AI-generated · cited to primary sources · not investment advice
D-Wave Quantum Inc. Common Shares (QBTS) Jun 2025 Filing Analysis
Does management do what it says?
The total RPO balance has decreased to $2.9 million, and the percentage expected to be recognized within the next 12 months has been lowered to 69%. (3 revised across 3 tracked commitments)
“As of June 30, 2025, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts was $5.3 million, of which approximately 79% is expected to be recognized to revenue in the next 12 months”
See the full cited Management analysis of D-Wave Quantum Inc. Common Shares
How durable is the business?
The cash position expanded dramatically from $178M to $819M, primarily through aggressive use of At-The-Market (ATM) equity offerings and warrant exercises. (3 expanding)
“Cash and cash equivalents $ 819,312 $ 177,980... the Company has received $390.6 million in net proceeds through the issuance of 26,344,831 Common Shares.”
System sales surged due to a $1.0 million system upgrade project, making it the largest revenue contributor for the six-month period ($13.7M total). (2 expanding, 1 contracting)
“System sales $ 1,025 $ —... During the three months ended June 30, 2025, the Company recognized revenue of $1.0 million from a system upgrade project”
QCaaS revenue contracted significantly in the latest quarter, dropping from $1.78M to $1.24M, though management views it as a long-term growth driver supported by professional services. (3 contracting)
“QCaaS 1,241 1,779... partially offset by a decrease in QCaaS revenue of $0.5 million.”
See the full cited Business Model analysis of D-Wave Quantum Inc. Common Shares
What could break the thesis?
Demand for system sales has re-emerged as a major revenue driver. System sales contributed $13.7 million to revenue in the first half of 2025, compared to zero in the prior year period, driving a 289% increase in total revenue. (1 easing)
“System sales [Six Months Ended June 30, 2025] $ 13,672... Total revenue $ 18,096”
Operating expenses continue to increase, rising 36% to $53.6 million for the first half of 2025. While revenue growth (289%) outpaced expense growth, the company still generated a loss from operations of $37.8 million. (1 stable)
“Total operating expenses [Six Months Ended June 30, 2025] 53,646... [2024] 39,402”
See the full cited Risk analysis of D-Wave Quantum Inc. Common Shares
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