D-Wave Quantum Inc. stock research
FY2025 Q4
D-Wave Quantum (QBTS) Gross Margin — Quarter Ended Dec 31, 2025
Gross margin weakened sequentially as revenue declined more sharply than cost of revenue, but improved slightly compared with the same quarter last year when revenue growth outpaced cost growth.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Gross margin weakened sequentially as revenue declined more sharply than cost of revenue, but improved slightly compared with the same quarter last year when revenue growth outpaced cost growth.
- The strongest observable driver is the relative change between revenue and cost of revenue, with revenue falling faster than cost on a sequential basis and rising faster than cost year over year.
- Compared with the prior quarter, gross margin was lower; compared with the same quarter one year earlier, gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
64.8%
Gross profit
$1.8M
Revenue
$2.8M
Cost of revenue
$968000
Quarter-over-quarter change
-6.6 pts
Year-over-year change
+1.0 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $2.8M | $1.8M | $968000 | 64.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-6.6 pts
Year-over-year change
Dec 31, 2024
+1.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the relative change between revenue and cost of revenue, with revenue falling faster than cost on a sequential basis and rising faster than cost year over year.
Compared with the prior quarter, gross margin was lower; compared with the same quarter one year earlier, gross margin was slightly higher.
Monitor the trajectory of revenue relative to cost of revenue, as the current quarter showed cost reduction lagging behind revenue decline.