D-Wave Quantum Inc. (QBTS) Revenue History
Annual and quarterly revenue from 2020 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
QBTS Revenue Growth
Revenue Breakdown (FY 2025)
QBTS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
QBTS Revenue Analysis (2020–2025)
As of May 8, 2026, D-Wave Quantum Inc. (QBTS) generated trailing twelve-month (TTM) revenue of $24.6 million, reflecting strong growth of +19.2% year-over-year. The most recent quarter (Q4 2025) recorded $2.8 million in revenue, down 26.4% sequentially.
Looking at the longer-term picture, QBTS's 5-year compound annual growth rate (CAGR) stands at +36.7%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $24.6 million in 2025, representing a new all-time high.
Revenue diversification analysis shows QBTS's business is primarily driven by System Sales (85%), Professional Services (14%), and Product and Service, Other (1%). With over half of revenue concentrated in System Sales, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including IONQ (+334.6% YoY), RGTI (-34.3% YoY), and QUBT (+82.8% YoY), QBTS has underperformed the peer group in terms of revenue growth. Compare QBTS vs IONQ →
QBTS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| QBTSCurrent | $25M | +19.2% | +36.7% | -408.2% | |
 IONQ | $130M | +334.6% | - | -487.4% | |
 RGTI | $7M | -34.3% | +5.0% | -1194.4% | |
 QUBT | $682,000 | +82.8% | - | -7489.3% | |
 ARQQ | $530,000 | -60.2% | - | -7271.5% | |
 IBM | $67.5B | +9.7% | +4.1% | 15.3% |
QBTS Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $24.6M | +178.5% | $20.3M | 82.6% | $-100,368,000 | -408.2% |
| 2024 | $8.8M | +0.8% | $5.6M | 63.0% | $-77,223,000 | -874.8% |
| 2023 | $8.8M | +22.1% | $4.6M | 52.8% | $-80,546,000 | -919.7% |
| 2022 | $7.2M | +14.2% | $4.3M | 59.3% | $-59,458,000 | -828.9% |
| 2021 | $6.3M | +21.7% | $4.5M | 72.1% | $-38,948,000 | -620.3% |
| 2020 | $5.2M | - | $4.2M | 82.3% | $-31,467,000 | -609.8% |
See QBTS's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs QBTS Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare QBTS vs NVDA
Side-by-side business, growth, and profitability comparison vs NVIDIA Corporation.
Start ComparisonQBTS — Frequently Asked Questions
Quick answers to the most common questions about buying QBTS stock.
Is QBTS's revenue growth accelerating or slowing?
QBTS revenue is accelerating at +19.2% year-over-year, exceeding the 5-year CAGR of +36.7%. TTM revenue reached $25M. Growth momentum has increased versus prior periods.
What is QBTS's long-term revenue growth rate?
D-Wave Quantum Inc.'s 5-year revenue CAGR of +36.7% reflects the sustained expansion pattern. Current YoY growth of +19.2% is above this long-term average.
How is QBTS's revenue distributed by segment?
QBTS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2020-2025 are available for download. Segment mix reveals concentration and diversification trends.