Filing Flows › D-Wave Quantum (QBTS) › Q3 2025
D-Wave Quantum (QBTS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
D-Wave Quantum (QBTS) reported revenue of $3.7M for the third quarter 2025 (Q3 2025), +100% from a year earlier and +21% from the quarter before. Operating margin was -741.8%.
D-Wave Quantum, Q3 2025: revenue $3.7M (+100% year over year), operating margin -741.8%, net loss $140M, operating cash flow −$19.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7M | +21% | +100% |
| Operating profit | −$27.7M | — | — |
| Net earnings | −$140M | — | — |
| Operating cash flow | −$19.0M | — | — |
What changed
Revenue was $3.7M in Q3 2025, up 100% year over year and up 21% from the previous quarter.
Gross margin was 71.4%, up 15.6 points from a year earlier. Operating costs exceeded revenue by $27.7M, an operating margin of -741.8%. Operating expenses grew 40% against revenue growth of 100%. The fastest-growing cost line was Sales & marketing (+85%). The quarter ended with a net loss of $140.0M, narrower than the previous quarter's $167.3M loss. Net interest and other expense of $112.2M was the main reason.
Operating cash flow was −$19.0M. Non-cash charges added back $369K of depreciation and amortization and $6.5M of share-based compensation. Working capital and other items added $114.1M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$20.1M.
Questions
What was D-Wave Quantum's revenue in the third quarter 2025?
D-Wave Quantum (QBTS) reported revenue of $3.7M for the third quarter 2025 (Q3 2025), +100% from a year earlier and +21% from the quarter before.
Was D-Wave Quantum profitable in the third quarter 2025?
Operating loss was $27.7M (-741.8% of revenue) and net loss $140M.
Source: D-Wave Quantum 10-Q on SEC EDGAR.