Q4 2025 D-Wave Quantum Inc Earnings Call Transcript
Key Points
- D-Wave Quantum Inc (QBTS) reported a record revenue of $24.6 million for fiscal 2025, marking a 179% increase year over year.
- The company achieved significant commercial milestones, including a $20 million system sale to Florida Atlantic University and a $10 million enterprise quantum compute as a service agreement with a Fortune 100 company.
- D-Wave Quantum Inc (QBTS) is the only quantum computing company to demonstrate quantum supremacy on a useful real-world problem, setting it apart from competitors.
- The acquisition of Quantum Circuits positions D-Wave Quantum Inc (QBTS) as the only dual platform quantum computing company, enhancing its competitive edge.
- The company's sales opportunity pipeline expanded by nearly 1,500% year over year, indicating strong future growth potential.
- Despite the revenue growth, D-Wave Quantum Inc (QBTS) reported a net loss of $355 million for fiscal 2025, primarily due to non-cash, non-operating charges.
- Fiscal 2025 bookings decreased by 22% compared to the previous year, highlighting potential challenges in maintaining consistent booking growth.
- The company anticipates a 15% sequential increase in operating expenses each quarter in fiscal 2026, which could impact profitability.
- D-Wave Quantum Inc (QBTS) faces skepticism regarding the continued collaboration with Skywater, a foundry involved in their annealing technology.
- The system sales process is complex and lengthy, potentially delaying revenue recognition and impacting short-term financial performance.
Good morning everyone and welcome to D-Wave's fourth quarter fiscal year 2025 earnings conference call. Today's conference call is being recorded. At this time, I would like to turn the call over to Kevin Hunt, senior director of investor relations. Please go ahead.
Thank you and good morning. With me today are Dr. Alan Baratz, our Chief Executive Officer, and John Markovich, our Chief Financial Officer.
Before we begin, I would like to remind everyone that this call will contain forward-looking statements which are subject to risks and uncertainties and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC reports.
An on-demand webcast will be available, and a transcript of the conference will be posted on the investor relations section of the website within 48 hours after the call.
During today's call, management will provide certain information that will constitute non-GAAP
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