Filing Flows › D-Wave Quantum (QBTS) › Q2 2025
D-Wave Quantum (QBTS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
D-Wave Quantum (QBTS) reported revenue of $3.1M for the second quarter 2025 (Q2 2025), +42% from a year earlier and -79% from the quarter before. Operating margin was -856.3%.
D-Wave Quantum, Q2 2025: revenue $3.1M (+42% year over year), operating margin -856.3%, net loss $167M, operating cash flow −$15.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1M | -79% | +42% |
| Operating profit | −$26.5M | — | — |
| Net earnings | −$167M | — | — |
| Operating cash flow | −$15.3M | — | — |
What changed
Revenue was $3.1M in Q2 2025, up 42% year over year and down 79% from the previous quarter. QCaaS was the largest line at 40% of revenue. Professional services added $443K year over year (up 130%), 49% of the total change. QCaaS declined 30%.
Gross margin was 63.8%, up 0.3 points from a year earlier. Operating costs exceeded revenue by $26.5M, an operating margin of -856.3%. Operating expenses grew 41% against revenue growth of 42%. The fastest-growing cost line was Research & development (+52%). The quarter ended with a net loss of $167.3M, wider than the previous quarter's $5.4M loss. Net interest and other expense of $140.8M was the main reason.
Operating cash flow was −$15.3M. Non-cash charges added back $338K of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items added $145.0M. Capital expenditures of $749K exceeded it, leaving free cash flow of −$16.0M.
Questions
What was D-Wave Quantum's revenue in the second quarter 2025?
D-Wave Quantum (QBTS) reported revenue of $3.1M for the second quarter 2025 (Q2 2025), +42% from a year earlier and -79% from the quarter before.
Was D-Wave Quantum profitable in the second quarter 2025?
Operating loss was $26.5M (-856.3% of revenue) and net loss $167M.
Source: D-Wave Quantum 10-Q on SEC EDGAR.