Overview
- D‑Wave’s Advantage2 is now generally available, with a €10 million booking from an Italian research facility and a system installed at Davidson Technologies in Alabama.
- Despite progress, D‑Wave’s scale remains small with third‑quarter revenue of $3.7 million, bookings up 80% sequentially to $2.4 million, and continued losses including a $27.7 million operating loss in Q3.
- D‑Wave offered no fourth‑quarter guidance and reported $21.8 million in revenue through the first nine months of 2025 alongside year‑to‑date negative free cash flow of $55.8 million.
- QCi’s share price has surged more than 400% even as its room‑temperature processors remain largely in research testing, including trials by NASA and a major automaker.
- A new five‑year look questions QCi’s path given its 2021 pivot into quantum, limited commercial traction, ongoing losses, and a market less tolerant of high valuations.