D-Wave Quantum Inc. stock research
FY2025 Q2
D-Wave Quantum (QBTS) Gross Margin — Quarter Ended Jun 30, 2025
Revenue decreased sharply from the prior quarter while cost of revenue remained stable, causing gross profit and gross margin to decline. Compared to the same quarter last year, revenue and gross profit increased modestly, with gross margin essentially unchanged.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue decreased sharply from the prior quarter while cost of revenue remained stable, causing gross profit and gross margin to decline. Compared to the same quarter last year, revenue and gross profit increased modestly, with gross margin essentially unchanged.
- The strongest observable margin driver in the current quarter was the relationship between stable cost of revenue and fluctuating revenue, which drove the gross margin change.
- Compared to the immediately preceding quarter, revenue was lower, gross profit was lower, and gross margin weakened significantly. Relative to the same quarter one year earlier, revenue was higher, gross profit was higher, and gross margin was stable.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
63.8%
Gross profit
$2.0M
Revenue
$3.1M
Cost of revenue
$1.1M
Quarter-over-quarter change
-28.7 pts
Year-over-year change
+0.3 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2025 | $3.1M | $2.0M | $1.1M | 63.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-28.7 pts
Year-over-year change
Jun 30, 2024
+0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver in the current quarter was the relationship between stable cost of revenue and fluctuating revenue, which drove the gross margin change.
Compared to the immediately preceding quarter, revenue was lower, gross profit was lower, and gross margin weakened significantly. Relative to the same quarter one year earlier, revenue was higher, gross profit was higher, and gross margin was stable.
Monitor the trend in revenue levels relative to the cost base, as the current quarter's revenue decline compressed margins despite stable costs.