D-Wave (QBTS) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 26, 2026 astatine 9:02 AM CST 41 min read

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Thursday, Feb. 26, 2026 astatine 8:00 a.m. ET

• Chief Executive Officer — Alan Baratz

• Chief Financial Officer — John Markovich

• Chief Information Security Officer — Stan Black

• Chief Development Officer — Dr. Trevor Lanting

Alan Baratz: Morning, and convey you each for joining america today. Fiscal 2025 was not conscionable a beardown twelvemonth for D-Wave. It was an inflection constituent for the institution and for the quantum computing industry. For years, this assemblage has been defined by unrealized promises, dependence connected authorities grants, and an inability to present lawsuit value. In 2025, D-Wave separated itself from that narrative. We delivered proof. We delivered revenue. And we delivered real-world advantage. While 2025 was declared the International Year of Quantum Science and Technology, for D-Wave, it was thing much important: the twelvemonth quantum computing moved decisively from probe to real-world impact. 2025 was a twelvemonth of nonsubjective proof, grounds of D-Wave's method and commercialized progress.

We began the twelvemonth by closing our archetypal Advantage quantum machine strategy merchantability to the Jülich Supercomputing Center, marking the archetypal clip a commercialized annealing quantum machine was purchased for integration into a nationalist supercomputing facility. We past became and stay the lone quantum computing institution to show quantum supremacy connected a utile real-world problem. That result, which was achieved natively connected our Advantage2 quantum processing unit, has not been successfully challenged for astir 2 years aft the paper's archetypal publication. This objection was an wholly quantum computation, not a hybrid computation. Moreover, nary different companies different than D-Wave, Google, and Quantinuum person achieved quantum supremacy connected immoderate problem.

Not Rigetti, not Infleqtion, not Xanadu, not IQM, not IBM, not IonQ. All attempts different than D-Wave, Google, and Quantinuum person been spoofed. Critically, we transitioned that method enactment into commercialized performance. With grounds gross of $24.6 cardinal successful fiscal 2025, up 179% year-over-year. Then successful May, we launched wide availability of our Advantage2 system, the aforesaid strategy that achieved that supremacy milestone, and our income accidental pipeline expanded by astir 1,500% year-over-year. Bookings were the 2nd highest quarterly bookings successful the company's past and up 471% from the instantly preceding 3rd 4th to $13.4 cardinal successful Q4 bookings. In an manufacture agelong connected promises, D-Wave is delivering measurable results. And present we person entered 2026 with bonzer momentum.