain forward-looking statements which are subject to risks and uncertainties and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC reports. An on-demand webcast will be available and a transcript of a conference will be posted on the investor relations section of the website within 48 hours after the call. During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules. such as non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA loss, adjusted net loss, and adjusted net loss per share, and operating metrics such as bookings. Reconciliations to GAAP financial measures, definitions, and certain additional information are also included in today's earnings release, which is available in the investor relations section of our company website at www.dwavequantum.com. Given that D-Wave is now fortunate to have 15 sell-side security analysts publishing research on the company, We'd be limited to taking one question from each analyst during the first round of questions, and then, time permitting, proceed to a second round of questions where, again, we will have to limit each analyst to one question. I'll now hand over the call to Alan. Goo...