D-Wave Quantum Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
QBTS$10.48-8.6%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 |
| Revenue | $3,739 | $1,870 | $21,835 | $6,518 |
| Cost of revenue | 1,070 | 827 | 3,313 | 2,428 |
| Total gross profit | 2,669 | 1,043 | 18,522 | 4,090 |
| Operating expenses: | ||||
| Research and development | 14,075 | 8,668 | 37,057 | 25,548 |
| General and administrative | 9,383 | 9,259 | 26,491 | 24,296 |
| Sales and marketing | 6,947 | 3,752 | 20,503 | 11,237 |
| Total operating expenses | 30,405 | 21,679 | 84,051 | 61,081 |
| Loss from operations | (27,736) | (20,636) | (65,529) | (56,991) |
| Other income (expense), net: | ||||
| Interest expense | (201) | (1,180) | (633) | (3,480) |
| Change in fair value of Term Loan | — | (1,559) | — | (635) |
| Gain (loss) on investment in marketable securities | 850 | (8) | 850 | 1,495 |
| Change in fair value of warrant liabilities | (121,859) | 476 | (259,964) | 19 |
| Other income, net | 8,960 | 195 | 12,540 | 1,790 |
| Total other income (expense), net | (112,250) | (2,076) | (247,207) | (811) |
| Net loss | $(139,986) | $(22,712) | $(312,736) | $(57,802) |
| Net loss per share, basic and diluted | $(0.41) | $(0.11) | $(1.01) | $(0.32) |
| Weighted-average shares used in computing net loss per share, basic and diluted | 342,204,831 | 201,585,533 | 310,509,005 | 178,406,948 |
| Comprehensive loss: | ||||
| Net loss | $(139,986) | $(22,712) | $(312,736) | $(57,802) |
| Foreign currency translation adjustment | 99 | (151) | 1,384 | (82) |
| Net comprehensive loss | $(139,887) | $(22,863) | $(311,352) | $(57,884) |
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