Industry Overview - The quantum computing industry is characterized by strong sales but significant losses, with profitability still a distant goal for companies like D-Wave Quantum, IonQ, and Rigetti Computing [1] - Cash reserves are crucial for funding future advancements in quantum technology, with companies focusing on scaling operations and pursuing strategic acquisitions [11] D-Wave Quantum - D-Wave Quantum reported a 42% year-over-year revenue increase, driven by sales of its Advantage2 quantum processing units and new contracts with major clients like GE Vernova and Nikon [2][4] - The company ended the quarter with a record cash position of $819.3 million, a 1,900% increase year-over-year, allowing for aggressive R&D and market expansion [4] - D-Wave is collaborating with NASA on advanced technology and aims to develop a 100,000-qubit system, reinforcing its leadership in annealing quantum computing [3][4] IonQ - IonQ exceeded revenue guidance by 15%, supported by significant partnerships, including a $22 million deal for a commercial quantum hub and advancements in drug development [5][6] - Despite a net loss of $177.5 million, IonQ's cash position improved to $1.6 billion following a $1 billion equity investment, providing a strong foundation for future growth [6] - The company is focused on integrating new technologies and scaling its operations to achieve 800 logical qubits by 2027 and 80,000 by 2030 [6] Rigetti Computing - Rigetti's revenues showed sequential growth but declined year-over-year due to the expiration of the U.S. National Quantum Initiative, leading to a narrower gross margin of 31% [7][10] - The company raised $350 million in equity, increasing its cash reserves to $571.6 million, which will support R&D and commercial operations [10] - Rigetti aims to leverage its superconducting qubit technology to achieve a 100-plus qubit system with high gate fidelity by the end of 2025, a critical step towards profitability [10]

Core Insights - The quantum computing industry is experiencing increased investor interest, but the competition is fierce and determining the best investment opportunities is challenging [1][2] Company Approaches - D-Wave Quantum and IonQ are two prominent quantum computing companies, each employing different methodologies in their technology development [3][4] - IonQ uses a trapped ion approach, which has demonstrated high accuracy in quantum calculations and operates at room temperature, providing a cost advantage [5] - D-Wave employs superconducting qubits with a focus on quantum annealing, which is effective for optimization problems but may limit its application for other complex calculations [6][7] Investment Strategy - Given the uncertainty in which quantum computing approach will prevail, a diversified investment strategy that includes both D-Wave and IonQ, as well as additional companies, is recommended [8][10] - The superconducting qubit approach is the most widely adopted in the industry, with major players like Microsoft, IBM, and Alphabet pursuing this path [9] - Investors are advised to limit their exposure to any single quantum computing pure play to no more than 1% of their portfolio to manage risk effectively [11]

Core Insights - D-Wave Quantum's stock has increased by 8.6% since the release of its Q2 earnings on August 7, 2025, despite missing earnings expectations, as investors are optimistic about business momentum and customer growth [1][2] - The company reported a 42% year-over-year revenue increase, primarily driven by the sales of the Advantage2 quantum processing unit and growing adoption by major clients such as GE Vernova, Nikon, and NTT DOCOMO [1][7] Growth Factors - **Advantage2 Deployment in Europe**: D-Wave's revenues surged due to the deployment of the Advantage2 quantum processing unit at Germany's Julich Supercomputing Center, which serves as a significant reference point for the company's annealing architecture in Europe [3] - **High-Profile Contracts and Partnerships**: The company has secured contracts with notable clients across various sectors, enhancing its credibility and expanding its market reach, particularly in Asia and Europe [4] Financial Performance - **Revenue and Earnings Estimates**: The Zacks Consensus Estimate indicates a projected 73.3% increase in earnings and a 181.5% rise in revenues for FY25 compared to FY24 [10] - **Current Valuation**: D-Wave's stock is trading at a forward price-to-sales ratio of 159.38X, significantly higher than its historical median and the sector average, indicating a stretched valuation [13][15] Challenges - **Profitability Concerns**: Despite strong revenue growth, D-Wave remains unprofitable, facing significant operating losses due to high capital requirements for hardware and cloud services [8] - **Market Competition**: The company's exclusive focus on quantum annealing may pose risks as competitors like IonQ, Rigetti, and IBM are advancing gate-model quantum systems, which could shift market preferences [9][16]

D-Wave Quantum stock has been getting a healthy amount of positive coverage from analysts lately. D-Wave Quantum (QBTS 2.78%) stock posted another month of strong gains in July's trading. The company's share price jumped 17.4% in the month. For reference, the S&P 500 index's level rose 2.2% in the month, and the Nasdaq Composite gained 3.7%. D-Wave stock gained ground last month amid generally bullish momentum for growth stocks and continued excitement surrounding quantum computing plays. The company's shar ...

Core Insights - D-Wave Quantum reported mixed earnings results with revenue growth exceeding analyst expectations but wider-than-expected losses [1][2] - Despite the mixed results, D-Wave's stock performance remains strong, with shares up nearly 20% in the last month [2] Financial Performance - D-Wave experienced a 42% year-over-year revenue increase, with bookings nearly doubling to $1.3 million [3] - The company ended the quarter with $819 million in cash reserves, positioning it well for future technological advancements and potential M&A strategies [5] Market Position and Competitors - D-Wave's marketability is bolstered by partnerships with a large aerospace and defense firm and law enforcement in North Wales, indicating growing use cases for its technology [4] - In comparison, IonQ reported an 81.6% year-over-year revenue increase, reaching $20.7 million for the quarter, which is significantly higher than D-Wave's growth rate [7][8] - IonQ's expanding global presence and partnerships with major tech firms like Amazon and Microsoft may pose competitive challenges for D-Wave [10] Future Outlook - D-Wave's Advantage2 system is now generally available, which is expected to drive additional sales and upgrades for existing customers [3] - Quantum Computing, another competitor, is set to report earnings soon and has operationalized a new foundry in Arizona, which could enhance its revenue growth [13][14]

Core Insights - D-Wave Quantum (QBTS) is launching an open-source Quantum AI Toolkit integrated with PyTorch, enabling hybrid quantum-classical machine learning workflows, which enhances traditional AI methods with quantum computing capabilities [1][8] - The toolkit is already being utilized by early adopters like Japan Tobacco and Triumph for optimization and generative AI applications, with ongoing R&D to expand quantum AI capabilities [2] - D-Wave is also advancing its strategic infrastructure through initiatives like the Cryogenic Packaging Initiative with NASA, aimed at developing superconducting chip-to-chip interconnects for scaling to 100,000-qubit systems [3] - The company is scaling manufacturing with superconducting PCB advanced packaging and increasing wafer fabrication runs, positioning itself for both AI applications and next-generation quantum computing hardware [4] - D-Wave's shares have increased by 57.7% over the past three months, outperforming industry averages, with analysts projecting a further upside of 17.06% based on average price targets [4][10] Industry Context - Competitors in the quantum computing space include IonQ, which is focusing on hybrid AI model training and has made significant acquisitions to enhance its capabilities [7] - Rigetti Computing has achieved a breakthrough with a modular 36-qubit chiplet-based system, indicating advancements in the modular superconducting architecture strategy within the industry [9]

Core Insights - D-Wave Quantum Inc. reported second-quarter revenue of $3.1 million, exceeding analyst expectations of $2.63 million, but posted an adjusted loss of 8 cents per share, which was worse than the anticipated loss of 5 cents per share [1][4]. Financial Performance - The company achieved a revenue of $3.1 million in the second quarter, surpassing estimates [1]. - The adjusted loss per share was 8 cents, missing the forecasted loss of 5 cents [1]. Analyst Ratings and Forecasts - Needham analyst N. Quinn Bolton maintained a Buy rating on D-Wave Quantum with a price target of $20 [2]. - Recent equity raises have strengthened D-Wave's cash position, allowing for potential acquisitions and accelerated development in quantum technology [2]. Market Engagement and Growth Potential - Commercial engagement is increasing in energy, IT, and telecom sectors, with the sales pipeline for systems doubling from three units in the first quarter to approximately six or seven [3]. - D-Wave is recognized as the only public company focused exclusively on quantum annealing, enhancing its commercial leadership through hybrid classical-quantum solutions [3]. Future Outlook - The expanded technology suite and focus on practical use cases are expected to drive customer adoption and revenue growth [4]. - Despite the positive outlook, the company is still operating at a negative EBITDA, indicating potential for further dilutive financing until break-even is achieved [4].

Core Viewpoint - D-Wave Quantum Inc. reported mixed results for Q2 2025, showing revenue growth but wider net losses, highlighting ongoing challenges in achieving sustained profitability in the quantum computing sector [1][2][5]. Financial Performance - D-Wave's revenue grew by 42% year-over-year, reaching $3.1 million, surpassing analyst expectations [6]. - Adjusted losses per share were 8 cents, wider than the anticipated 5 cents, but improved from 12 cents in Q2 2024 [5][6]. - The company has over 100 revenue-generating customers, indicating a diversified revenue base [6]. Partnerships and Use Cases - D-Wave announced significant partnerships, including a collaboration with a Fortune 500 aerospace and defense company, leading to multiple use cases for its technology [8]. - The company successfully developed a proof of technology for patrol vehicles with North Wales police, suggesting potential for further agreements with law enforcement [9]. Cash Reserves and M&A Strategy - D-Wave ended Q2 with a record $819 million in cash reserves, following a $400 million equity program, positioning the company for potential acquisition activity [10]. - The firm aims to utilize M&A to enhance product development and R&D, with plans to announce acquisition activity later this year [10][11]. Market Outlook - D-Wave's stock is currently rated a unanimous Buy by analysts, with a price target of $17.55, indicating a potential upside of approximately 1.5% [12]. - The company anticipates a strong pipeline for new sales of its Advantage2 systems, with expectations of increasing sales in the near future [12].

[Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section warns that the report contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially - The report contains forward-looking statements regarding D-Wave Quantum's future expectations, hopes, beliefs, intentions, or strategies, which are subject to risks and uncertainties that may cause actual results to differ materially[11](index=11&type=chunk) - Readers are cautioned not to place undue reliance on these statements, as they are not guarantees of future performance and the Company does not undertake to update them, except as required by law[11](index=11&type=chunk) [Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This part presents D-Wave Quantum Inc.'s unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20D-Wave%20Quantum%20Inc.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements of D-Wave Quantum Inc., including balance sheets, statements of operations, equity, and cash flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) This table provides a snapshot of D-Wave Quantum Inc.'s financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change (Absolute) | Change (%) | | :-------------------- | :------------ | :---------------- | :---------------- | :--------- | | Cash and cash equivalents | $819,312 | $177,980 | $641,332 | 360.3% | | Total current assets | $828,540 | $185,040 | $643,500 | 347.8% | | Total assets | $843,602 | $199,853 | $643,749 | 322.1% | | Total current liabilities | $19,274 | $30,145 | $(10,871) | -36.1% | | Warrant liabilities | $91,037 | $69,875 | $21,162 | 30.3% | | Total liabilities | $149,348 | $137,207 | $12,141 | 8.8% | | Total stockholders' equity | $694,254 | $62,646 | $631,608 | 1008.2% | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20(Unaudited)) This section details D-Wave Quantum Inc.'s financial performance, including revenue, expenses, and net loss, for the three and six months ended June 30, 2025 and 2024 Statements of Operations and Comprehensive Loss (Three Months) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :---------------- | :--------- | | Revenue | $3,095 | $2,183 | $912 | 41.8% | | Cost of revenue | $1,119 | $795 | $324 | 40.8% | | Total gross profit | $1,976 | $1,388 | $588 | 42.4% | | Research and development | $12,694 | $8,355 | $4,339 | 51.9% | | General and administrative | $9,151 | $7,471 | $1,680 | 22.5% | | Sales and marketing | $6,633 | $4,401 | $2,232 | 50.7% | | Total operating expenses | $28,478 | $20,227 | $8,251 | 40.8% | | Loss from operations | $(26,502) | $(18,839) | $(7,663) | 40.7% | | Net loss | $(167,329) | $(17,778) | $(149,551) | 841.2% | | Net loss per share, basic and diluted | $(0.55) | $(0.10) | $(0.45) | 450.0% | Statements of Operations and Comprehensive Loss (Six Months) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :---------------- | :--------- | | Revenue | $18,096 | $4,648 | $13,448 | 289.3% | | Cost of revenue | $2,243 | $1,601 | $642 | 40.1% | | Total gross profit | $15,853 | $3,047 | $12,806 | 420.2% | | Research and development | $22,982 | $16,880 | $6,102 | 36.1% | | General and administrative | $17,108 | $15,037 | $2,071 | 13.8% | | Sales and marketing | $13,556 | $7,485 | $6,071 | 81.1% | | Total operating expenses | $53,646 | $39,402 | $14,244 | 36.2% | | Loss from operations | $(37,793) | $(36,355) | $(1,438) | 4.0% | | Net loss | $(172,750) | $(35,090) | $(137,660) | 392.3% | | Net loss per share, basic and diluted | $(0.59) | $(0.21) | $(0.38) | 181.0% | [Condensed Consolidated Statements of Stockholders' Equity (Deficit)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Deficit)%20(Unaudited)) This statement tracks changes in D-Wave Quantum Inc.'s equity components, including common stock, additional paid-in capital, and accumulated deficit, for the six months ended June 30, 2025 Condensed Consolidated Statements of Stockholders' Equity (Deficit) | Equity Component (in thousands) | Balance at Dec 31, 2024 | Issuances/Adjustments (6M 2025) | Net Loss (6M 2025) | Balance at Jun 30, 2025 | | :------------------------------ | :---------------------- | :------------------------------ | :----------------- | :---------------------- | | Common stock | $27 | $6 | — | $33 | | Additional paid-in capital | $700,069 | $803,067 | — | $1,503,136 | | Accumulated deficit | $(626,940) | — | $(172,750) | $(799,690) | | Accumulated other comprehensive loss | $(10,510) | $1,285 | — | $(9,225) | | Total stockholders' equity | $62,646 | $804,358 | $(172,750) | $694,254 | - During the six months ended June 30, 2025, the Company issued **50,948,852 common shares** from at-the-market offerings, generating **$536.7 million** in additional paid-in capital[25](index=25&type=chunk) - Warrant exercises resulted in the issuance of **12,558,471 common shares** and contributed **$216.3 million** to additional paid-in capital during the six months ended June 30, 2025[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This statement summarizes D-Wave Quantum Inc.'s cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :---------------- | :--------- | | Net cash used in operating activities | $(34,565) | $(26,587) | $(7,978) | 30.0% | | Net cash used in investing activities | $(357) | $(1,809) | $1,452 | -80.3% | | Net cash provided by financing activities | $674,969 | $27,881 | $647,088 | 2320.2% | | Effect of exchange rate changes | $1,285 | $69 | $1,216 | 1762.3% | | Net increase (decrease) in cash | $641,332 | $(446) | $641,778 | -143900.9% | | Cash and cash equivalents at end of period | $819,312 | $40,861 | $778,451 | 1905.2% | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide additional information and detailed disclosures supporting the unaudited condensed consolidated financial statements [Note 1. Description of Business](index=11&type=section&id=1.%20DESCRIPTION%20OF%20BUSINESS) D-Wave Quantum Inc. is a commercial quantum computing company offering professional services, cloud access, and direct sales of its superconducting quantum computer systems - D-Wave Quantum Inc. is a commercial quantum computing company providing professional services and web-based access to its superconducting quantum computer systems via the Leap quantum cloud service[34](index=34&type=chunk) - The Company also sells its superconducting quantum computer systems, including its current sixth-generation Advantage2™ system[34](index=34&type=chunk) - D-Wave operates three leased facilities in Burnaby, British Columbia; Richmond, British Columbia; and Palo Alto, California[34](index=34&type=chunk) [Note 2. Basis of Presentation and Summary of Significant Accounting Policies](index=11&type=section&id=2.%20BASIS%20OF%20PRESENTATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the financial statements' preparation basis, key accounting policies, and recent accounting pronouncements, including the recovery of the Zapata Note and SIF Loan accounting - The financial statements are prepared in accordance with U.S. GAAP for interim reporting, with certain information condensed or omitted per SEC instructions[35](index=35&type=chunk) - The Company recovered the full principal balance of a **$1.0 million** convertible note from Zapata Computing, Inc. in June 2025, along with **$0.2 million** in interest and **$0.1 million** in legal fees, offsetting a previously recognized credit loss provision[44](index=44&type=chunk) - The SIF Loan is accounted for as a liability related to the sale of future revenues, with an effective interest rate of **2.46%** as of June 30, 2025, and repayments are revenue-based and capped at **150%** of the principal[45](index=45&type=chunk)[46](index=46&type=chunk)[87](index=87&type=chunk) - The Company monitors developments in new accounting pronouncements, including ASU 2023-09 (Income Tax Disclosures), ASU 2024-03 (Expense Disaggregation Disclosures), and SEC climate disclosure rules, and is evaluating their potential impact[52](index=52&type=chunk)[54](index=54&type=chunk)[60](index=60&type=chunk) [Note 3. Revenue from Contracts with Customers](index=14&type=section&id=3.%20REVENUE%20FROM%20CONTRACTS%20WITH%20CUSTOMERS) This note disaggregates revenue by product/service type, timing, and geography, detailing contract balances and remaining performance obligations Revenue by Type (Three Months) | Revenue Type (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------- | :------------------------------- | :------------------------------- | :---------------- | :--------- | | System sales | $1,025 | $— | $1,025 | N/A | | QCaaS | $1,241 | $1,779 | $(538) | -30.2% | | Professional services | $785 | $342 | $443 | 129.5% | | Other revenue | $44 | $62 | $(18) | -29.0% | | Total revenue | $3,095 | $2,183 | $912 | 41.8% | Revenue by Type (Six Months) | Revenue Type (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------- | :----------------------------- | :----------------------------- | :---------------- | :--------- | | System sales | $13,672 | $— | $13,672 | N/A | | QCaaS | $2,774 | $3,471 | $(697) | -20.1% | | Professional services | $1,562 | $1,034 | $528 | 51.1% | | Other revenue | $88 | $143 | $(55) | -38.5% | | Total revenue | $18,096 | $4,648 | $13,448 | 289.3% | Geographic Revenue (Six Months) | Geographic Revenue (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :---------------- | :--------- | | Germany | $13,990 | $1,005 | $12,985 | 1292.0% | | United States | $1,207 | $1,361 | $(154) | -11.3% | | Japan | $638 | $449 | $189 | 42.1% | | Canada | $572 | $545 | $27 | 5.0% | | Switzerland | $552 | $304 | $248 | 81.6% | | United Kingdom | $227 | $197 | $30 | 15.2% | | Other | $911 | $787 | $124 | 15.7% | | Total revenue | $18,096 | $4,648 | $13,448 | 289.3% | - Customer A accounted for **76%** of total revenue for the six months ended June 30, 2025, up from **18%** in the prior year period[65](index=65&type=chunk) Contract Balances | Contract Balance (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change (Absolute) | Change (%) | | :------------------------------ | :------------------ | :---------------------- | :---------------- | :--------- | | Deferred revenue, current | $4,906 | $18,686 | $(13,780) | -73.7% | | Deferred revenue, non-current | $654 | $670 | $(16) | -2.4% | | Total contract liabilities | $5,560 | $19,404 | $(13,844) | -71.3% | - As of June 30, 2025, remaining performance obligations totaled **$5.3 million**, with approximately **79%** expected to be recognized as revenue within the next 12 months[70](index=70&type=chunk) [Note 4. Balance Sheet Details](index=16&type=section&id=4.%20BALANCE%20SHEET%20DETAILS) This note provides detailed breakdowns of inventories, prepaid expenses, other current assets, and accrued liabilities, including the recovery of the Zapata Note Inventories | Inventory (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change (Absolute) | Change (%) | | :----------------------- | :------------------ | :---------------------- | :---------------- | :--------- | | Raw materials | $2,446 | $1,677 | $769 | 45.9% | | Work-in-process | $2 | $9 | $(7) | -77.8% | | Total inventories | $2,448 | $1,686 | $762 | 45.2% | Prepaid Expenses and Other Current Assets | Prepaid Expenses (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change (Absolute) | Change (%) | | :------------------------------ | :------------------ | :---------------------- | :---------------- | :--------- | | Prepaid services | $2,058 | $977 | $1,081 | 110.6% | | Interest receivable | $995 | $— | $995 | N/A | | Prepaid software | $928 | $845 | $83 | 9.8% | | Total prepaid expenses and other current assets | $5,338 | $3,954 | $1,384 | 35.0% | - In June 2025, the Company recovered the full principal balance of a **$1.0 million** convertible note from Zapata Computing, Inc., along with **$0.2 million** in interest and **$0.1 million** in legal fees, offsetting a previously recorded credit loss provision[78](index=78&type=chunk) Accrued Expenses and Other Current Liabilities | Accrued Liabilities (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change (Absolute) | Change (%) | | :--------------------------------- | :------------------ | :---------------------- | :---------------- | :--------- | | Accrued compensation and related benefits | $7,308 | $5,499 | $1,809 | 32.9% | | Accrued professional services | $1,485 | $529 | $956 | 180.7% | | Other accruals | $2,789 | $2,756 | $33 | 1.2% | | Total accrued expenses and other current liabilities | $11,582 | $8,784 | $2,798 | 31.8% | [Note 5. Property and Equipment, Net](index=18&type=section&id=5.%20PROPERTY%20AND%20EQUIPMENT,%20NET) This note details the components of property and equipment, net, and reports the depreciation expense for the periods presented Property and Equipment, Net | Property and Equipment (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change (Absolute) | Change (%) | | :------------------------------------ | :------------------ | :---------------------- | :---------------- | :--------- | | Quantum computer systems | $13,781 | $14,471 | $(690) | -4.8% | | Lab equipment | $7,140 | $6,862 | $278 | 4.1% | | Computer equipment | $4,918 | $4,701 | $217 | 4.6% | | Total property and equipment, net | $4,504 | $4,133 | $371 | 9.0% | - Depreciation expense for the three months ended June 30, 2025, was **$0.3 million**, up from **$0.2 million** in the prior year period, and for the six months ended June 30, 2025, was **$0.6 million**, up from **$0.4 million**[81](index=81&type=chunk) [Note 6. Loans Payable, Net](index=18&type=section&id=6.%20LOANS%20PAYABLE,%20NET) This note details the TPC and SIF loans, including the TPC Loan's full repayment and the SIF Loan's revenue-based repayment terms, and confirms the Term Loan's extinguishment - The TPC Loan, totaling **C$12.5 million**, was fully repaid on April 24, 2025[83](index=83&type=chunk) - The SIF Loan, a **C$40.0 million** conditionally repayable loan, has a revenue-based repayment formula capped at **150%** of the principal, with an estimated weighted average effective interest rate of **2.46%** as of June 30, 2025[84](index=84&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk) - The Term Loan with PSPIB Unitas Investments II Inc. was fully repaid and extinguished on October 22, 2024, including **$30.0 million** in principal and **$4.3 million** in accrued PIK interest, resulting in no remaining obligations under this facility[90](index=90&type=chunk)[92](index=92&type=chunk) [Note 7. Warrant Liabilities](index=20&type=section&id=7.%20WARRANT%20LIABILITIES) This note details the Company's Public and Private Warrants, including outstanding numbers, exercise terms, redemption conditions, and significant exercises - During the six months ended June 30, 2025, **8,636,509 warrants** were exercised, leading to the issuance of **12,558,471 common shares** and generating **$99.3 million** in cash proceeds[95](index=95&type=chunk) - As of June 30, 2025, the Company had **9,280,047 warrants** outstanding, each exercisable for **1.4541326 common shares** at an exercise price of **$11.50** (approx. **$7.91 per share**), expiring on August 5, 2027[96](index=96&type=chunk)[97](index=97&type=chunk) - The Company may redeem outstanding Public Warrants under specific conditions, including if the common share price exceeds **$18.00** or **$10.00**, with options for cashless exercise[99](index=99&type=chunk) [Note 8. Stock-Based Compensation](index=21&type=section&id=8.%20STOCK-BASED%20COMPENSATION) This note outlines equity incentive plans, summarizes stock option and RSU activity, details the ESPP, and presents stock-based compensation expense by category Stock Option Activity | Stock Option Activity (in thousands, except share data) | As of Dec 31, 2024 | Granted | Exercised | Forfeited and expired | As of Jun 30, 2025 | | :------------------------------------------------------ | :----------------- | :------ | :-------- | :-------------------- | :----------------- | | Number of options outstanding | 10,984,738 | — | (4,202,187) | (6,118) | 6,776,433 | | Weighted average exercise price ($) | 1.67 | — | 1.65 | 4.73 | 1.67 | | Aggregate intrinsic value ($) | 75,270 | — | — | — | 87,857 | Restricted Stock Unit (RSU) Activity | RSU Activity (in thousands, except share data) | As of Dec 31, 2024 | Granted | Forfeited and expired | Vested | As of Jun 30, 2025 | | :--------------------------------------------- | :----------------- | :------ | :-------------------- | :----- | :----------------- | | Number of RSUs unvested | 8,787,022 | 4,773,987 | (166,418) | (2,499,947) | 10,894,644 | | Weighted average Grant Date Fair Value ($) | 2.25 | 9.28 | 4.88 | 2.47 | 5.24 | Stock-Based Compensation Expense | Stock-Based Compensation Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :---------------- | :--------- | | Cost of revenue | $231 | $154 | $77 | 50.0% | | Research and development | $2,329 | $1,311 | $1,018 | 77.7% | | General and administrative | $3,083 | $2,248 | $835 | 37.1% | | Sales and marketing | $1,028 | $508 | $520 | 102.4% | | Total stock-based compensation | $6,671 | $4,221 | $2,450 | 58.0% | - As of June 30, 2025, total unrecognized stock-based compensation cost was **$52.5 million**, to be recognized over a weighted-average period of approximately **3.41 years**[110](index=110&type=chunk) [Note 9. Commitments and Contingencies](index=22&type=section&id=9.%20COMMITMENTS%20AND%20CONTINGENCIES) This note addresses the Company's lease obligations and confirms no material litigation or pending claims as of June 30, 2025 - Total operating lease costs were **$0.5 million** for the three months ended June 30, 2025, and **$1.0 million** for the six months ended June 30, 2025[111](index=111&type=chunk) - As of June 30, 2025, the Company was not subject to any material litigation or pending litigation claims[114](index=114&type=chunk) [Note 10. Net Loss Per Share](index=23&type=section&id=10.%20NET%20LOSS%20PER%20SHARE) This note presents the computation of basic and diluted net loss per share, noting that potentially dilutive securities are anti-dilutive due to the Company's loss position Net Loss Per Share (Three Months) | Metric (in thousands, except share and per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :----------------------------------------------------- | :------------------------------- | :------------------------------- | | Net loss attributable to common stockholders | $(167,329) | $(17,778) | | Weighted-average common stock outstanding | 302,288,793 | 172,139,085 | | Net loss per share, basic and diluted | $(0.55) | $(0.10) | Net Loss Per Share (Six Months) | Metric (in thousands, except share and per share data) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------------------- | :----------------------------- | :----------------------------- | | Net loss attributable to common stockholders | $(172,750) | $(35,090) | | Weighted-average common stock outstanding | 294,398,419 | 166,723,787 | | Net loss per share, basic and diluted | $(0.59) | $(0.21) | - Potentially dilutive securities, including warrants, stock options, and unvested restricted stock units, totaling **32.3 million** for the six months ended June 30, 2025, were excluded from diluted EPS calculations as they were anti-dilutive[116](index=116&type=chunk) [Note 11. Segment and Geographic Information](index=24&type=section&id=11.%20SEGMENT%20AND%20GEOGRAPHIC%20INFORMATION) This note confirms the Company operates as a single segment and provides a breakdown of long-lived assets by geographic area - The Company operates as one operating segment, managed on a consolidated basis, with the CODM using consolidated net loss to assess overall performance[117](index=117&type=chunk) Long-Lived Assets by Geographic Area | Long-Lived Assets (in thousands) | As of June 30, 2025 | As of December 31, 2024 | Change (Absolute) | Change (%) | | :------------------------------- | :------------------ | :---------------------- | :---------------- | :--------- | | Canada | $10,883 | $11,005 | $(122) | -1.1% | | United States | $470 | $381 | $89 | 23.4% | | Other | $66 | $8 | $58 | 725.0% | | Total long-lived assets | $11,419 | $11,394 | $25 | 0.2% | [Note 12. Subsequent Events](index=24&type=section&id=12.%20SUBSEQUENT%20EVENTS) This note discloses significant post-quarter-end events, including a new operating lease, additional warrant exercises, and an equipment financing agreement - On July 1, 2025, the Company entered into a new operating lease commitment for a mixed-use property, expected to commence in Q1 2026, with estimated right-of-use assets and lease liabilities of approximately **$1.0 million**[120](index=120&type=chunk) - Subsequent to quarter-end, **1,308,658 warrants** were exercised, resulting in the issuance of **1,902,962 common shares** and **$15.0 million** in cash proceeds[121](index=121&type=chunk) - On August 1, 2025, the Company entered into an equipment financing agreement for a conditional commitment of **$13.8 million**, with an initial draw of **$0.5 million** and a warrant issued to the lender for **21,563 common shares**[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on D-Wave Quantum Inc.'s financial condition and results of operations for the three and six months ended June 30, 2025 and 2024 [Overview](index=25&type=section&id=Overview) D-Wave is a commercial quantum computing company offering QCaaS, professional services, and direct sales of its superconducting annealing quantum computer systems - D-Wave is a commercial quantum computing company offering QCaaS, professional services, and direct sales of its superconducting annealing quantum computer systems, including the D-Wave Advantage2™ system[125](index=125&type=chunk) Key Financial Metrics | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,100 | $2,200 | $18,100 | $4,600 | | Net losses | $(167,300) | $(17,800) | $(172,800) | $(35,100) | - The Company expects to continue incurring significant losses due to ongoing investments in research and development and go-to-market initiatives, with an accumulated deficit of **$799.7 million** as of June 30, 2025[126](index=126&type=chunk) [Macroeconomic Environment](index=25&type=section&id=Macroeconomic%20Environment) Unfavorable macroeconomic conditions could impact business investments in D-Wave's products, though no material effect has been observed to date - Unfavorable macroeconomic conditions, including inflation, interest rate changes, and geopolitical conflicts, could negatively impact business investments in D-Wave's products, though no material effect has been observed to date[127](index=127&type=chunk) - The Company is evaluating the potential impacts of the recently enacted One Big Beautiful Bill Act (OBBBA), which includes tax changes, but does not anticipate a material impact on its financial statements[128](index=128&type=chunk) [Key Components of Results of Operations](index=25&type=section&id=Key%20Components%20of%20Results%20of%20Operations) This section details the primary drivers of D-Wave Quantum Inc.'s revenue and expenses, outlining recognition policies and expected trends for each component [Revenue](index=25&type=section&id=Revenue) Revenue is primarily generated from QCaaS subscriptions, professional services, and sales of superconducting quantum computer systems - Revenue is primarily derived from QCaaS cloud platform subscriptions, professional services for quantum application development, and sales of superconducting quantum computer systems[129](index=129&type=chunk) - QCaaS revenue is recognized ratably over contract terms (1 month to 2 years), professional services revenue over time based on percentage of completion, and system sales revenue at a point in time upon control transfer, or over time for system upgrade projects[129](index=129&type=chunk)[130](index=130&type=chunk) - While QCaaS revenue is expected to increase long-term, professional services revenue has grown more rapidly in the short term, serving as a strategic enabler for QCaaS growth[131](index=131&type=chunk) [Cost of Revenue](index=26&type=section&id=Cost%20of%20Revenue) Cost of revenue includes direct and indirect expenses for QCaaS, professional services, and system sales, expected to increase in absolute dollars but decline long-term as a percentage of revenue - Cost of revenue includes personnel, stock-based compensation, cloud platform maintenance, and depreciation for QCaaS and professional services, as well as manufacturing, installation, warranty, and shipping costs for quantum computing systems[132](index=132&type=chunk)[133](index=133&type=chunk) - Total cost of revenue is expected to increase in absolute dollars, with a short-term rise as a percentage of total revenue due to higher professional services proportion, but a long-term decline as QCaaS becomes a larger share[134](index=134&type=chunk) [Operating Expenses](index=26&type=section&id=Operating%20Expenses) Operating expenses, including R&D, G&A, and sales & marketing, are expected to trend upward in absolute dollars due to continued investments and compliance needs [Research and Development](index=26&type=section&id=Research%20and%20Development) R&D expenses, focused on enhancing quantum computers and the QCaaS platform, are expected to increase due to ongoing technology investments - R&D expenses include personnel, fabrication, lab supplies, and cloud computing resources, with ongoing efforts to enhance annealing quantum computers, develop gate model quantum computers, and improve the QCaaS platform[136](index=136&type=chunk)[137](index=137&type=chunk) - R&D expenses are expected to trend upward in absolute dollars due to continued investment in technology advancements, though government grants could offset some costs[137](index=137&type=chunk) [General and Administrative](index=26&type=section&id=General%20and%20Administrative) G&A expenses, primarily personnel and professional services, are expected to increase due to investments in compliance, IT security, and internal controls - G&A expenses consist mainly of personnel-related costs and outside professional services (legal, audit, accounting, insurance), and allocated facility costs[138](index=138&type=chunk) - G&A expenses are expected to increase in absolute dollars due to investments in compliance, IT security, and expanded internal controls to meet Sarbanes-Oxley Act requirements[139](index=139&type=chunk) [Sales and Marketing](index=27&type=section&id=Sales%20and%20Marketing) Sales and marketing expenses are expected to increase due to significant investments planned to drive revenue, expand the customer base, and enhance brand awareness - Sales and marketing expenses include personnel, direct advertising, marketing, promotional materials, sales commissions, and consulting fees[140](index=140&type=chunk) - The Company intends to make significant investments in its sales and marketing organization to drive revenue, expand its global customer base, and broaden brand awareness, expecting these expenses to increase in absolute dollars[140](index=140&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) This section provides a detailed financial comparison of D-Wave Quantum Inc.'s performance for the three and six months ended June 30, 2025 and 2024 [Comparison of the Three Months Ended June 30, 2025 and 2024](index=27&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) For the three months ended June 30, 2025, revenue increased by 42% to $3.1 million, but net loss widened substantially to $167.3 million, primarily due to warrant liabilities Financial Performance (Three Months Ended June 30) | Metric (in thousands) | 3M Ended Jun 30, 2025 | 3M Ended Jun 30, 2024 | Change (Absolute) | Change (%) | | :-------------------- | :-------------------- | :-------------------- | :---------------- | :--------- | | Revenue | $3,095 | $2,183 | $912 | 41.8% | | Cost of revenue | $1,119 | $795 | $324 | 40.8% | | Research and development | $12,694 | $8,355 | $4,339 | 51.9% | | General and administrative | $9,151 | $7,471 | $1,680 | 22.5% | | Sales and marketing | $6,633 | $4,401 | $2,232 | 50.7% | | Interest expense | $(206) | $(1,160) | $954 | -82.2% | | Change in fair value of warrant liabilities | $(142,048) | $2,195 | $(144,243) | -6571.4% | | Other income (expense), net | $1,427 | $458 | $969 | 211.6% | | Net loss | $(167,329) | $(17,778) | $(149,551) | 841.2% | - Revenue increased by **$0.9 million (42%)** due to a **$1.0 million** system upgrade project and a **$0.4 million** increase in professional service revenue, partially offset by a **$0.5 million** decrease in QCaaS revenue[142](index=142&type=chunk) - General and administrative expenses increased by **$1.7 million**, primarily due to higher professional fees (**$1.2 million**), personnel expenses (**$1.0 million**), and stock-based compensation (**$0.8 million**), partially offset by a **$1.2 million** decrease in bad debt expenses from the Zapata Note recovery[145](index=145&type=chunk) - Net loss significantly increased by **$149.6 million**, primarily driven by a **$142.0 million** increase in the fair value of warrant liabilities, correlated with the appreciation of the Company's common stock[141](index=141&type=chunk)[150](index=150&type=chunk) [Comparison of the Six Months Ended June 30, 2025 and 2024](index=29&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) For the six months ended June 30, 2025, revenue surged by 289% to $18.1 million, but net loss expanded to $172.8 million, largely influenced by warrant liabilities Financial Performance (Six Months Ended June 30) | Metric (in thousands) | 6M Ended Jun 30, 2025 | 6M Ended Jun 30, 2024 | Change (Absolute) | Change (%) | | :-------------------- | :-------------------- | :-------------------- | :---------------- | :--------- | | Revenue | $18,096 | $4,648 | $13,448 | 289.3% | | Cost of revenue | $2,243 | $1,601 | $642 | 40.1% | | Research and development | $22,982 | $16,880 | $6,102 | 36.1% | | General and administrative | $17,108 | $15,037 | $2,071 | 13.8% | | Sales and marketing | $13,556 | $7,485 | $6,071 | 81.1% | | Interest expense | $(432) | $(2,300) | $1,868 | -81.2% | | Change in fair value of warrant liabilities | $(138,105) | $(457) | $(137,648) | 30120.0% | | Other income (expense), net | $3,580 | $1,595 | $1,985 | 124.5% | | Net loss | $(172,750) | $(35,090) | $(137,660) | 392.3% | - Revenue increased by **$13.4 million (289%)** primarily due to **$13.7 million** in system sales and a **$0.5 million** increase in professional service revenue, partially offset by a **$0.7 million** decrease in QCaaS revenue[153](index=153&type=chunk) - Sales and marketing expenses increased by **$6.1 million (81%)**, driven by higher personnel costs (**$3.4 million**), marketing expenses (**$1.3 million**), and stock-based compensation (**$0.8 million**)[157](index=157&type=chunk) - Net loss increased by **$137.7 million**, largely attributable to a **$138.1 million** increase in the fair value of warrant liabilities, which correlated with the appreciation of the Company's common stock[152](index=152&type=chunk)[161](index=161&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The Company significantly enhanced its liquidity through various equity offerings and warrant exercises, while also fully repaying its Term Loan - Under the Lincoln Park Purchase Agreement, the Company issued **3,873,113 common shares**, generating **$37.8 million** in net proceeds, completing **100%** of available issuances by June 30, 2025[163](index=163&type=chunk) - The Company completed multiple at-the-market (ATM) offerings (**$100M, $75M, $150M, $400M ATM**) by June 30, 2025, collectively raising significant net proceeds through common stock issuances[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) - During the six months ended June 30, 2025, warrant exercises resulted in the issuance of **12,558,471 common shares** and **$99.3 million** in cash proceeds[170](index=170&type=chunk) - The Company fully repaid and extinguished the Term Loan with PSPIB on October 22, 2024, including **$30.0 million** in principal and **$4.3 million** in accrued PIK interest[171](index=171&type=chunk) [Cash Flows](index=32&type=section&id=Cash%20Flows) Net cash used in operating activities increased, investing activities decreased, and financing activities significantly increased due to equity offerings and warrant exercises Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :---------------- | :--------- | | Net cash used in operating activities | $(34,565) | $(26,587) | $(7,978) | 30.0% | | Net cash used in investing activities | $(357) | $(1,809) | $1,452 | -80.3% | | Net cash provided by financing activities | $674,969 | $27,881 | $647,088 | 2320.2% | - Net cash used in operating activities increased by **$8.0 million** to **$34.6 million**, primarily due to a **$137.7 million** increase in net loss, partially offset by a **$144.9 million** increase in noncash items (mainly warrant liabilities fair value change) and a **$15.2 million** decrease in cash absorbed by working capital[174](index=174&type=chunk) - Net cash provided by financing activities increased by **$647.1 million** to **$675.0 million**, driven by **$527.6 million** from at-the-market offerings and **$99.3 million** from warrant exercises[176](index=176&type=chunk) [Contractual Obligations and Commitments](index=33&type=section&id=Contractual%20Obligations%20and%20Commitments) No material changes to contractual obligations were reported as of June 30, 2025, compared to the prior annual report - No material changes to contractual obligations were reported as of June 30, 2025, compared to the Annual Report on Form 10-K for the year ended December 31, 2024[177](index=177&type=chunk) [Critical Accounting Estimates](index=33&type=section&id=Critical%20Accounting%20Estimates) This section highlights critical accounting estimates, specifically focusing on revenue recognition for system upgrade projects, which requires significant judgment in cost estimation - Revenue from system upgrade projects is recognized over time using an input method based on costs incurred relative to total estimated costs, requiring significant judgment in cost estimation[179](index=179&type=chunk) - Revisions to total estimated project costs are accounted for in the period identified and can result in cumulative catch-up adjustments to revenue; estimated contract losses are recognized immediately[179](index=179&type=chunk) [Recently Issued and Adopted Accounting Standards](index=33&type=section&id=Recently%20Issued%20and%20Adopted%20Accounting%20Standards) Information regarding recently issued and adopted accounting pronouncements is provided in Note 2 to the unaudited condensed consolidated financial statements - Details on recently issued and adopted accounting pronouncements are included in Note 2 of the condensed consolidated financial statements[180](index=180&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable to D-Wave Quantum Inc. as it qualifies as a Smaller Reporting Company - This section is not applicable to the Company as it is a Smaller Reporting Company[181](index=181&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the effectiveness of the Company's disclosure controls and procedures as of June 30, 2025, concluding they were effective - As of June 30, 2025, the Company's disclosure controls and procedures were evaluated as effective in providing reasonable assurance that information required for SEC reports is recorded, processed, summarized, and reported timely[185](index=185&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[186](index=186&type=chunk) [Part II. Other Information](index=34&type=section&id=Part%20II.%20Other%20Information) This part contains other information, including legal proceedings, risk factors, equity sales, defaults, and exhibits [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The Company is not currently involved in any material pending or threatened legal proceedings or claims - There are no pending or threatened legal proceedings or claims against the Company that are likely to have a material adverse effect on its business, operating results, financial condition, or cash flows[188](index=188&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The Company will lose its "emerging growth company" and "smaller reporting company" statuses, increasing compliance costs and reporting requirements - The Company will cease to qualify as an "emerging growth company" as of December 31, 2025, and as a "smaller reporting company" beginning with the Q1 2026 Form 10-Q[194](index=194&type=chunk)[195](index=195&type=chunk) - Losing these statuses means the Company will no longer benefit from reduced disclosure requirements, leading to increased legal and financial compliance costs[196](index=196&type=chunk) - The increased reporting requirements could divert management attention and, if not complied with timely, harm the business and cause the common share price to decline[196](index=196&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds were reported[197](index=197&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities during the period - No defaults upon senior securities were reported[198](index=198&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - This section is not applicable to the Company[199](index=199&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) Two directors adopted Rule 10b5-1 trading arrangements for the sale of common stock issuable upon RSU vesting - During the three months ended June 30, 2025, directors Rohit Ghai and John DiLullo adopted Rule 10b5-1 trading arrangements for the sale of common stock issuable upon vesting of restricted stock units[201](index=201&type=chunk)[202](index=202&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including severance policies, employment agreements, and certifications - The report includes various exhibits such as severance policies, employment agreement amendments, CEO and CFO certifications, and Inline XBRL documents[203](index=203&type=chunk) [Signatures](index=38&type=section&id=Signatures) The report was duly signed on August 7, 2025, by John M. Markovich, Chief Financial Officer of D-Wave Quantum Inc - The report was duly signed on August 7, 2025, by John M. Markovich, Chief Financial Officer of D-Wave Quantum Inc[206](index=206&type=chunk)[208](index=208&type=chunk)

D-WAVE QUANTUM shares have added about 109.3% since the beginning of the year versus the S&P 500's gain of 7.9%. What's Next for D-WAVE QUANTUM? While D-WAVE QUANTUM has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the comin ...