Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ FORM 10-K ________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of Principal Executive Offices) (Zip Code) (650) 285-2881 (Registrant's telephone number, including area code) ______ ...

分组1 - D-Wave Quantum Inc. reported a quarterly loss of $0.12 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.05, representing an earnings surprise of -130.77% [1] - The company posted revenues of $2.75 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 33.49%, but showing an increase from $2.31 million year-over-year [2] - D-Wave Quantum shares have declined approximately 24.9% since the beginning of the year, contrasting with the S&P 500's gain of 1.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is -$0.05 on revenues of $5.38 million, and for the current fiscal year, it is -$0.21 on revenues of $43.55 million [7] - The Zacks Industry Rank for Internet - Software is in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

D-Wave Quantum (NYSE:QBTS) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAlan Baratz - CEOAntoine Legault - Senior Equity Research AssociateCraig Ellis - Director of ResearchJohn Markovich - CFOJoseph McCormack - VP of Equity ResearchKevin Garrigan - Senior VP of Equity ResearchKevin Hunt - Senior Director of Investor RelationsKingsley Crane - Managing Director of Equity ResearchQuinn Bolton - Managing Director of Equity ResearchRuben Roy - Managing DirectorConference Call Particip ...

Financial Data and Key Metrics Changes - Revenue for fiscal 2025 totaled $24.6 million, an increase of 179% from fiscal 2024 revenue of $8.8 million [31] - GAAP gross profit for fiscal 2025 was $20.3 million, an increase of 265% from fiscal 2024 gross profit of $5.6 million [37] - Net loss for fiscal 2025 was $355 million, compared to a loss of $143.9 million in fiscal 2024, primarily due to non-cash charges related to warrant liability [40] - Adjusted EBITDA loss for fiscal 2025 was $71.8 million, an increase of 28% from the previous year [42] Business Line Data and Key Metrics Changes - Fiscal 2025 bookings were $18.7 million, a decrease of 22% from fiscal 2024 bookings of $23.9 million [34] - The average revenue per commercial customer increased by 20% over fiscal 2024, with total revenue from Forbes Global 2000 customers increasing by 70% year-over-year [36] - Fourth quarter revenue totaled $2.8 million, an increase of 19% from the fourth quarter of fiscal 2024 [43] Market Data and Key Metrics Changes - D-Wave recognized revenue from over 135 individual customers, including over 70 commercial customers, with significant contributions from Forbes Global 2000 enterprises [35] - The sales opportunity pipeline entering 2026 expanded by nearly 1,500% compared to the beginning of 2025 [54] Company Strategy and Development Direction - D-Wave's acquisition of Quantum Circuits is expected to fundamentally change the competitive landscape and secure its position as a leading quantum computing company [9] - The company aims to be a one-stop shop for solving complex problems through its dual-platform approach, combining annealing and gate model technologies [10] - D-Wave is focusing on both annealing and gate model technologies, with plans to expand its R&D capabilities and workforce significantly [61] Management's Comments on Operating Environment and Future Outlook - Management believes that D-Wave has transitioned from a participant to a front-runner in the quantum computing industry, with significant momentum entering 2026 [25] - The company is committed to solving real mission-critical problems for government and commercial customers, with a dedicated U.S. Government Solutions Business Unit launched to support this effort [18] - Management expects to achieve sustained profitability with less funding than required by other quantum computing companies [63] Other Important Information - D-Wave's headquarters will relocate to Boca Raton, Florida, where a major U.S.-based R&D center will be opened [23] - The company raised over $800 million in gross proceeds during fiscal 2025, significantly increasing its cash and marketable securities balance to $884.5 million [51][52] Q&A Session Summary Question: Can you help us think about the advantage with the built-in error correction? - Management confirmed that the dual-rail technology provides a timing advantage due to lower complexity in building fully error-corrected systems [68][70] Question: How much OpEx would you expect to incur in 2026 with the acquisition of QCI? - Management indicated that the 15% sequential growth in OpEx includes costs associated with the QCI acquisition [74] Question: What do you think an ideal net retention rate for QCaaS can be? - Management noted that while retention rates have not been published, larger transactions are being seen, indicating growth in the QCaaS segment [78][80] Question: Can you speak to the levels of engagement with Quantum Circuits? - Management expects revenue contributions from Quantum Circuits this year, particularly from professional services and QCaaS [85] Question: How are customer conversations evolving regarding QCaaS? - Management highlighted that initial applications are leading to strong ROI, encouraging customers to explore additional applications [95] Question: Have you started conversations on potential longer-term roadmap opportunities with gate model? - Management confirmed that several annealing customers are engaging in discussions about potential use cases for gate model technology [99]

D-Wave Quantum (NYSE:QBTS) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Speaker13Good 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.Speaker10Thank you and good morning. With me today are Dr. Alan Baratz, our Chief Executive Officer, and John Markovich, our Chief Financial Officer. Before ...

Quantum computing stocks up today: IonQ, D-Wave, Rigetti. Why? - Fast CompanyLOGIN[SUBSCRIBE]- [INNOVATION FESTIVAL]- [Video]- [Podcasts]- [Games]- [Work Life]- [Leadership]- [News]- [Design]- [Tech]- [Premium]|[Custom Studio]- [Texas A&M University]- [IBM]BY [Michael Grothaus]Listen to this Article [More info]0:00 / 0:00The stock prices of the so-called Quantum Four are back on the rise today, after already accruing significant gains yesterday as well.The upward trend is a reversal for IonQ, D-Wave, Rigett ...

Investor Update February 26, 2026 1 Copyright @ D-Wave Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: "believe," "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "trend," "believe," "estimate," "predict," "project," "potential," "seem," "seek," "future," "outlook," "forecast," "projection," "continue," "ongoin ...

D-Wave Quantum trims back its losses in its latest quarter and points to strength in customer orders. ...

Exhibit 99.1 D-Wave Reports Fourth Quarter and Year-End 2025 Results FY 2025 Revenue Increased 179% Year over Year "Our 2025 results mark one of the most successful and transformative years in D-Wave's history, with meaningful growth across every key business metric — revenue, Bookings, technical milestones, and scientific breakthroughs," said Dr. Alan Baratz, CEO of D-Wave. "We are entering 2026 with exceptional momentum: generating over $30 million in Bookings in January alone, expanding our market leader ...

In late 2024, Alphabet announced an experimental quantum computing chip capable of performing calculations exponentially faster than traditional supercomputers. That helped ignite market-wide hype for quantum computing stocks throughout 2025. A handful of early-stage quantum computing stocks, such as IonQ (NYSE: IONQ), D-Wave Quantum (NYSE: QBTS), and Rigetti Computing (NASDAQ: RGTI), all surged to massive gains throughout the first few quarters of 2025. Although these stocks cooled off beginning in the f ...