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D-Wave Quantum QBTS Q3 2025 earnings

Reported November 6, 2025 · Before market open

Revenue$3.7MBeat by $706.4K
EPS-$0.41Miss by $0.34
Revenue estimate$3.0M
EPS estimate-$0.07

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$4.0M
EPS estimate-$0.08

Financials

Q3 2025

Income statement

See full
Revenue$3.7M+99.9%
Gross profit$2.7M+156%
Operating income-$27.7M-34.4%
Net income-$140.0M-516%
EPS (diluted)-$0.41-273%

Balance sheet

See full
Cash & equivalents$836.2M+2,757%
Total debt$39.6M-2.3%
Total equity$670.6M+4,064%
Total assets$865.8M+1,647%

Cash flow

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Operating cash flow-$19.0M-5.4%
CapEx$1.0M+232%
Free cash flow-$20.1M-9.2%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$8.45B+4,895%
Enterprise value$7.65B+4,141%
P/S350×+332×

Profitability

See full
Gross margin82.8%+18.5pp
Operating margin-355.2%-125pp
Net margin-1,651.8%-16,827pp
FCF margin-231.2%-90.5pp

Returns & leverage

See full
Debt / equity0.1×—
Current ratio54.7×+53.3×

Segments

By product

See full
System sales$1.8M—
QCaaS$1.4M-13.4%
Professional services$476.0K+75.6%

Versus estimates

Revenue

Q1 2026$2.9MMiss by $1.3MQ4 2025$2.8MMiss by $991.0K
Q3 2025$3.7MBeat by $706.4K
Q2 2025$3.1MBeat by $67.4KQ1 2025$15.0MBeat by $11.3MQ4 2024$2.3MMiss by $240.2K

Diluted EPS

Q1 2026-$0.05Beat by $0.03Q4 2025-$0.12Miss by $0.07
Q3 2025-$0.41Miss by $0.34
Q2 2025-$0.55Miss by $0.49Q1 2025-$0.02Beat by $0.03Q4 2024-$0.37Miss by $0.28

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Questions, answered.

When did D-Wave Quantum report Q3 2025 earnings?
D-Wave Quantum (QBTS) reported Q3 2025 earnings on November 6, 2025 before market open.
What were D-Wave Quantum's Q3 2025 revenue and EPS?
D-Wave Quantum reported revenue of $3.7M and eps of $-0.41 for Q3 2025.
Did D-Wave Quantum beat estimates in Q3 2025?
Revenue beat the consensus estimate of $3.0M by $706.4K. EPS missed the consensus estimate of $-0.07 by $0.34.
How did D-Wave Quantum's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 99.9% from $1.9M a year earlier and eps declined 412.5% from $-0.08.
Where can I find D-Wave Quantum's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001907982-25-000242) and the 10-Q periodic report (0001907982-25-000251) directly on SEC EDGAR. The filing index links above go to sec.gov.