secwatch.observer — SEC 8-K summary
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Issuer:     D-Wave Quantum Inc. (QBTS)
CIK:        0001907982
Form:       8-K
Filed at:   2025-11-06T23:59:59+00:00
Accession:  0001907982-25-000248
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1907982/000190798225000248/0001907982-25-000248-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1907982/000190798225000248/qbts-20251106.htm
  HTML page:      https://secwatch.observer/filing/0001907982-25-000248

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