Financial Data and Key Metrics Changes - Revenue for fiscal 2025 totaled $24.6 million, an increase of $15.8 million, or 179% from fiscal 2024 revenue of $8.8 million [21] - GAAP gross profit for fiscal 2025 was $20.3 million, an increase of $14.7 million, or 265% from fiscal 2024 GAAP gross profit of $5.6 million [24] - Net loss for fiscal 2025 was $355 million, or $1.11 per share, compared with the fiscal 2024 loss of $143.9 million, or $0.75 per share [26] Business Line Data and Key Metrics Changes - Fiscal 2025 revenue included $16.2 million in systems sales revenue, $5.5 million in QCaaS subscription revenue, and $2.7 million in professional services revenue [21] - Fiscal 2025 bookings were $18.7 million, a decrease of 22% from fiscal 2024 bookings of $23.9 million [22] - The average revenue per commercial customer increased by 20% over fiscal 2024, and total revenue from Forbes Global 2000 customers increased by 70% year-over-year [23] Market Data and Key Metrics Changes - D-Wave recognized revenue from over 135 individual customers, including over 70 commercial customers, with significant engagement from Forbes Global 2000 enterprises [23] - The sales opportunity pipeline entering 2026 was up nearly 1,500% compared to the beginning of 2025 [33] Company Strategy and Development Direction - D-Wave's acquisition of Quantum Circuits fundamentally changes the competitive landscape, positioning the company as the world's leading quantum computing company [7] - The dual-platform approach allows D-Wave to address the full quantum computing market, focusing on both annealing and gate model systems [8] - The company aims to be the first independent, publicly held quantum computing company to achieve sustained profitability with less funding than competitors [38] Management's Comments on Operating Environment and Future Outlook - Management believes that quantum computing is entering a new phase characterized by commercial separation, with a focus on real performance advantage and commercial adoption [18] - The company is experiencing extraordinary momentum entering 2026, with bookings in January alone exceeding the entirety of fiscal 2025 [6] - Management emphasizes the importance of solving real mission-critical problems for government and commercial customers [15] Other Important Information - D-Wave's headquarters will relocate from Palo Alto, California, to Boca Raton, Florida, where a major U.S.-based R&D center will be opened [17] - The company raised over $800 million in gross proceeds from equity issuance and warrant exercises during fiscal 2025 [32] Q&A Session Summary Question: Can you help us think about the advantage with the built-in error correction? - Management confirmed that the dual-rail technology provides a timing advantage due to lower complexity in building fully error-corrected systems [41][42] Question: How much OpEx would you expect to incur in 2026 with the acquisition of QCI? - Management stated that the 15% sequential growth in OpEx includes costs associated with the QCI acquisition [46] Question: What metrics are customers focused on when evaluating Quantum as a solution? - Management indicated that customers are primarily focused on the commercial value and ROI delivered by annealing quantum systems [62]