D-Wave (QBTS) Q3 2025 Earnings Call Transcript

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• 60%+ of D-Wave's patent portfolio is applicable to both annealing and gate systems

  80% confidence

• D-Wave can reach profitability with less funding than competitors

  80% confidence

• D-Wave is the only company building both annealing and gate model quantum systems

  80% confidence

• D-Wave Advantage2 is 1,000x faster than IBM classical and quantum approaches on multi-objective optimization problems while finding higher quality solutions

  80% confidence

• QCaaS annual capacity exceeds $100M

  80% confidence

• D-Wave's strong cash position enables organic growth plus M&A opportunities

  80% confidence

• North Wales Police achieved 90%+ incidents within target response time, 50% reduction in average response time, and coordination time reduction from 4 months to 4 minutes

  80% confidence

• D-Wave is 1,000x faster than unnamed ion trap company on same problems, while ion trap performs only as good as classical (not better)

  80% confidence

• Government R&D funding model is not a sustainable business model for quantum computing

  80% confidence

• Advantage3 testing expected Q4 2025

  80% confidence

• Superconducting gate qubits are 1,000-10,000x faster than ion trap, neutral atom, and photonic approaches

  80% confidence

• D-Wave is only quantum system showing better-than-classical results while others frequently have downtime with multi-hour queue delays

  80% confidence

• Japan Tobacco Pharmaceutical achieved subsecond responses, improved LLM training performance vs classical, and more valid generated molecules vs classical-only approaches

  80% confidence

• Scaled error-corrected gate model system has a 5-10 year timeline

  80% confidence

• Superconducting technology leverages 50 years of IC manufacturing experience, established supply chains, faster scaling, and lower cost compared to alternatives

  80% confidence

• D-Wave is the only quantum company with production-ready applications today

  80% confidence

• Davidson partnership would result in first quantum computer certified for classified government work

  80% confidence

• D-Wave has 100+ revenue-generating customers in trailing 4 quarters and approximately 24 Forbes Global 2000 customers

  80% confidence

• D-Wave Advantage2 is the only quantum computer demonstrating supremacy on useful real-world problem

  80% confidence

• Cryogenic control technology is a unique competitive advantage for D-Wave

  80% confidence

• BASF achieved production scheduling reduction from 10 hours to seconds, latency reduction of 14%, setup time reduction of 9%, and tank unloading duration reduction of 18%

  80% confidence

• Q4 2025 bookings to date exceed $12M

  80% confidence

• Q-Alliance Italy system purchase price range is $20M-40M if full purchase option exercised

  80% confidence

• There has been a shift from foreign-only to U.S. government attention on D-Wave

  80% confidence

• First gate model demonstration expected within coming year (2026)

  80% confidence

Data points we hold from this source