D-Wave Quantum Inc.
D-Wave Quantum Inc. develops and commercializes quantum computing systems, software, and cloud-based access services. It sells access to its Leap quantum cloud platform, professional services for quantum application development, and superconducting annealing quantum computers, including its Advantage2 system.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCloud subscriptions that give customers access to D-Wave's quantum computing systems through Leap.
Consulting, implementation support, and training for quantum application development.
Sale of superconducting quantum computer systems for on-premises or dedicated use.
Products
Reported · share of revenue- System Sales65.8 %
- Q Caa S22.4 %
- Professional Services11.1 %
- Other0.7 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Customers are organizations that want to test or deploy quantum computing for optimization, AI, research, and related workloads. The business serves enterprises, research institutions, and government or public-sector users that need either cloud access to quantum systems or direct system deployment. Buyers typically start with cloud subscriptions or services before expanding into larger system purchases or longer-term engagements.
Buy QCaaS subscriptions and services to evaluate and deploy optimization and AI workloads.
Use cloud access and system time for experimentation, benchmarking, and research programs.
Purchase access and services for strategic research, national capability, and pilot programs.
Acquire on-premises quantum computers for dedicated workloads and internal control.
Strategy
D-Wave's strategy is to expand commercial adoption of quantum computing by combining cloud access, services, and system sales in one platform. It is also investing in R&D and go-to-market efforts to grow usage of its annealing systems while broadening customer engagement through training and implementation support. The planned headquarters move and new Florida R&D facility suggest a continued push to strengthen U.S. operations and product development capacity.
Recurring cloud access can broaden the customer base and improve engagement before larger system sales.
Professional services help customers identify practical applications and increase the chance of repeat business.
Better system performance and reliability are needed to sustain differentiation in a nascent market.
Geography
Q1/2026D-Wave operates primarily from North America, with leased facilities in Burnaby and Richmond, British Columbia, and Palo Alto, California, plus a New Haven, Connecticut site. The company also plans to move its headquarters to Boca Raton, Florida and add a U.S. R&D facility there, which would deepen its U.S. operating footprint. Its business is exposed to U.S.-Canada trade relations because hardware components and suppliers are cross-border and globally sourced.
Share of the revenue the company reports by geography.
Risks
D-Wave remains an early-stage quantum computing company with a business model that depends on market adoption, customer willingness to pay, and continued access to capital. Its risks are amplified by supply-chain dependence, trade and national-security scrutiny around quantum technology, and intense competition in a market that is still developing. Because revenue is tied to a small and evolving customer base, delays in commercialization or pricing pressure could materially affect results.
- Slow development of the quantum computing marketImpact: HighLikelihood: High
The company's revenue depends on customers adopting quantum workflows and paying for access or systems.
Exposure - Funding and operating loss riskImpact: HighLikelihood: High
The company has a history of significant losses and needs capital to fund R&D and commercialization.
Exposure: Corporate liquidity and growth investment
- Supply-chain and component availabilityImpact: HighLikelihood: Medium
Quantum hardware relies on critical suppliers and in-house manufacturing, so shortages or delays can disrupt delivery.
Exposure: Quantum computer systems
- Competitive pricing pressureImpact: HighLikelihood: Medium
Rivals may offer more attractive pricing or faster product improvements, reducing D-Wave's margins and win rates.
Exposure: Cloud access and system sales
- Trade policy and geopolitical frictionImpact: MediumLikelihood: Medium
Tariffs, customs duties, and cross-border restrictions can increase costs and complicate sourcing.
Exposure: U.S.-Canada and global supplier base
Accounting
Judgemental itemsDifferent timing for subscriptions, services, and system sales affects quarterly comparability and backlog conversion.
Impact: Revenue mix can shift reported growth and margins
Large non-cash gains or losses can materially distort net loss from period to period.
Impact: Earnings volatility unrelated to operating performance
Equity awards are a meaningful operating cost for a growth-stage technology company.
Impact: Raises reported R&D, G&A, and sales expense
Operating facilities and capital projects create balance sheet and cash flow effects that need close tracking.
Impact: Affects assets, liabilities, and investing cash flow
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Last updated: 24/09/2026