Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $3.7 million, a 100% increase from $1.9 million in Q3 2024 [25] - GAAP gross profit for Q3 2025 was $2.7 million, up 156% from $1 million in Q3 2024 [28] - Net loss for Q3 2025 was $140.8 million, compared to a net loss of $22.7 million in Q3 2024, primarily due to $121.9 million in non-cash non-operating charges [29] - Adjusted net loss for Q3 2025 was $18.1 million, a decrease from $23.2 million in Q3 2024 [30] - Cash balance as of September 30, 2025, was $836.2 million, a 2,700% increase from $29.3 million a year earlier [40] Business Line Data and Key Metrics Changes - Q3 2025 revenue included $1.8 million from systems revenue, $1.4 million from QCAS revenue, and $500,000 from professional services [26] - Bookings for Q3 2025 totaled $2.4 million, a 3% increase from $2.3 million in Q3 2024 [26] - Year-to-date revenue for the nine months ended September 30, 2025, was $21.8 million, a 235% increase from $6.5 million in the same period in 2024 [31] Market Data and Key Metrics Changes - D-Wave has over 100 revenue-generating customers, including approximately two dozen Forbes Global 2000 companies [28] - The company signed a EUR 10 million agreement for a D-Wave Advantage II system in Europe, which will be reflected in Q4 bookings [27] Company Strategy and Development Direction - D-Wave is focused on commercializing quantum computing solutions, emphasizing customer success and sales as key to growth [6][7] - The company aims to be the first independent, publicly held quantum computing company to achieve sustained profitability [41] - D-Wave is developing both annealing and gate model quantum computers, leveraging superconducting technology for scalability and performance [14][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing interest from the U.S. government in D-Wave's technology for solving real-world problems [46][47] - The company is optimistic about future booking activity and the potential for larger enterprise deals [28] - Management noted that the first nine months of 2025 have been remarkable, with significant advancements in technology and customer engagement [21] Other Important Information - D-Wave's Advantage II system has been recognized for demonstrating quantum supremacy on a useful real-world problem [19][20] - The company is exploring innovative deployment models, such as the Q Alliance deal, which could serve as a blueprint for future agreements [62] Q&A Session Summary Question: Significance of U.S. government attention - Management emphasized that D-Wave's approach differs from other quantum companies, focusing on delivering value rather than seeking R&D funding [46][47] Question: Details on Gate model product and superconducting computer - Management confirmed the use of fluxonium qubits for the Gate model, with a timeline for demonstration expected within the next year [50][52] Question: Davidson relationship and national security initiatives - Management stated that the next step is to secure the system for classified applications, potentially making it the first quantum computer certified for such use [56] Question: Q Alliance transaction details - Management clarified that the EUR 10 million contract does not imply a straightforward doubling for the full system purchase, as there are additional benefits for customers [59][60] Question: Investment in R&D and operational capabilities - Management indicated a planned 15% increase in operating expenses, primarily in R&D, to accelerate technology development and go-to-market capabilities [66][68]