D-Wave Quantum Inc. stock research
FY2025 Q3
D-Wave Quantum (QBTS) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue was stable relative to the prior quarter but higher than a year ago. Gross margin improved sequentially and year-over-year, reflecting a larger proportion of revenue flowing through to gross profit.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue was stable relative to the prior quarter but higher than a year ago. Gross margin improved sequentially and year-over-year, reflecting a larger proportion of revenue flowing through to gross profit.
- The strongest observable margin driver is the increase in gross profit relative to revenue, as gross margin rose despite cost of revenue being unchanged from the prior quarter. This indicates that revenue growth outpaced cost growth, leading to margin expansion.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was stable, and gross margin improved. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
71.4%
Gross profit
$2.7M
Revenue
$3.7M
Cost of revenue
$1.1M
Quarter-over-quarter change
+7.5 pts
Year-over-year change
+15.6 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $3.7M | $2.7M | $1.1M | 71.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+7.5 pts
Year-over-year change
Sep 30, 2024
+15.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in gross profit relative to revenue, as gross margin rose despite cost of revenue being unchanged from the prior quarter. This indicates that revenue growth outpaced cost growth, leading to margin expansion.
Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was stable, and gross margin improved. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin improved.
Monitor whether cost of revenue remains stable as revenue continues to grow, as this has been a key factor in margin improvement.