D-Wave Quantum FY2025 revenue up 179% to $24.6M with record $884.5M cash
On 2026-02-26 D-Wave Quantum (NYSE: QBTS) reported full-year 2025 revenue of $24.6 million, up 179% from $8.8 million in 2024, with FY gross profit up 265% and Q4 bookings of $13.4 million. The company ended 2025 with a record $884.5 million in consolidated cash and marketable securities (up 397% year over year). CEO Alan Baratz called 2025 one of D-Wave's most transformative years across revenue, bookings, technical milestones and scientific results. Disclosed via Form 8-K (Item 2.02) and Form 10-K.
A 179% annual revenue increase to $24.6M with a record ~$884.5M cash position caps D-Wave's strongest year and gives it the deepest balance sheet among the annealing/gate pure-plays following the Quantum Circuits acquisition; the growth rate and cash clear the upper-mid band even as absolute revenue stays modest.
Record cash and the Quantum Circuits acquisition fund D-Wave's dual annealing-and-gate-model roadmap and government push; the durable question remains converting bookings momentum into a revenue base commensurate with the balance sheet.