D-Wave Sees 79% Revenue Growth to $4.14M in Q4 with €10M Deal
D-Wave Quantum anticipates Q4 revenue of $4.14 million, up 79.1% year-over-year, with bookings exceeding $12 million and expanding enterprise engagements including a €10 million Italian deal. The rollout of its Advantage2 platform and a $836.2 million cash balance underpin continued commercial expansion despite higher R&D expenses.
1. Q4 Revenue and EPS Estimates
D-Wave’s fourth-quarter revenues are projected at $4.14 million, reflecting 79.1% year-over-year growth, while the consensus loss per share is expected to narrow to $0.05 from $0.36 a year ago. Full-year 2025 revenues are poised to increase 194.1% to support improved profitability despite ongoing R&D investments.
2. Commercial Momentum and Bookings
After Q3 revenues of $3.7 million (up 100% year-over-year), D-Wave secured more than $12 million in Q4 bookings, including a €10 million agreement in Italy. The company reports larger average deal sizes, with recent wins from government and enterprise customers bolstering its sales pipeline.
3. Platform Rollout and Cash Position
The Advantage2 annealing system moved into operational deployment during Q3, with preparations underway for Advantage3 prototype chips and next-generation gate-model hardware. A cash balance of $836.2 million at September 30, 2025, provides ample runway to fund accelerated technology development and market expansion.