D-Wave Quantum, which provides both annealing and gate-model systems, software and services, reported a 179% jump in full-year revenues, which reached $24.6 million for the year ended December 31, 2025 from $8.8 million a year earlier.
Full-year bookingswere $18.7 million, a decrease of 22%, from $23.9 million in 2024. D-Wave said 2024 bookings included an eight-figure booking of the company’s first quantum computer system sale. So far, since year-end 2025, the company has closed over $32.8 million in additional bookings.
In 2025, D-Wave recognized revenue from over 135 individual customers encompassing over 70 commercial enterprises, including over two dozen Forbes Global 2000 companies.
D-Wave reported a net loss of $355.1 million for 2025, up from $143.9 million a year earlier.
The company said the increase was primarily due to $270.5 million in non-cash, non-operating charges related to the remeasurement of the D-Wave’s warrant liability, as well as realized losses stemming from warrant exercises, both a direct function of the magnitude of the increase in the price of the its warrants driven by the appreciation in the price of the its common stock.
In the fourth quarter of 2025, the firm’s revenue was $2.8 million, an increase of 19% from $2.3 million in the year-ago quarter.
Fourth-quarter net loss was $42.3 million, down year-on-year from $86.1 million.
The decrease was primarily due to a $57.7 million decrease in the amount of non-cash, non-operating charges related to the remeasurement of the company’s warrant liability.
“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 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 leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement that underscores growing customer confidence in our technology’s power to transform enterprise operations. 2026 is shaping up to be a defining year for D-Wave.” said Baratz.
After the close of the fourth quarter last year, D-Wave announced a $20 million system purchase by Florida Atlantic University, with deployment expected by the end of 2026, and a $10 million, two-year enterprise license Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company. As a result, as of February 25, 2026, first quarter year-to-date 2026 ookings exceeded $32.8 million.
The company also announced the completion of the acquisition of Quantum Circuits, a leading developer of error-corrected superconducting gate-model quantum computing systems. Quantum Circuits’ dual-rail qubits with built-in erasure detection identify 90% of errors that occur.
With erasure detection, this technology delivers gate fidelities that exceed 99.9%, bringing trapped ion fidelities along with superconducting execution speeds to today’s gate-model algorithm developers.
Further, D-Wave demonstrated the first scalable, on-chip cryogenic control of gate-model qubits, which significantly reduces the amount of wiring required to control larger numbers of qubits without degrading qubit fidelity. This control technology uses multiplexed digital-to-analog converters to control tens of thousands of qubits and couplers with just 200 control wires.
