D-Wave Quantum Q3 2025 revenue up 100% to $3.7M; 71% gross margin, record cash $836M
D-Wave Quantum (NYSE: QBTS) reported Q3 2025 revenue of $3.7 million on 2025-11-06, up 100% year over year, with GAAP gross profit of $2.7 million (71.4% margin, up 156%), bookings of $2.4 million (up 80% sequentially), and a record cash balance above $836 million. EODHD recorded EPS of -$0.05 versus -$0.07. Results were filed on Form 8-K (Item 2.02) and Form 10-Q.
A 100% revenue increase with a 71% gross margin and a record >$836M cash position is a strong growth print off a low base, giving D-Wave the deepest balance sheet among the annealing/gate pure-plays; absolute revenue remains small, placing it in the mid band.
Rising margins and the >$836M cash pile fund D-Wave's stated R&D and M&A ambitions and its government push (the same-week Davidson Technologies deployment); the gap between cash and ~$3.7M quarterly revenue keeps commercialization pace the central question.