QBTS Q4 Earnings Miss Estimates, Revenue Rise Y/Y, Stock Climbs

Core Insights - D-Wave Quantum Inc. (QBTS) reported a fourth-quarter 2025 net loss of 12 cents per share, which was worse than the Zacks Consensus Estimate of a loss of 5 cents but improved from a loss of 37 cents in the same quarter last year [1]. Financial Performance - The net loss per share for 2025 was $1.11, compared to a loss of 75 cents in 2024 [2]. - D-Wave Quantum's revenues for the reported quarter were $2.75 million, reflecting a year-over-year increase of 19.2%, but fell short of the Zacks Consensus Estimate by 33.49% [3]. - The company reported adjusted gross profit of $1.8 million in the fourth quarter, a 17% increase from the previous year, with an adjusted gross margin of 71.8%, down 1.2% year over year [5]. - Adjusted operating expenses reached $27 million, up 59% year over year, leading to an adjusted EBITDA loss of $25 million for the fourth quarter, which is a 63% increase year over year [5]. - D-Wave Quantum ended the fourth quarter of 2025 with cash and marketable investment securities totaling $884.5 million, a significant increase from $178 million at the end of 2024 [6]. Business Developments - The company recognized revenues from over 135 individual customers, including more than 70 commercial enterprises and over two dozen Forbes Global 2000 companies [4]. - D-Wave Quantum closed its first Advantage quantum computer system sale to the Jülich Supercomputing Center and launched the general availability of its Advantage2 system, which expanded the sales opportunity pipeline [8]. - In January 2026, D-Wave Quantum generated over $30 million in bookings, indicating strong momentum entering the new year [9]. Market Reaction - Following the earnings announcement, QBTS shares rose by 2.5%, closing at $20.14 [4].