D-Wave Posts 179% Fiscal 2025 Revenue Jump, Books $30M in January Deals
D-Wave reported fiscal 2025 revenue of $24.6M, up 179%, with gross margin at 82.6% while net loss widened to $355M due to a $250.5M warrant remeasurement charge. The company entered 2026 with January bookings exceeding $24.6M full-year 2025 total and secured $20M Advantage2 and $10M QCaaS deals.
1. Fiscal 2025 Financial Results
D-Wave generated $24.6 million in fiscal 2025 revenue, a 179% increase from $8.8 million, with GAAP gross margin expanding to 82.6%. Net loss widened to $355 million driven by a $250.5 million non-cash warrant remeasurement charge, while adjusted net loss stood at $84.5 million and liquidity reached $884.5 million.
2. Early Fiscal 2026 Bookings Surge and Key Contracts
January bookings exceeded the full-year 2025 revenue total, propelled by a 471% sequential rebound in Q4 bookings. The company secured a $20 million Advantage2 system sale and a $10 million two-year QCaaS subscription deal, underscoring accelerating commercial traction.
3. Dual-Platform Roadmap and Technology Milestones
Post-year-end milestones include the first Advantage quantum computer sale to Jülich Supercomputing Centre and the Advantage2 general availability launch. The Quantum Circuits acquisition adds dual-rail qubits with >99.9% gate fidelity and on-chip cryogenic control, while Advantage3 development advances analog-digital controls and multi-chip scaling.