QBTS D-Wave Quantum (QBTS) Q4 FY25 earnings call
D-Wave Quantum marked FY25 as an inflection point, transitioning quantum computing from research to real-world impact with record revenue and significant bookings growth. The strategic acquisition of Quantum Circuits positions the company as the sole dual-platform provider, enhancing its technical leadership and commercial traction across annealing and gate-model systems. Management anticipates continued momentum, driven by expanding sales pipelines and larger enterprise deals, while actively addressing supply chain risks.
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QBTS operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Bookings | $13.4MAnd critically, we transitioned that technical leadership into commercial performance with record revenue of $24.6 million in fiscal 2025, up 179% year-over-year, $13.4 million in Q4 bookings, the second highest quarterly bookings in the company's history and up 471% from the immediately preceding third quarter and a sales opportunity pipeline that expanded by nearly 1,500% year-over-year.Source: earnings call transcript | $33.4MDuring the first quarter, we closed bookings of $33.4 million, a nearly 2,000% increase over Q1 bookings a year ago and up 149% from the very strong bookings in the fourth quarter of 2025.Source: earnings call transcript | $2.1MBookings for the second quarter totaled $2.1 million, an increase of approximately $800,000 or 59% when compared to the second quarter of 2025 bookings of $1.3 million.Source: earnings call transcript | -93.7% |
| Remaining performance obligation (RPO) | — | $42.4MAs of March 31, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts totaled $42.4 million.Source: earnings call transcript | $40.7MAs of June 30, 2026, the aggregate amount of remaining performance obligations, otherwise referred to as RPOs or backlog that were unsatisfied or partially unsatisfied related to customer contracts totaled $40.7 million that represents a $35.4 million or 668% increase over the June 30, 2025, RPO balance of $5.3 million.Source: earnings call transcript | -4% |
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