What's happening
D-Wave Quantum announced its 2025 financial results on February 26, 2026, showing revenue of $24.6 million compared to $8.8 million in 2024, representing 179% growth. GAAP gross profit reached $20.3 million, a 265% increase, with gross margin expanding to 82.6%. The company reported 2025 bookings of $18.7 million and secured additional contracts worth more than $32.8 million in the post-year-end period through February 25, 2026.
Notable new contracts include a $20 million system sale to Florida Atlantic University and a $10 million two-year Quantum Computing as a Service deal with a Fortune 100 company. D-Wave maintained a strong balance sheet with $884.5 million in cash and marketable securities as of December 31, 2025, though the company reported a GAAP net loss of $355.1 million and Adjusted EBITDA loss of $71.8 million for the full year.
Why it matters for markets
The 179% revenue increase represents one of the first clear demonstrations of quantum computing transitioning from research applications to paid enterprise deployments. D-Wave's gross margin of 82.6% indicates strong pricing power for its Advantage quantum annealing systems, which feature over 5,000 qubits and target optimization problems in logistics, finance, and materials science.
The $32.8 million in post-year-end bookings through February 2026 suggests accelerating commercial adoption, with the Fortune 100 QCaaS contract particularly significant as it demonstrates enterprise willingness to commit multi-year quantum computing budgets. However, the $355.1 million net loss highlights the substantial cash burn required to scale quantum hardware manufacturing and research operations.
With $884.5 million in cash reserves, D-Wave appears positioned to sustain operations while building its customer base, though the $71.8 million Adjusted EBITDA loss indicates the company remains years away from profitability despite the revenue acceleration.
Sectors and assets to watch
Quantum computing stocks face increased scrutiny as D-Wave's results provide the first major revenue benchmark for the sector's commercial viability. The company's focus on quantum annealing for optimization problems differentiates it from gate-model quantum computing approaches pursued by other public and private companies.
D-Wave's success in securing enterprise contracts, particularly the Fortune 100 QCaaS deal, may influence investor expectations for other quantum computing investments and partnerships. The Florida Atlantic University system sale also demonstrates growing institutional adoption of quantum hardware for research applications.
What to watch next
Monitor D-Wave's quarterly bookings progression through 2026 to assess whether the post-year-end contract surge represents sustainable momentum or lumpy project-based sales. Key metrics include customer retention rates for QCaaS subscriptions, expansion of the Fortune 100 relationship, and progress toward reducing the Adjusted EBITDA loss while maintaining revenue growth above 100% annually.