D-Wave Quantum (QBTS) Stock: Surges 5% as Revenue Jumps 179% and Liquidity Hits Record $884M

TLDR

• Revenue jumps 179% as stock rallies above $20 premarket
• Record $884M liquidity strengthens D-Wave expansion
• GAAP margin climbs to 82.6% on high-margin sale
• Bookings hit $32.8M, boosting early 2026 outlook
• Quantum upgrades and U.S. HQ move drive growth momentum

D-Wave Quantum (QBTS) shares gained fresh momentum after strong fiscal results confirmed major progress across core business lines. The stock closed at $19.65 and advanced to $20.66 in pre-market trading as demand trends strengthened. The company signaled firm execution across revenue, margins, bookings, and liquidity.

D-Wave Quantum Inc., QBTS

FY 2025 Revenue Jumps and Liquidity Reaches a Record

D-Wave reported full-year revenue of $24.6 million and lifted its annual growth rate to 179%. The company also posted the highest liquidity in its history, exceeding $884 million across its financial holdings. Continued product expansion supported these advances and reinforced broader operational scale.

D-Wave recorded strong gross profit gains that lifted full-year GAAP gross margin to 82.6%. The performance reflected a higher-margin quantum system sale completed during the year. Non-GAAP gross margin increased as well and supported a stronger full-year financial base.

Operating expenses expanded due to higher staffing, development activity, and platform investments. The company increased spending across sales, marketing, and research to support accelerated growth plans. Non-GAAP adjusted operating expenses rose accordingly and aligned with the planned expansion cycle.

Technical and Commercial Expansion Strengthens Market Position

D-Wave advanced both annealing and gate-model technologies and extended its dual-platform roadmap. Recent upgrades improved solver performance, enhanced annealing controls, and expanded machine learning integration. New capabilities also refined time-to-solution and broadened research adoption.

The company completed the acquisition of Quantum Circuits and added error-corrected superconducting qubit technology. The architecture introduced high-fidelity qubits and integrated erasure detection, which reduced physical qubit demands. This combination advanced D-Wave’s position in next-generation gate-model development.

Furthermore, D-Wave demonstrated scalable cryogenic control systems that reduced wiring needs across large qubit arrays. These advances supported higher performance without compromising coherence. The company stated that these developments positioned it to deliver future scaled systems.

Customer Activity, Bookings, and Government Expansion Drive Scale

Commercial traction increased as D-Wave served more than 135 customers during the year. Engagements included leading global enterprises and major research centers across multiple regions. Additional year-to-date bookings surpassed $32.8 million and strengthened early 2026 momentum.

The company also advanced U.S. government work through a dedicated business unit. This team expanded defense and aerospace outreach and targeted long-term adoption. New hybrid defense applications highlighted improved performance compared to classical models.

D-Wave confirmed Boca Raton as its future headquarters and key U.S. development hub. The relocation will support wider ecosystem access and future engineering expansion. The transition is expected by late 2026 and will anchor broader operational growth.

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