Prepared Highlights
- FY2025 total revenue: $24.6M, +179% YoY (CEO/CFO), composed of systems sales $16.2M, QCaaS subscriptions $5.5M, professional services $2.7M (CFO)
- FY2025 GAAP gross margin: 82.6%, +19.6pp YoY; non-GAAP gross margin: 86%, +13.2pp YoY (CFO)
- FY2025 bookings: $18.7M, -22% YoY (prior year included first system sale) (CFO)
- Q4 2025 revenue: $2.8M, +19% YoY (CFO)
- Q4 2025 bookings: $13.4M, +471% QoQ, -27% YoY (CFO)
- Post-Q4 bookings (as of Feb 2026): >$32.8M, including $20M system sale to FAU and $10M 2‑year enterprise QCaaS with a Fortune 100 company (CEO/CFO)
- January 2026 alone generated more bookings than all of FY2025 (CEO)
- Sales opportunity pipeline entering 2026: up ~1,500% YoY, including 700% increase in number of prospective transactions (CEO/CFO)
- Cash & marketable securities (12/31/2025): $884.5M, +397% YoY; gross equity proceeds >$800M in FY2025 (CFO)
- Quantum Circuits acquisition: $250M cash invested post‑year‑end; adds 65 R&D staff from New Haven (CFO)
- FY2026 operating expense outlook: expect sequential quarterly increase of ~15% QoQ (CFO)
- No formal financial guidance, but expect higher revenue growth in 2H FY2026 vs 1H; system sales revenue recognized on POC basis, multi‑year service components (CFO)
Official guidance: No formal guidance given. Parameters: $10M enterprise QCaaS recognized ratably over 2 years starting current quarter; €10M Italy booking recognized ratably over 5 years once installed; expect operating expenses to increase ~15% sequentially per quarter (CFO)
Mgmt quotes:
- “Fiscal 2025 was not just a strong year for D‑Wave. It was an inflection point for the company and for the quantum computing industry.” (CEO)
- “We are the only quantum computing company to demonstrate quantum supremacy on a useful real‑world problem.” (CEO)
- “Dual‑rail technology allows us to achieve superconducting speed with the fidelity of ion‑trap or neutral‑atom approaches.” (CEO)
- “In January alone, we generated more bookings than in the entirety of fiscal 2025.” (CEO)
- “We continue to believe that D‑Wave has the opportunity to be the first independent publicly held quantum computing company to achieve sustained profitability.” (CFO)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| FY2025 total revenue | $24.6M (+179% YoY) | CEO/CFO |
| FY2025 non‑GAAP gross margin | 86% (+13.2pp YoY) | CFO |
| FY2025 bookings | $18.7M (-22% YoY) | CFO |
| Q4 2025 bookings | $13.4M (+471% QoQ) | CFO |
| Post‑Q4 bookings (as of Feb 2026) | >$32.8M | CFO |
| Cash & marketable securities (12/31/2025) | $884.5M (+397% YoY) | CFO |
| Adjusted EBITDA loss FY2025 | $71.8M (+28% YoY) | CFO |
| Q4 2025 adjusted EBITDA loss | $25.0M (+63% YoY) | CFO |
Q&A Batch (1–5 of 13)
Q1 — Harsh Kumar
- Topic: 门模型时间优势与技术复杂性
- Key points:
- 双轨技术实现极高门保真度（与捕获离子和中性原子持平），同时保留超导的千倍速度优势。
- 更高保真度使每个逻辑量子比特所需的物理量子比特数量大幅减少（约10倍），降低纠错复杂度。
- 片上低温控制仅需数百根I/O线，其他超导方案需数十万根，进一步降低系统复杂度。
- Mgmt stance: 看涨（认为组合优势使其能比任何其他公司更快部署规模化纠错超导门模型系统）。
Q2 — Quinn Bolton
- Topic: QCI收购后的2026年运营支出指引
- Key points:
- 管理层未提供2026年完整指引，但确认3月季度OpEx环比增长15%已包含QCI的增量成本。
- 增量支出包括QCI的研发团队、制造费用及部分资本支出。
- Mgmt stance: 中性（明确回答了包含关系，未给出绝对数值，仅指出15%环比增长已覆盖整合成本）。
Q3 — William Kingsley Crane
- Topic: QCaaS净留存率与大型企业交易趋势
- Key points:
- 未公布留存率；2024年QCaaS中Jülich占比较大，该客户已转为系统销售。
- 近期新增大型交易：意大利多年期50%利用率系统预订（€1000万）+ Fortune 100企业级QCaaS交易（两年、$1000万）。
- 收入确认：系统销售为一次性确认，QCaaS为多年期递延确认；但企业许可协议正在扩大QCaaS交易规模。
- Mgmt stance: 看涨（认为QCaaS正从较小递延收入转向大型企业许可，未来增长动能增强）。
Q4 — Joe McCormick
- Topic: QCI销售管道与预订详情
- Key points:
- QCI在2026年1月贡献约$200万+预订；其业务含政府相关收入（2025年已有确认收入）。
- 双轨系统需求旺盛：8量子比特系统已有早期客户使用；17量子比特系统预计2026年下半年推出。
- 现有退火客户对双轨系统表达了兴趣，预计2026年内开始建设系统销售管道。
- Mgmt stance: 看涨（对双轨系统兴趣积极，已有早期客户，预期年内形成系统销售管道）。
Q5 — Krish Sankar
- Topic: 竞争对手（IonQ）收购晶圆厂（SkyWater）的风险及影响
- Key points:
- 退火技术：SkyWater只做布线，不加工有源元件（约瑟夫森结，IP关键部分由D-Wave自研自产）。
- 双轨技术：完全不涉及SkyWater，无影响。
- IonQ口头承诺继续合作，但管理层持怀疑态度，已主动寻求其他晶圆代工支持。
- Mgmt stance: 谨慎（表达“怀疑与担忧”，已启动替代代工厂方案以对冲风险）。
Q&A Batch (6-10 of 13)
Q6 — Kevin Garrigan
- Topic: Customer conversations and adoption metrics
- Key points:
- Alan states annealing systems are the only ones delivering commercial value and used in production today; no other quantum computer provides comparable ROI on real-world problems.
- D-Wave has high confidence in identifying beneficial applications upfront, enabling faster production deployment.
- Example: Fortune 100 deal started with one application, yielded dramatic bottom-line improvement, then expanded to an all-you-can-eat license.
- Mgmt stance: Bullish – strong customer ROI and repeat engagement pipeline demonstrate proven commercial traction.
Q7 — Ruben Roy
- Topic: Hybrid annealing + gate-model opportunities and early gate-model commercial interest
- Key points:
- Several annealing customers have approached D-Wave to explore gate-model technology for additional use cases.
- D-Wave has integrated digital controls into annealing systems (interpreted as some gate operations), yielding interesting scientific results.
- However, Alan explicitly states it is “way too soon” to consider those as a viable commercial opportunity.
- Mgmt stance: Neutral on gate-model commercialization – early scientific progress but explicitly premature for commercial viability.
Q8 — Troy Donavon Jensen
- Topic: Enterprise QCaaS deal capacity and system ramp-up capability
- Key points:
- Current Leap Quantum Cloud capacity supports “minimum tens” of enterprise deals.
- Four quantum computers available; each supports $25M–$30M revenue per year.
- Capital cost per system: ~$2 million; build time: 3–4 months with componentry on hand.
- Mgmt stance: Bullish – ample existing capacity and low-cost, rapid deployment ability to meet enterprise demand.
Q9 — Craig Andrew Ellis
- Topic: R&D and go-to-market investment outcomes; Advantage3 development progress
- Key points:
- R&D investments were aimed at gate-model (on-chip cryogenic control) and Advantage3 (analog-digital + multichip for 100,000 qubits).
- Go-to-market pipeline has grown significantly; bookings trailing at ~$45M; investments “playing out exactly as expected.”
- Advantage3 first chips demonstrating analog-digital controls; multichip interconnect chips close to completion; each generation yields more qubits, connectivity, and coherence.
- Mgmt stance: Bullish – both R&D and go-to-market investments delivering as planned; Advantage3 technical progress on track.
Q10 — David Williams
- Topic: Pipeline composition, customer sources, and deal closing timeline
- Key points:
- Pipeline includes strong system sales, QCaaS, and professional services deals.
- Alan declines to address revenue timing due to varying revenue recognition policies.
- System sales pipeline now “beyond one a year” (previously expected ~1 per year). QCaaS deals with much larger companies (airline, healthcare, chemical), closing faster.
- Mgmt stance: Bullish – pipeline growth and accelerated deal progression indicate a “very strong go-to-market environment.”
Q&A Batch (11-13 of 13)
Q11 — Antoine Leblond
- Topic: 美国国防预算增长对政府业务机遇
- Key points:
- 公司不依赖政府研发赠款来资助自身研发路线，已有充足流动性
- 重点在于帮助政府解决当前硬计算问题，且（因Anduril合作）政府客户兴趣显著流入
- Jack Sears加入并组建政府业务部门，管理层对该机会感到乐观
- Mgmt stance: 看好（因Anduril合作引发大量政府客户兴趣，且政府业务已由专人负责推进）
Q12 — Tyler Anderson
- Topic: 未来新系统容量预订情况及容量利用率
- Key points:
- 此前提到的“50%容量”特指意大利QAlliance交易购买的Advantage2系统50%容量
- 当前LeapCloud云服务整体容量利用率尚未达到50%，仍有充足容量支撑专业服务和QCaaS客户
- 新系统上线后会尽快对所有云系统进行升级
- Mgmt stance: 中性（澄清过往50%系特定交易，当前云服务容量充足，未涉及具体未来预订计划）
Q13 — David Liu
- Topic: QCaaS与系统销售混合比例及OpEx展望
- Key points:
- 因系统销售兴趣增加，公司正投资团队和能力以支持并行推进，不再必须逐个序列化处理
- OpEx预期每季度环比增长15%（基于合并OpEx口径）
- 未来混合比例将呈现波动性，单一季度可能以QCaaS企业客户为主或系统预订为主，取决于预订组成及收入确认特性（如系统安装完工百分比法）
- Mgmt stance: 中性偏乐观（确认投资以应对系统销售增长，同时指出混合比例波动为正常现象）