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D-Wave Quantum QBTS Q1 2025 earnings

Reported May 8, 2025 · Before market open

Revenue$15.0MBeat by $11.3M
EPS-$0.02Beat by $0.03
Revenue estimate$3.7M
EPS estimate-$0.05

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$4.4M
EPS estimate-$0.09

Financials

Q1 2025

Income statement

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Revenue$15.0M+509%
Gross profit$13.9M+736%
Operating income-$11.3M+35.5%
Net income-$5.4M+68.7%
EPS (diluted)-$0.02+81.8%

Balance sheet

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Cash & equivalents$304.3M+1,015%
Total debt$38.1M-46.7%
Total equity$207.4M+661%
Total assets$325.6M+570%

Cash flow

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Operating cash flow-$19.3M-59.1%
CapEx$438.0K+43.6%
Free cash flow-$19.7M-58.7%

Valuation & ratios

Valuation

as of 03/31/25
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Market cap$2.21B+583%
Enterprise value$1.95B+429%
P/S103.6×+70.0×

Profitability

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Gross margin83.2%+22.4pp
Operating margin-332.3%-120pp
Net margin-617.8%-108pp
FCF margin-248.6%-93.3pp

Returns & leverage

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Debt / equity0.2×—
Current ratio20.7×+17.6×

Segments

By geography

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Germany$12.8M—
United States$497.0K—
Japan$482.0K—
Canada$304.0K—

By product

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System sales$12.6M—
QCaaS$1.5M-9.4%
Professional services$777.0K+21.6%

FAQ

When did D-Wave Quantum report Q1 2025 earnings?
D-Wave Quantum (QBTS) reported Q1 2025 earnings on May 8, 2025 before market open.
What were D-Wave Quantum's Q1 2025 revenue and EPS?
D-Wave Quantum reported revenue of $15.0M and eps of $-0.02 for Q1 2025.
Did D-Wave Quantum beat estimates in Q1 2025?
Revenue beat the consensus estimate of $3.7M by $11.3M. EPS beat the consensus estimate of $-0.05 by $0.03.
How did D-Wave Quantum's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 508.6% from $2.5M a year earlier and eps grew 83.3% from $-0.12.
Where can I find D-Wave Quantum's Q1 2025 SEC filings?
You can read the 8-K earnings release (0001907982-25-000086) and the 10-Q periodic report (0001907982-25-000090) directly on SEC EDGAR. The filing index links above go to sec.gov.