D-Wave Quantum Inc. stock research
FY2025 Q1
D-Wave Quantum (QBTS) Gross Margin — Quarter Ended Mar 31, 2025
Revenue increased substantially compared to both the prior quarter and the same quarter last year, while cost of revenue rose only modestly. As a result, gross profit grew sharply and gross margin improved significantly.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue increased substantially compared to both the prior quarter and the same quarter last year, while cost of revenue rose only modestly. As a result, gross profit grew sharply and gross margin improved significantly.
- The strongest observable driver of gross margin improvement is the combination of higher revenue and relatively stable cost of revenue, which together expanded gross profit disproportionately.
- Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher. Versus the same quarter one year earlier, revenue and gross profit were higher, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
92.5%
Gross profit
$13.9M
Revenue
$15.0M
Cost of revenue
$1.1M
Quarter-over-quarter change
+28.7 pts
Year-over-year change
+25.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2024 | $2.2M | $1.4M | $795000 | 63.6% |
| Sep 30, 2024 | $1.9M | $1.0M | $827000 | 55.8% |
| Dec 31, 2024 | $2.3M | $1.5M | $836000 | 63.8% |
| Mar 31, 2025 | $15.0M | $13.9M | $1.1M | 92.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+28.7 pts
Year-over-year change
Mar 31, 2024
+25.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver of gross margin improvement is the combination of higher revenue and relatively stable cost of revenue, which together expanded gross profit disproportionately.
Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher. Versus the same quarter one year earlier, revenue and gross profit were higher, and gross margin improved.
Monitor whether cost of revenue remains at a similar level as revenue continues to change, as this relationship directly affects gross margin stability.