D-Wave Quantum Inc.
dwavequantum.comWhat Do They Do?
Sells quantum computing systems, cloud access, and application-development services to enterprises, research and academic institutions, and government customers.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
System sales account for 66% of revenue: customers buy quantum computers, with revenue earned during installation. Customers also subscribe to cloud access over a contract term and hire D-Wave for application-development services, which generate revenue as work is performed.
10-K for FY2025, filed Feb 26, 2026A portion of our revenue is derived from cloud-based QCaaS that incorporates access to our annealing quantum computers that have more than…View ↗
Revenue from quantum computing system sales is recognized over time during the installation period using an input method, with progress…View ↗
We currently generate our revenue through subscription sales to access our QCaaS cloud platform, professional services related to the…View ↗
The Company’s QCaaS cloud platform and support and maintenance services are obligations that are satisfied over time by providing the…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$24.6M
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10-K for FY2025, filed Feb 26, 2026
$24.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
System sales
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
66% |
System sales, FY2025
$16.2M Sources
|
Sold outright |
|
QCaaS
Recurring
10-K for FY2025, filed Feb 26, 2026 |
22%
FY2022: 78%
|
QCaaS, FY2025
$5.5M Sources
|
Recurring |
|
Professional services
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
11%
FY2022: 21%
|
Professional services, FY2025
$2.7M Sources
|
Sold outright |
|
Other revenue
|
0.7%
FY2022: 1.1%
|
Other revenue, FY2025
$168K Sources
|
Who Are Their Customers?
Enterprises use D-Wave for business applications, while research, academic, and government customers also buy on-premises systems. Customers contract through D-Wave's direct sales force or reseller channels.
10-K for FY2025, filed Feb 26, 2026Our customer portfolio represents a highly diverse set of blue-chip enterprise companies, including one of the world’s largest airlines…View ↗
A portion of our revenue is derived from cloud-based QCaaS that incorporates access to our annealing quantum computers that have more than…View ↗
The Company executes signed contracts with customers for services sold through either its direct sales force or various reseller channels.…View ↗
10-K for FY2025, filed Feb 26, 2026
Year Ended December 31, 2025 2024 Customer A 67 % 17 %View ↗
Do Revenues Turn Into Profits?
No. It lost $355.1M in FY2025.
10-K for FY2025, filed Feb 26, 2026
−$100.4MView ↗
10-K for FY2025, filed Feb 26, 2026
−$355.1MView ↗
10-K for FY2025, filed Feb 26, 2026
−$75.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$48MView ↗
- ▼ −71% (Loss)
- vs −$167.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 25, 2026
CFO John Markovich announced retirement; Greg Golkov was named acting CFO.
Markovich's resignation was scheduled to take effect September 2, 2026.
Sources
8-K, filed Aug 25, 2026
On August 19, 2026, John Markovich, Chief Financial Officer of D-Wave Quantum Inc. (“D-Wave” or the “Company”), notified the Company of his…View ↗
On-premises system sales
The earlier report described revenue from cloud access and professional services; the latest also includes sales of on-premises quantum computers to research, academic, and government customers.
10-K for FY2022, filed Apr 18, 2023 10-K for FY2025, filed Feb 26, 2026We believe we are uniquely positioned to serve the growing market for quantum computing solutions and services. Our revenue is derived from…View ↗
Who Do They Compete With?
Competes with Rigetti Computing, IBM, Google, IonQ, Quantinuum, QuEra, Atom, Pasqal, PsiQuantum, Xanadu, Toshiba, and Fujitsu
10-K for FY2025, filed Feb 26, 2026In addition to being the first commercial supplier of annealing quantum computing systems, we are also building gate-model quantum…View ↗
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