D-Wave Reports Third Quarter 2025 Results

About this update from D-wave Quantum Inc.

Q3 and YTD Revenue up 100% and 235% Year over Year Respectively Q3 and YTD GAAP Gross Profit up 156% and 353% Year over Year Respectively Highest Cash Balance in Company’s History at over $836 Million PALO ALTO, Calif., November 06, 2025 --( BUSINESS WIRE )-- D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company"), a leader in commercial quantum computing systems, software, and services, today announced financial results for its third fiscal quarter ended September 30, 2025. "Our strong third quarter results reflect the momentum we see building across every aspect of our business, with key metrics, including revenue, gross profit, bookings and cash balance, clearly indicating D-Wave’s success in accelerating global quantum computing adoption," said Dr. Alan Baratz, CEO of D-Wave. "The world is watching quantum, and specifically D-Wave, as we deliver quantum computing’s value to businesses, researchers and governments now, while advancing the technology for even greater impact and scale in the future." Recent Business and Technical Highlights Third Quarter Fiscal 2025 Financial Highlights Financial Results for the First Nine Months of Fiscal Year 2025 Balance Sheet and Liquidity As of September 30, 2025, D-Wave’s consolidated cash balance totaled a record $836.2 million, representing an over 2700% increase from the fiscal 2024 third quarter consolidated cash balance of $29.3 million, and a 2% increase from the immediately prior fiscal 2025 second quarter consolidated cash balance of $819.3 million. During the third quarter of fiscal 2025, the Company raised $39.9 million in cash proceeds from the exercise of warrants. Subsequent to the end of the third quarter and through November 4, 2025, the Company raised an additional $21.3 million in cash proceeds from the exercise of warrants. Earnings Conference Call D-Wave will host a conference call on Thursday, November 6, 2025, at 8:00 a.m. (Eastern Time), to discuss the Company’s financial results and business outlook. The live dial-in number is 1-844-826-3035 (domestic) or 1-412-317-5195 (international). Participants can use those dial-in numbers or can click this link for instant telephone access to the event. The link will be made active 15 minutes prior to the call’s scheduled start time, and the passcode is 3836181. An on-demand webcast will be available on the D-Wave Investor Relations website after the call. Participating in the call will be Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich. About D-Wave Quantum Inc. D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our quantum computers — the world’s largest — feature QPUs with sub-second response times and can be deployed on-premises or accessed through our quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our quantum systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com . Non-GAAP Financial Measures To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows: The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss, Adjusted Net Loss, Adjusted Net Loss per Share and Non-GAAP Adjusted Operating Expenses to its most directly comparable GAAP measure, please refer to the reconciliations below. Forward Looking Statements Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.   View source version on businesswire.com: https://www.businesswire.com/news/home/20251106696544/en/ Contacts Investor Contact: [email protected] Media Contact: [email protected]

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