该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
QBTS (D-Wave Quantum) delivered 178.5% revenue growth to $24.6M in FY2025, but net losses widened dramatically to -$355.1M as the company raised ~$779M in financing to fund its quantum computing expansion.
营收
2458.7万美元
同比 +178.54%
每股收益（稀释）
-1.11美元
同比 -48.00%
毛利率
82.6%
同比 +19.6 个百分点
营业利润
-1亿美元
同比 -29.97%
SEC XBRL 原值
D-Wave Quantum (QBTS) FY2025 营收 2458.7万美元，同比增长 178.5%。 营业利润率 -408.2%，去年同期为 -874.8%。 经营活动现金流净流出 7198.2万美元。
近 4 个季度：2 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | -0.10 | -0.09 | 不及预期 -14.2% |
| 2026年3月 | -0.01 | -0.08 | 超预期 +87.2% |
| 2025年12月本次财报 | -0.09 | -0.07 | 不及预期 -33.1% |
| 2025年9月 | -0.05 | -0.07 | 超预期 +27.2% |
2025年12月 实际 EPS -0.09美元，分析师一致预期 -0.07美元，不及预期 -33.1%。
由 AI 基于本次 SEC 报告整理
Revenue surged 178.5% year-over-year from $8.8M to $24.6M, reflecting accelerating commercial adoption of QBTS's quantum computing services and solutions. This growth rate signals meaningful progress in converting early-stage customer interest into recurring revenue.
来源: 10-K Income Statement, Financial Data
Gross margin improved significantly from 63.0% to 82.6%, a 19.6 percentage point gain, indicating that revenue is scaling faster than direct costs and that the company's software/service mix is becoming more favorable. Cost of revenue grew only 31.2% versus revenue growth of 178.5%.
来源: 10-K Income Statement, Financial Data
Financing activities generated $779.1M in FY2025 (vs. $182.5M prior year), driving stockholders' equity up 1,260% to $852.2M and cash & equivalents to $635.3M. Total assets grew 358% to $915.8M, providing a substantial runway for continued R&D and commercialization efforts.
来源: 10-K Balance Sheet & Cash Flow, Financial Data
Operating loss widened 30.0% to -$100.4M, driven by a 43.7% increase in R&D spending to $50.7M. The company is deliberately investing heavily in quantum hardware and software development, prioritizing long-term technology leadership over near-term profitability.
来源: 10-K Income Statement, Financial Data
Net loss of -$355.1M significantly exceeded operating loss of -$100.4M, suggesting approximately $254.7M in additional non-operating charges (likely fair value adjustments on warrants, convertible instruments, or other financial liabilities) beyond core operations. This gap warrants close attention from investors.
来源: 10-K Income Statement, Financial Data
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
QBTS reported a net loss of -$355.1M in FY2025, nearly 2.5x the operating loss of -$100.4M, indicating substantial non-operating charges in addition to core business losses. The company has not demonstrated a path to profitability, and continued losses could dilute shareholders or require additional capital raises.
来源: 10-K Income Statement, Financial Data
The company raised $779.1M through financing activities in FY2025 to sustain operations, as operating cash outflows reached -$72.0M. If capital markets become less receptive to pre-profitability quantum computing companies, QBTS could face funding constraints that impair its R&D roadmap.
来源: 10-K Cash Flow Statement, Financial Data
Investing cash outflows surged to -$251.1M in FY2025 from just -$3.1M in the prior year, a 7,895% increase, indicating major capital commitments to infrastructure, equipment, or acquisitions. The nature and return profile of these investments is critical to long-term value creation.
来源: 10-K Cash Flow Statement, Financial Data
The $254.7M gap between operating loss (-$100.4M) and net loss (-$355.1M) suggests significant fair value changes on warrants, convertible notes, or other derivative instruments. These non-cash charges can be volatile and unpredictable, making earnings quality difficult to assess.
来源: 10-K Income Statement, Financial Data
With total revenue of only $24.6M, QBTS remains an early-stage commercial company where a small number of customers likely represent a disproportionate share of revenue. Loss of any major customer or contract could materially impact financial results.
来源: 10-K Income Statement, Financial Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 万美元 | 2458.70 万美元 | 882.70 万美元 | +178.54% |
营业成本 万美元 | 428.10 万美元 | 326.40 万美元 | +31.16% |
毛利润 万美元 | 2030.60 万美元 | 556.30 万美元 | +265.02% |
营业利润 亿美元 | -1.00 亿美元 | -0.77 亿美元 | -29.97% |
净利润 亿美元 | -3.55 亿美元 | -1.44 亿美元 | -146.78% |
每股收益（基本） 美元 | -1.11 美元 | -0.75 美元 | -48.00% |
每股收益（稀释） 美元 | -1.11 美元 | -0.75 美元 | -48.00% |
研发费用 万美元 | 5073.40 万美元 | 3530.00 万美元 | +43.72% |
答案基于本次 SEC 报告与本页数据