Filing Flows › D-Wave Quantum (QBTS) › Q4 2025
D-Wave Quantum (QBTS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
D-Wave Quantum (QBTS) reported revenue of $2.8M for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and -26% from the quarter before.
D-Wave Quantum, Q4 2025: revenue $2.8M (+19% year over year), net loss $42.3M, operating cash flow −$18.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8M | -26% | +19% |
| Operating profit | −$34.8M | — | — |
| Net earnings | −$42.3M | — | — |
| Operating cash flow | −$18.4M | — | -1011% |
What changed
Revenue was $2.8M in Q4 2025, up 19% year over year and down 26% from the previous quarter. QCaaS was the largest line at 49% of revenue.
Gross margin was 64.8%, up 1.0 points from Q4 2024. Operating costs exceeded revenue by $34.8M, an operating margin of -1266.0%. Operating expenses grew 69% against revenue growth of 19%. The fastest-growing cost line was Sales & marketing (+116%). The quarter ended with a net loss of $42.3M, narrower than the previous quarter's $140.0M loss.
Operating cash flow was −$18.4M. Non-cash charges added back $480K of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items added $17.9M. Capital expenditures of $1.7M exceeded it, leaving free cash flow of −$20.0M.
Questions
What was D-Wave Quantum's revenue in the fourth quarter 2025?
D-Wave Quantum (QBTS) reported revenue of $2.8M for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and -26% from the quarter before.
Source: D-Wave Quantum 10-K on SEC EDGAR.