D-Wave Quantum (QBTS) Revenue — Quarter Ended Dec 31, 2025
Revenue for the quarter decreased from the immediately preceding quarter but increased compared to the same quarter one year earlier.
Key takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue for the quarter decreased from the immediately preceding quarter but increased compared to the same quarter one year earlier.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$2.8M
Revenue reported for this quarter.
Quarter-over-quarter
-26.4%
Change from the immediately preceding quarter.
Year-over-year
+19.2%
Change from the comparable year-ago quarter.
Trailing four quarters
$24.6M
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Mar 31, 2025 | $15M | +508.6% |
| Jun 30, 2025 | $3.1M | +41.8% |
| Sep 30, 2025 | $3.7M | +99.9% |
| Dec 31, 2025 | $2.8M | +19.2% |
Revenue performance
The sequential decline reflects a lower revenue figure than the prior three-month period.
Quarterly comparison
On a year-over-year basis, revenue was higher than the same period last year.
What to watch
The company has fully utilized its Lincoln Park purchase agreement, which had been a source of liquidity.