D-Wave Quantum Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 bookings and a robust pipeline reflect accelerating commercial momentum, despite lower YoY revenue due to last year's large system sale. Dual-rail gate model technology and major deals position the company for leadership across the quantum market.
Fiscal Year 2025
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Fiscal 2025 saw record revenue growth of 179% and major technical milestones, including quantum supremacy and a dual-platform strategy. Bookings and pipeline surged into 2026, with strong liquidity and expanding enterprise and government traction.
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Q3 2025 saw 100% revenue growth, strong bookings, and a major EUR 10M European contract. Gross margins improved, cash balance surged to $836M, and customer traction expanded, with over 100 revenue-generating clients and new U.S. government engagement.
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Q2 FY2025 saw strong revenue growth, major technical milestones with the Advantage2 quantum computer, and a record cash position after significant capital raises. The company is accelerating R&D and commercial efforts, with high customer retention and a robust sales pipeline.
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Record Q1 revenue and gross margins were driven by a major system sale, while net loss narrowed significantly. Technical milestones included quantum supremacy and new product launches, with strong liquidity supporting the path to profitability.
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Advancements in quantum annealing and hybrid solvers are driving commercial adoption, with new system sales and strong bookings growth. The company is expanding into government, international, and AI integration opportunities, while maintaining a strong cash position and regulatory compliance.
Fiscal Year 2024
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Achieved a world-first demonstration of quantum supremacy on a real-world problem, driving record bookings and a major system sale to Jülich. Fiscal 2024 revenue was flat, but bookings surged 128% year-over-year, and the company ended with over $300 million in cash, positioning it for profitability ahead of peers.
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Q3 revenue declined year-over-year, but QCaaS revenue grew and government/research segments expanded. Major customer wins, new partnerships, and technical milestones position the company for future growth, with improved bookings and revenue expected in Q4.
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Q2 2024 saw strong bookings growth, improved gross margins, and expanded customer base, with significant technical and commercial progress in quantum and AI solutions. Revenue and profitability metrics improved year-over-year, and the company reiterated its full-year guidance.