D-Wave Q1 revenue $15M (+509% YoY); record gross profit; net loss narrows to $5.4M

D-Wave Quantum Inc.

2025-Q1 EPS reported -$0.02 revenue$15,001,000

Revenue $15.0M vs $2.5M YoY; GAAP gross profit $13.9M (92.5% margin), both record highs.
Net loss $5.4M ($0.02/sh) improved from $17.3M ($0.11/sh) YoY; Adjusted EBITDA loss $6.1M.
Bookings $1.6M, down 64% from $4.5M YoY; quarter-end cash $304.3M.
First Advantage system sale to Jülich Supercomputing Centre; Ford Otosan production deployment; quantum supremacy published in Science.
Customer count 133 (69 commercial, 25 Forbes Global 2000); hybrid quantum solver enhancements added.

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