Wall Street analysts are grappling with a complex earnings picture from D-Wave Quantum. The company’s latest financial release revealed a powerful revenue trajectory for 2025, paired with a deeper-than-anticipated per-share loss. However, the most compelling narrative is unfolding in the current fiscal year, where early booking figures are setting a dramatic new pace.
A Strategic War Chest and Aggressive Moves
Positioning itself to capitalize on its growth, D-Wave has significantly fortified its balance sheet. The company ended 2025 with $884.5 million in cash reserves, a nearly 400% increase from the prior year. This liquidity surge was primarily driven by the exercise of warrants.
Management is deploying this capital swiftly. In a major strategic acquisition, D-Wave is purchasing Quantum Circuits for $550 million, using a combination of cash and stock. This move secures critical error-correction technology for quantum processors—a key hurdle in making quantum computing commercially viable. Concurrently, the firm is establishing a dedicated business unit focused on U.S. government contracts and relocating its headquarters to Florida to be closer to research partners and potential defense opportunities.
Explosive Top-Line Growth Meets Persistent Losses
The financial results for the concluded fiscal year depict a company in a high-growth phase that continues to operate at a loss. Annual revenue for 2025 soared by 179% to $24.6 million. A highlight for investors was the gross margin, which expanded to a robust 82.6%, demonstrating the highly profitable nature of D-Wave’s system sales when they occur.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
The challenge remains on the bottom line. The adjusted net loss for the fourth quarter widened to $31.8 million, or $0.09 per share. This figure disappointed market experts, who had projected a loss of $0.06 per share. For the full year, the net loss totaled a substantial $355 million.
Future Bookings Outpace Prior Full-Year Revenue
The forward-looking data is where the story becomes particularly striking. As of February 25, 2026, D-Wave has already recorded new orders worth over $32.8 million. This means that within just the first two months of the new fiscal year, the company has booked more business than the entire revenue it realized in 2025. Key drivers include a $20 million system sale to Florida Atlantic University and a cloud agreement with a Fortune 100 corporation.
Mixed Signals from the Analyst Community
The professional investment community has issued divergent responses. While D-Wave’s shares closed yesterday’s session with a 2.4% gain at $20.13, Roth Capital reduced its price target from $40 to $30. In contrast, Jefferies reaffirmed its buy recommendation. The critical test for D-Wave now is converting this substantial backlog into recognized revenue according to schedule throughout the year. The company’s ability to execute on this front will likely determine whether the current booking boom translates into a sustained rally for its equity.
Ad
D-Wave Quantum Stock: Buy or Sell?! New D-Wave Quantum Analysis from February 27 delivers the answer:
The latest D-Wave Quantum figures speak for themselves: Urgent action needed for D-Wave Quantum investors. Is it worth buying or should you sell? Find out what to do now in the current free analysis from February 27.
D-Wave Quantum: Buy or sell? Read more here...
