Filing Flows › D-Wave Quantum (QBTS) › Q1 2025
D-Wave Quantum (QBTS) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
D-Wave Quantum (QBTS) reported revenue of $15.0M for the first quarter 2025 (Q1 2025), +509% from a year earlier and +550% from the quarter before. Operating margin was -75.3%, net loss $5.4M (36.1% of revenue).
D-Wave Quantum, Q1 2025: revenue $15.0M (+509% year over year), operating margin -75.3%, net loss $5.4M, operating cash flow −$19.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $15.0M | +550% | +509% |
| Operating profit | −$11.3M | — | — |
| Net earnings | −$5.4M | — | — |
| Operating cash flow | −$19.3M | -1056% | — |
What changed
Revenue was $15.0M in Q1 2025, up 509% year over year and up 550% from the previous quarter. System sales was the largest line at 84% of revenue. Professional services added $138K year over year (up 22%), 1% of the total change. Other revenue declined 67%.
Gross margin was 92.5%, up 25.2 points from a year earlier. Operating costs exceeded revenue by $11.3M, an operating margin of -75.3%. Operating expenses grew 31% against revenue growth of 509%. The fastest-growing cost line was Sales & marketing (+124%). The quarter ended with a net loss of $5.4M, narrower than the previous quarter's $86.1M loss. Non-operating items added $5.9M, -108% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$19.3M. Non-cash charges added back $376K of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $18.2M. Capital expenditures of $438K exceeded it, leaving free cash flow of −$19.7M.
Questions
What was D-Wave Quantum's revenue in the first quarter 2025?
D-Wave Quantum (QBTS) reported revenue of $15.0M for the first quarter 2025 (Q1 2025), +509% from a year earlier and +550% from the quarter before.
Was D-Wave Quantum profitable in the first quarter 2025?
Operating loss was $11.3M (-75.3% of revenue) and net loss $5.4M.
Source: D-Wave Quantum 10-Q on SEC EDGAR.