D-Wave Quantum Inc. (NYSE: QBTS)

D-Wave Quantum Inc. develops and delivers quantum computing systems software and related services. The company was the world’s first commercial supplier of quantum computers and remains the only firm building both annealing and gate model quantum computers. Its superconducting quantum processors provide sub second response times and can be installed on premises or accessed through the Leap quantum cloud service which offers 99.9% availability. Customers apply the technology to optimization artificial intelligence research and other computational challenges. The current sixth generation annealing system is branded Advantage2. D-Wave Quantum Inc. operates three leased facilities in Burnaby British Columbia Richmond British Columbia and Palo Alto California. The firm concentrates on providing quantum computing as a service professional services and direct system sales to address a growing demand for advanced computational capabilities.

D-Wave Quantum Inc. generates revenue from three primary sources: subscription access to its quantum computing as a service platform professional services that assist customers in developing and deploying quantum applications and the sale of its superconducting annealing quantum computer systems. For the three months ended September 30 2025 the company reported total revenue of $3.7 million representing a 100% increase from $1.9 million in the same period of 2024. The quarterly increase was driven primarily by $1.8 million from a system upgrade project and a $0.2 million rise in professional services revenue partially offset by a $0.2 million decline in QCaaS revenue. For the nine months ended September 30 2025 revenue rose to $21.8 million up 235% from $6.5 million in the nine months ended September 30 2024. The nine month growth was mainly attributable to $15.5 million in system sales and a $0.7 million increase in professional services revenue partly offset by a $0.9 million decrease in QCaaS revenue. QCaaS revenue is recognized ratably over contract terms that typically range from one month to two years. Professional services revenue is recognized over time based on the percentage of completion measured by costs incurred. Revenue from system sales is recognized at the point of control transfer usually upon delivery or installation while revenue from system upgrade projects is recognized over time using an input method based on costs incurred to date relative to total estimated costs. All system related revenue including upgrades is reported within the system sales line. The company also earns income from training and related enablement services bundled with its professional offerings.

D-Wave Quantum Inc. holds a distinctive position in the quantum computing industry as the first commercial supplier of quantum computers and the sole provider of both annealing and gate model architectures. This dual technology capability allows the company to address a broader set of computational problems than competitors that focus on a single approach. Its superconducting quantum processors deliver sub second response times and can be deployed on premises or accessed through the Leap quantum cloud service which maintains 99.9% availability. While the filing does not name specific rivals the company’s early mover status and proprietary superconducting technology constitute key competitive advantages.

D-Wave Quantum Inc. serves a diverse set of customers that seek quantum computing solutions for optimization artificial intelligence and research activities. These customers include enterprises research institutions and government agencies that utilize the company’s systems and cloud services to tackle complex computational problems. Customers apply the technology to problems such as logistics scheduling financial modeling and scientific research across multiple industries.