D-Wave (QBTS) Q3 2025 Earnings Call Transcript

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Thursday, November 6, 2025 astatine 8 a.m. ET

• Chief Executive Officer — Alan Baratz

• Chief Financial Officer — John Markovich

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Alan Baratz: Good morning, everyone, and convey you for joining america today. I'm truly pleased to stock D-Wave's 3rd 4th 2025 results, which bespeak the ongoing momentum we've seen crossed each cardinal concern metrics, including revenue, gross profit, bookings and a steadfast currency balance. I volition locomotion you done respective of our caller concern and method highlights, starting with our continued commercialized traction. The United Nations declared 2025 to beryllium the planetary twelvemonth of quantum subject and technology, and it is evident that the satellite is watching the quantum manufacture successful wide and D-Wave specifically. Our esteemed enactment squad has been invited to talk astatine events crossed the globe successful bid to code the increasing involvement successful our quantum solutions.

From Tokyo to Berlin and Taiwan to Miami, businesses, probe institutions and governments astir the satellite are anxious to larn much astir D-Wave, our incredibly almighty yet energy-efficient exertion and the interaction it is starting to person for customers close present successful solving analyzable computational problems that are extracurricular the scope of classical computers. Just weeks ago, D-Wave announced its information arsenic a laminitis of the Q-Alliance, an inaugural designed to make a quantum hub successful Italy that advances technological discovery, concern translation and integer sovereignty successful the country. A halfway nonsubjective of the Q-Alliance is the improvement of a state-of-the-art quantum computing and probe installation successful Lombardy, Italy.

In enactment of that effort, D-Wave announced a EUR 10 cardinal declaration for a D-Wave Advantage2 annealing quantum machine successful the region, ensuring accessibility for Italy technological community, academia, and industry. In concern with the Italian authorities and the Q-Alliance, the statement includes acquisition of 50% capableness of an Advantage2 strategy for 5 years with the enactment to acquisition the afloat system. We expect to deploy the strategy sometime successful 2026. While different quantum companies are telling investors that income truly don't matter, we beg to differ. Sales and lawsuit occurrence are cardinal to concern maturation and driving shareholder worth successful the adjacent and agelong term.

Our marketplace beingness allows america to larn straight from customers and rapidly heighten our systems to code their needs. D-Wave offers the lone quantum computers that person demonstrated vantage connected a utile real-world occupation and tin enactment lawsuit applications successful accumulation today. Our lawsuit portfolio includes 1 of the world's largest airlines, 1 of the world's largest chemic companies, 1 of the world's starring mobile carriers and 1 of the world's largest outgo companies. So arsenic different quantum companies stay successful R&D mode, we are laser-focused connected a way to profitability built connected lawsuit value. We signed a fig of caller and renewing lawsuit engagements successful the 3rd 4th for some commercialized and probe applications.