D-Wave Readies Q4 and 2025 Results as Commercial Quantum Services Expand

D-Wave Quantum has scheduled the release of its fourth-quarter and full-year 2025 results for February 26, 2026, ahead of the U.S. market open. Investors will be watching to see whether the company?s intensified commercialization efforts are already reflected in the numbers, and whether the deals inked over recent months are translating into revenue.

On earnings day, at 8:00 a.m. Eastern Time, chief executive Dr. Alan Baratz and chief financial officer John Markovich will address analysts and shareholders. The accompanying conference call will cover not only the financials but also the 2026 business outlook, with particular emphasis on the development of the QCaaS (Quantum Computing as a Service) model.

D-Wave has been pushing toward recurring revenue through cloud-based quantum computing services, a shift underscored by multi-year arrangements with several enterprise clients. The upcoming figures are expected to indicate how durable this revenue pillar is and how quickly it can mature.

The year 2026 brought a notable strategic move with the closing of the Quantum Circuits, Inc. acquisition early in the year. This deal grants D-Wave access to fault-tolerant superconducting technology, complementing the company?s existing annealing-based approach. The aim is to broaden the product lineup beyond research-oriented offerings and toward production-ready commercial solutions, including the integration of gate-model systems to unlock new applications.

This acquisition marks a clear pivot in the company?s strategy: from a primarily research-driven entity toward a commercially scalable quantum computing platform. Whether the 2025 results reflect this shift remains uncertain, as the financial effects are expected to unfold in the current year.

The February 26 reporting date will reveal how far D-Wave has progressed on its path from a technology pioneer to a profitable quantum computing provider.