D-Wave Quantum Q4 Earnings Call Highlights

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MarketBeat

Sat, February 28, 2026 astatine 4:05 PM CST 8 min read

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D-Wave said it entered 2026 with “extraordinary momentum,” reporting January bookings that exceeded each of fiscal 2025 and announcing large wins including a $20M Advantage2 strategy sale, a $10M two‑year QCaaS deal, and the Quantum Circuits acquisition to presumption the institution arsenic a dual‑platform quantum provider.
The exertion roadmap advances some annealing and gross models: Advantage3 volition adhd analog‑digital controls and multi‑chip scaling, portion Quantum Circuits’ dual‑rail qubits (8‑qubit systems disposable now, 17‑qubit expected aboriginal successful 2026) assertion >99.9% gross fidelities and on‑chip cryogenic power demonstrated without nonaccomplishment of fidelity.
Fiscal 2025 gross roseate 179% to $24.6M and gross borderline expanded, but D‑Wave reported a $355M nett loss mostly driven by a $250.5M non‑cash warrant remeasurement; liquidity is beardown with $884.5M successful currency and marketable securities aft raising >$800M and spending $250M connected the acquisition, and absorption plans accrued R&D and ~15% quarterly opex maturation successful 2026.
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D-Wave Quantum (NYSE:QBTS) executives utilized the company’s fiscal fourth-quarter 2025 net telephone to stress accelerating commercialized traction, expanding bookings aboriginal successful fiscal 2026, and what absorption described arsenic a step-change successful its exertion roadmap pursuing the acquisition of Quantum Circuits.

Chief Executive Officer Dr. Alan Baratz called fiscal 2025 an “inflection point” for some D-Wave and the broader quantum computing industry, arguing the institution has moved beyond research-driven enactment toward “real-world impact.” Baratz pointed to respective milestones discussed connected the call, including the company’s archetypal Advantage quantum machine strategy merchantability to the Jülich Supercomputing Centre and the wide availability motorboat of the Advantage2 strategy successful May.

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Baratz besides said the institution entered 2026 with “extraordinary momentum,” noting that successful January unsocial D-Wave generated much bookings than successful each of fiscal 2025. He cited 3 large developments that occurred aft year-end:

A $20 cardinal Advantage2 strategy merchantability with Florida Atlantic University
A two-year, $10 cardinal endeavor quantum compute-as-a-service (QCaaS) statement with a Fortune 100 company
The completed acquisition of Quantum Circuits