D-Wave Q3 revenue up 100% YoY to $3.7M; €10M Italy booking for Advantage2

D-Wave Quantum Inc.

2025-Q3 EPS reported -$1.01 vs consensus -$0.07 ▼ miss (-1370.2%)

Q3 revenue $3.7M (+100% YoY); GAAP gross profit $2.7M (+156%); gross margin improved to 71.4%.
Adjusted EBITDA loss $20.6M (vs $13.8M); adjusted net loss improved to $18.1M from $23.2M.
Post-quarter bookings closed over $12M; Q3 bookings $2.4M, up 80% sequentially.
€10M booking for 50% capacity of Advantage2 system in Lombardy, Italy (5-year term with purchase option).
Cash balance record at >$836M; new customers include major airline, SkyWater, Japan Tobacco.

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