secwatch.observer — SEC 8-K summary
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Issuer:     D-Wave Quantum Inc. (QBTS)
CIK:        0001907982
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001907982-26-000022
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

D-Wave FY2025 revenue $24.6M (+179% YoY); cash $884.5M; Q1 2026 bookings >$32.8M
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- FY2025 revenue $24.6M, up 179% from $8.8M; GAAP gross margin 82.6% vs 63.0%.
- Cash and marketable securities $884.5M as of Dec 31, 2025, up 397% YoY.
- Post-quarter closed a $20M system sale (Florida Atlantic Univ.) and $10M QCaaS deal; Q1 2026 YTD bookings >$32.8M.
- Completed acquisition of Quantum Circuits (error-corrected gate-model) with 99.9% gate fidelities.
- Formed U.S. government business unit led by Jack Sears Jr.; demo with Anduril showed 10x faster missile defense solution.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1907982/000190798226000022/0001907982-26-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1907982/000190798226000022/qbts-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001907982-26-000022

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