D-Wave Quantum reported fourth-quarter 2025 results that fell short of Wall Street estimates, posting revenue of $2.75 million against expectations of $3.75 million and a loss per share of $0.09 compared to the anticipated $0.05 loss. Despite the quarterly miss, the quantum computing company demonstrated substantial momentum across its full-year metrics, with revenue reaching $24.6 million, representing 179% year-over-year growth, and gross profit expanding 265% compared to the prior year period.
The company's forward bookings painted a more optimistic picture for near-term demand. Fourth-quarter bookings totaled $13.4 million, surging 471% sequentially, while bookings recorded in January 2026 exceeded $30 million. These figures suggest strengthening customer demand and a potential acceleration in revenue recognition in coming quarters, providing investors with evidence of underlying business momentum despite the quarterly revenue miss.
D-Wave's financial position remains robust as it pursues its path to profitability. The company maintains a cash balance of $885 million following its $550 million acquisition of Quantum Circuits, providing substantial capital to fund operations and product development. The combination of strong booking trends, significant year-over-year revenue growth, and substantial cash reserves positions the company to navigate near-term earnings pressures while scaling its quantum computing business.