D-Wave Quantum Q2 2025 revenue up 42% to $3.1M; bookings +92%, cash at record $819M
D-Wave Quantum (NYSE: QBTS) reported Q2 2025 (period ending 2025-06-30) revenue of $3.1 million, up 42% year over year, with bookings of $1.3 million (+92% YoY), more than 100 trailing-four-quarter revenue-generating customers, and a record cash balance above $819 million after equity financing. EODHD recorded GAAP EPS of -$0.08 versus -$0.054 consensus. The result carried a 2025-08-06 EODHD report date; D-Wave's press release and Form 8-K (Item 2.02) crossed the tape on 2025-08-07 and are deduplicated into this single earnings event (same company/type within +/-3 days).
A 42% revenue increase and 92% bookings growth off a low base, plus an above-$819M cash position, give D-Wave the strongest balance sheet among the annealing/gate pure-plays and extend its runway materially; absolute revenue remains small, placing the print in the mid band.
The record cash balance, raised via at-the-market issuance into share-price strength, converts market enthusiasm into multi-year runway, but the gap between an above-$800M cash pile and ~$3M quarterly revenue keeps the commercialization-timeline question open.