D-Wave Quantum Inc. Reports 42% Revenue Growth but Increases Net Loss to $167.3 Million in Q2 2025

D-Wave Quantum Inc. reported significant financial results for the second quarter of 2025, with revenues reaching $3.1 million, a 42% increase from $2.2 million in the same period last year. For the first half of 2025, the company generated $18.1 million in revenue, a substantial rise of 289% compared to $4.6 million in the first half of 2024. The growth was primarily driven by system sales of $13.7 million and an increase in professional service revenue, although there was a slight decline in revenue from quantum computing as a service (QCaaS) offerings.

Despite the revenue growth, D-Wave reported a net loss of $167.3 million for the second quarter, compared to a loss of $17.8 million in the prior year, marking an increase of 841%. The net loss for the first half of 2025 was $172.8 million, up from $35.1 million in the same period last year. The increase in losses was attributed to higher operating expenses, which rose to $28.5 million in the second quarter, driven by increased research and development costs, general and administrative expenses, and sales and marketing expenditures.

Operationally, D-Wave has made strides in expanding its customer base and enhancing its product offerings. The company reported a total of 339.8 million shares outstanding as of June 30, 2025, reflecting a significant increase in share issuance through various financing activities, including at-the-market offerings and warrant exercises. The company also noted a recovery of $1 million from a previously written-off note receivable, which positively impacted its financial position.

Looking ahead, D-Wave anticipates continued investment in research and development to enhance its quantum computing capabilities and expand its market presence. The company remains focused on its strategic initiatives, including the development of its QCaaS platform and professional services, which are expected to drive future revenue growth. However, D-Wave also cautioned that it expects to incur significant losses in the near term as it continues to invest in its growth initiatives. The company is closely monitoring macroeconomic conditions that could impact its business operations and financial performance.