D-Wave Quantum Stock: Record Growth and Strategic Milestones

D-Wave Quantum captured significant market attention on November 6th with an extraordinary quarterly earnings release that showcased remarkable financial acceleration. The quantum computing specialist achieved a stunning 100% year-over-year revenue surge, reaching $3.7 million and comfortably exceeding analyst projections by more than 20%. While operational performance impressed investors, attention now shifts to an approaching strategic deadline: November 19th marks the expiration date for warrant holders.

The third quarter of 2025 demonstrated substantial operational improvement across multiple metrics. Beyond the headline revenue doubling, sequential growth remained robust at 20.6% compared to the preceding quarter. The company also reported a narrower-than-anticipated adjusted loss per share of $0.05.

• Q3 2025 Revenue: $3.7 million (+100% year-over-year, +20.6% quarter-over-quarter)
• Gross Margin: 71.4% (prior year: 55.8%)
• Bookings: $2.4 million (+80% quarter-over-quarter)
• Cash Position: Record $836.2 million (+2,754% year-over-year)

Perhaps most strikingly, the company's liquidity position transformed dramatically from $29.3 million in the same quarter last year to over $836 million. Warrant exercises contributed significantly to this influx, bringing in $39.9 million directly to corporate coffers.

European Expansion and Commercial Adoption Accelerate

Beyond the published quarterly figures, D-Wave secured an additional $12 million in bookings following the quarter's close. The most notable achievement was a €10 million contract from Italy, reserving 50% of the capacity on an Advantage2™ quantum computing system for a premier research institution in Lombardy.

Commercial adoption extended across multiple industries, with new client acquisitions including a major U.S. airline, semiconductor specialist SkyWater, the pharmaceutical division of Japan Tobacco, and Turkish financial giant Yapi Kredi. Strategic collaborations with BASF for production optimization and successful deployment of Advantage2™ systems at Davidson Technologies for U.S. defense applications further validate the technology's practical utility.

Should investors sell immediately? Or is it worth buying D-Wave Quantum?

Warrant Expiration Creates Strategic Inflection

Despite operational successes, November 19, 2025 represents a pivotal moment for D-Wave's capital structure. All unexercised public warrants will expire worthless at a nominal value of $0.01 on this date, with November 17 expected to be the final trading day for these instruments on the NYSE.

This capital structure simplification presents strategic advantages—reducing potential shareholder dilution while securing additional funding for growth initiatives. The company has already realized substantial benefits, with over $61 million flowing into the business through warrant exercises during and after the third quarter.

Industry Recognition and Global Presence Expand

D-Wave's technological leadership earned prestigious recognition from Fast Company, which honored the company as a winner of the "Next Big Things in Tech Awards 2025," specifically acknowledging the powerful Advantage2™ system featuring over 4,400 qubits. The organization expanded its international footprint through the inaugural Qubits Japan 2025 conference in Tokyo and strengthened its executive team with the appointment of Stan Black as Chief Information Security Officer.

With a growing client base exceeding 100 revenue-generating customers—including nearly two dozen Forbes Global 2000 enterprises—D-Wave continues to solidify its position as the commercial quantum computing market leader. Despite the strong quarterly performance, shares experienced typical post-earnings volatility, declining 1.8% in pre-market trading, while market analysts maintain positive long-term sentiment.