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D-Wave Quantum QBTS Q2 2025 earnings

Reported August 7, 2025 · Before market open

Revenue$3.1MBeat by $67.4K
EPS-$0.55Miss by $0.49
Revenue estimate$3.0M
EPS estimate-$0.06

Next report

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

Financials

Q2 2025

Income statement

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Revenue$3.1M+41.8%
Gross profit$2.0M+42.4%
Operating income-$26.5M-40.7%
Net income-$167.3M-841%
EPS (diluted)-$0.55-450%

Balance sheet

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Cash & equivalents$819.3M+1,905%
Total debt$40.0M+0.6%
Total equity$694.3M+3,327%
Total assets$843.6M+1,265%

Cash flow

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Operating cash flow-$15.3M-5.7%
CapEx$749.0K+37.4%
Free cash flow-$16.0M-6.8%

Valuation & ratios

Valuation

as of 06/30/25
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Market cap$4.68B+2,444%
Enterprise value$3.9B+2,033%
P/S210×+192×

Profitability

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Gross margin82.5%+17.8pp
Operating margin-353.1%-118pp
Net margin-1,263.9%+11,683pp
FCF margin-243%-89.9pp

Returns & leverage

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Debt / equity0.1×—
Current ratio43×+41.9×

Segments

By product

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QCaaS$1.2M-30.2%
System sales$1.0M—
Professional services$785.0K+130%

FAQ

When did D-Wave Quantum report Q2 2025 earnings?
D-Wave Quantum (QBTS) reported Q2 2025 earnings on August 7, 2025 before market open.
What were D-Wave Quantum's Q2 2025 revenue and EPS?
D-Wave Quantum reported revenue of $3.1M and eps of $-0.55 for Q2 2025.
Did D-Wave Quantum beat estimates in Q2 2025?
Revenue beat the consensus estimate of $3.0M by $67.4K. EPS missed the consensus estimate of $-0.06 by $0.49.
How did D-Wave Quantum's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 41.8% from $2.2M a year earlier and eps declined 511.1% from $-0.09.
Where can I find D-Wave Quantum's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001907982-25-000172) and the 10-Q periodic report (0001907982-25-000181) directly on SEC EDGAR. The filing index links above go to sec.gov.