secwatch.observer — SEC 8-K summary
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Issuer:     D-Wave Quantum Inc. (QBTS)
CIK:        0001907982
Form:       8-K
Filed at:   2025-05-08T23:59:59+00:00
Accession:  0001907982-25-000088
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1907982/000190798225000088/0001907982-25-000088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1907982/000190798225000088/qbts-20250508.htm
  HTML page:      https://secwatch.observer/filing/0001907982-25-000088

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer