D-Wave Quantum Shares Surge on Stellar Bookings and Record Liquidity

D-Wave Quantum shares surged over 10% after reporting explosive 179% FY2025 revenue growth and a spectacular $32.8M+ start to 2026 with major new contracts.

Shares of D-Wave Quantum Inc. experienced a powerful rally in early trading Thursday, jumping more than 10 percent. The catalyst was the company's release of its fourth-quarter and full-year 2025 financial results, which highlighted explosive revenue growth and, most notably, a spectacular start to 2026 with new orders exceeding $32.8 million.

A Year of Explosive Growth, Despite a Quarterly Miss

For the full fiscal year 2025, D-Wave reported revenue of $24.6 million. This figure represents a staggering 179 percent increase, or a gain of $15.8 million, from the $8.8 million recorded in the prior year. The fourth quarter, however, presented a mixed picture. Revenue reached $2.8 million, a 19 percent improvement over the $2.3 million from the same period in 2024, but this result fell short of analyst expectations.

On a GAAP basis, the net loss for Q4 2025 was $42.3 million, or $0.12 per share. This marks a substantial improvement from the loss of $86.1 million, or $0.37 per share, in the year-ago quarter. The adjusted net loss, which excludes non-cash items like the revaluation of warrant liabilities, came in at $31.8 million, or $0.09 per share. Meanwhile, the GAAP gross margin climbed to 64.8 percent.

Rising Investments Drive Operational Costs Higher

The company's GAAP operating expenses for the quarter totaled $36.6 million, a significant 69 percent increase from the $21.7 million reported a year earlier. Management attributed this rise to strategic investments aimed at accelerating growth. Key drivers included higher personnel costs (up $6.2 million), increased spending on external service providers (up $4.0 million), stock-based compensation (up $1.6 million), and marketing expenditures (up $1.1 million).

Balance Sheet Strength Hits New Peak

D-Wave's financial position strengthened dramatically by the end of 2025. The company held cash, cash equivalents, and marketable securities totaling $884.5 million. This is a 397 percent surge from the $178.0 million on the books at the close of 2024. In the fourth quarter alone, the exercise of warrants contributed $63.7 million in proceeds.

The company's bookings momentum showed remarkable volatility. Q4 bookings reached $13.4 million, a 471 percent sequential increase from the $2.4 million booked in the third quarter. For the full year 2025, total bookings were $18.7 million. This represents a 22 percent decline from the $23.9 million booked in 2024, a year that included the company's first multi-million-dollar quantum computing system sale.

A Transformative Start to the New Fiscal Year

The story for 2026, however, has begun with extraordinary force. As of February 25, bookings for the current first quarter had already surpassed $32.8 million. Major contracts fueling this surge include:

• A $20 million system sale to Florida Atlantic University for a D-Wave Advantage2 quantum computer, scheduled for delivery by the end of 2026.
• A two-year $10 million Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 corporation.
• $2.3 million in orders from Quantum Circuits, which were received just prior to the completion of its acquisition by D-Wave.

Strategic Acquisition Bolsters Technology Portfolio

In a separate announcement, D-Wave confirmed it has finalized the acquisition of Quantum Circuits, Inc. (QCI). QCI is a developer of error-corrected, superconducting gate-model quantum computing systems. The company's Dual-Rail qubits are reported to identify 90 percent of all errors and achieve gate fidelities exceeding 99.9 percent.

Sector-Wide Momentum Provides Additional Lift

While D-Wave's stock gave back some of its early gains, it remained up approximately 6.4 percent by midday trading. Prior to the earnings release, the equity had shed more than 20 percent of its value since the start of the year, falling from levels above $25 in late January. The broader quantum computing sector received a boost from competitor IonQ, which also reported quarterly results that exceeded market forecasts on the same day.