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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Craig Ellis | B. Riley Securities | 6 questions · 0% challenging |
| Harsh Kumar | BMO Capital Markets | 6 questions · 0% challenging |
| Richard Shannon | Craig-Hallum | 5 questions · 0% challenging |
| Troy Jensen | Cantor Fitzgerald | 5 questions · 0% challenging |
| Quinn Bolton | Needham | 5 questions · 0% challenging |
| Suji Desilva | ROTH Capital Partners | 5 questions · 0% challenging |
| Kingsley Crane | Canaccord Genuity | 4 questions · 0% challenging |
| Dave Williams | StoneX | 4 questions · 0% challenging |
| John McPeake | Rosenblatt Securities | 3 questions · 0% challenging |
| Kevin Garrigan | Jefferies | 3 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| B. Riley Securities | 1 analyst | 6 questions · 0% challenging |
| BMO Capital Markets | 1 analyst | 6 questions · 0% challenging |
| Craig-Hallum | 2 analysts | 6 questions · 0% challenging |
| Needham | 2 analysts | 6 questions · 0% challenging |
| Cantor Fitzgerald | 1 analyst | 5 questions · 0% challenging |
| ROTH Capital Partners | 1 analyst | 5 questions · 0% challenging |
| StoneX | 2 analysts | 5 questions · 0% challenging |
| Canaccord Genuity | 1 analyst | 4 questions · 0% challenging |
D-Wave reported record first-quarter 2025 revenue of $15 million, up 509% year-over-year, though roughly $12.6 million came from recognizing its first Advantage system sale to the Jülich Supercomputing Center; excluding it, recurring QCaaS and professional-services revenue comprised only the small balance and was broadly flat. The high-margin sale drove GAAP gross margin to 92.5% and narrowed the net loss to $5.4 million, or $0.02 per share, the lowest since D-Wave went public. Bookings fell to $1.6 million as larger enterprise deals lengthened sales cycles, while the company advanced Advantage2 toward general availability and moved Ford Otosan into production. D-Wave ended the quarter with a record $304.3 million in cash.
Demand | Revenue Growth | Innovation & R&D | Capex Investment | Competitive Dynamics | Regulation Policy | M&A | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 1 | 1 | 1 | |||
| 2025Q1 | 1 | 4 | 2 | 1 | ||||
| 2025Q2 | 2 | 1 | 4 | 1 | 2 | 1 | ||
| 2025Q3 | 6 | 2 | 3 | 1 | 1 | 2 | ||
| 2025Q4 | 8 | 4 | 2 | 3 | 2 | 1 | 2 | |
| 2026Q1 | 4 | 4 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 1 | 2 | 6 | 8 | 4 |
| Revenue Growth | 4 | 4 | 1 | 2 | 4 | 4 |
| Innovation & R&D | 1 | 2 | 4 | 3 | 2 | 4 |
| Capex Investment | 1 | 1 | 3 | |||
| Competitive Dynamics | 1 | 2 | 2 | |||
| Regulation Policy | 1 | 2 | 1 | |||
| M&A | 2 | 2 | ||||
| Capital Allocation | 1 | 1 | 1 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2M | -20.5% | $-0.37 | -270.0% | -876.2% | -3727.9% | $1M |
| FY2025 Q1Selected | $15M | +508.6% | $-0.02 | +82.8% | -75.3% | -36.1% | $-20M |
| FY2025 Q2 | $3M | +41.8% | $-0.57 | -470.0% | -856.3% | -5406.4% | $-16M |
| FY2025 Q3 | $4M | +99.9% | $-0.41 | -272.7% | -741.8% | -3743.9% | $-20M |
| FY2025 Q4 | $3M | +19.2% | $-0.12 | +67.6% | -1266.0% | -1538.0% | $-20M |
| FY2026 Q1 | $3M | -80.9% | $-0.05 | -164.6% | -1914.9% | -642.3% | $-46M |
| FY2026 Q2 | $3M | -0.6% | $-0.13 | +77.2% | -1732.1% | -1561.4% | $-33M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2025Earnings call May 8, 2025
FY2025 Q1 in brief
D-Wave reported record first-quarter 2025 revenue of $15 million, up 509% year-over-year, though roughly $12.6 million came from recognizing its first Advantage system sale to the Jülich Supercomputing Center; excluding it, recurring QCaaS and…
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for D-Wave Quantum Inc. (QBTS), FY2025 Q1: 8/10. Scores: D-Wave Quantum Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: QBTS daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +508.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What QBTS and other companies said about each other on FY2025 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the physical assembly of a D-Wave Advantage2 annealing quantum system is complete at Davidson Technologies headquarters in Huntsville, Alabama.”
D-Wave installed an Advantage2 system at Davidson Technologies to jointly develop and eventually deploy defense and security optimization applications for the US government; economics were not disclosed.
“we announced the successful completion of a proof-of-concept with the pharmaceutical division of Japan Tobacco, which used the Advantage quantum computer with artificial intelligence in the drug discovery process.”
Japan Tobacco's pharmaceutical division completed a D-Wave quantum-AI drug discovery proof-of-concept that produced better candidate molecular structures than purely classical methods.
“Ford Otosan joins NTT DOCOMO and Pattison Food Group customers that are also using our systems currently running production applications.”
Pattison Food Group is one of D-Wave's customers running quantum applications in production.
“Ford Otosan joins NTT DOCOMO and Pattison Food Group customers that are also using our systems currently running production applications.”
NTT DOCOMO is one of D-Wave's customers running quantum applications in production.
“Using D-Wave technology, Ford Otosan reduced the scheduling time of 1,000 vehicles from 30 minutes to less than five minutes, a six times improvement.”
Ford Otosan (the Ford-Koc joint venture) has a D-Wave hybrid quantum scheduling application in production for its Ford Transit line and plans to extend it to more body shops and processes.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
QBTS D-Wave Quantum Inc. | 8 | +508.6% | |
| ANET Arista Networks | 8 | +27.6% | |
| DELL Dell Technologies | 8 | +6.7% | |
| HPQ HP Inc. | 4 | +2.4% | |
| IONQ IonQ, Inc. | 5 | -0.2% | |
| NTAP NetApp | 4 | +2.2% | |
| P Everpure, Inc. | 7 | +11.4% | |
| RGTI Rigetti Computing, Inc. | 2 | -51.8% | |
| SMCI Supermicro | 5 | +19.5% | |
| STX Seagate Technology Holdings | 9 | +30.5% | |
| WDC Western Digital | 9 | +30.9% |