D-Wave (QBTS) Q2 2025 Earnings Call Transcript

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• D-Wave has the opportunity to be the first independent publicly held quantum computing company to achieve sustained profitability

  80% confidence

• Peer-reviewed research shows annealing quantum computers outperform and will continue to outperform gate model on optimization problems

  80% confidence

• Quarterly non-GAAP OpEx will be approximately 15% higher than Q2 actual for remainder of 2025

  80% confidence

• DARPA made a huge mistake by excluding annealing from the QBI program

  80% confidence

• Characterizing annealing quantum computing as niche is misleading and ill-informed

  80% confidence

• M&A is now a strategic priority with goal to announce acquisitions in 2025

  80% confidence

• D-Wave was the first to achieve quantum supremacy on a useful real-world problem

  80% confidence

• Gate model quantum computers cannot universally solve all problems better than classical computers

  80% confidence

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