D-Wave Quantum Inc
NYSE:QBTS
D-Wave Quantum Inc
DPCM Capital, Inc. is a blank check company, which was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company is headquartered in Burnaby, British Columbia. The company went IPO on 2020-10-11. The firm builds and delivers the systems, cloud services, application development tools, and professional services to support the end-to-end quantum computing journey for enterprises and developers. Its products include The Leap and The Advantage. The Leap quantum cloud service delivers immediate, real-time access to its Advantage quantum computer and quantum hybrid solver services. The Advantage quantum system is a quantum computer built for business. The company also is providing quantum applications a range of customer including, logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection and financial modeling. The Company’s systems used by advanced organizations, including NEC Corporation, Volkswagen, Lockheed Martin, University of Southern California and Los Alamos National Laboratory.
DPCM Capital, Inc. is a blank check company, which was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company is headquartered in Burnaby, British Columbia. The company went IPO on 2020-10-11. The firm builds and delivers the systems, cloud services, application development tools, and professional services to support the end-to-end quantum computing journey for enterprises and developers. Its products include The Leap and The Advantage. The Leap quantum cloud service delivers immediate, real-time access to its Advantage quantum computer and quantum hybrid solver services. The Advantage quantum system is a quantum computer built for business. The company also is providing quantum applications a range of customer including, logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection and financial modeling. The Company’s systems used by advanced organizations, including NEC Corporation, Volkswagen, Lockheed Martin, University of Southern California and Los Alamos National Laboratory.
Record Revenue: D-Wave reported record fiscal 2025 revenue of $24.6 million, up 179% year-over-year, driven by strong system sales and growth in Quantum Compute as a Service (QCaaS).
Commercial Momentum: The company achieved bookings of $13.4 million in Q4, the second highest quarterly bookings ever, and entered 2026 with over $32.8 million in additional bookings in January alone.
Technical Milestones: D-Wave launched its Advantage2 system, demonstrated quantum supremacy on a real-world problem, and completed the acquisition of Quantum Circuits, strengthening its gate-model leadership.
Dual Platform Strategy: The Quantum Circuits acquisition makes D-Wave the only company offering both annealing and gate-model superconducting quantum computers, targeting the full quantum market.
Gross Margin Expansion: Fiscal 2025 gross margin increased to 82.6%, up from 63% the prior year, due to higher-margin system sales.
Balance Sheet Strength: D-Wave ended the year with $884.5 million in cash and marketable securities, following significant capital raises and a $250 million investment in Quantum Circuits.
Strong Pipeline: The sales opportunity pipeline grew by nearly 1,500% year-over-year, with management highlighting strong interest from both commercial and government customers.
No Formal Guidance: While not issuing formal financial guidance, management expects higher revenue growth in the second half of 2026 and operating expenses to rise roughly 15% sequentially per quarter.
