Quantum computing firms D-Wave, IonQ, and Rigetti have announced their Q4 2025 and full-year 2025 earnings.

Once again, all three companies reported net losses for the quarter but remained bullish about their prospects, as each company had already either signed deals or announced acquisitions in the opening months of FY26.

D-Wave

In a statement announcing its Q4 2025 and full-year FY25 results, quantum computing company D-Wave said the figures represented “one of the most successful and transformative years” in the company’s history, having seen growth across “every key business metric.”

For the quarter ending December 31, the company saw bookings of $13.4 million, up 471 percent Quarter-over-Quarter (QoQ) from $2.4m in Q3 2025, but a 27 percent decrease Year-over-Year (YoY) from $18.3m.

Meanwhile, revenue for the quarter was $2.8m, a 19 percent increase from $2.3m in Q4 2024. Quarterly operating expenses reached $36.6 million, an increase of $14.9 million, or 69 percent YoY. D-Wave said this increased spending was primarily driven by personnel costs, in addition to third-party services, non-cash stock-based compensation, and marketing spend.

Net loss for Q4 2025 totaled $42.3m, a decrease of $43.8m from the same quarter in the previous financial year.

By comparison, full-year bookings saw a decrease of $5.2m, or 22 percent, from FY24. However, the company said that subsequent to the end of the fiscal year, it has secured $32.8m in additional bookings, including deals with Florida Atlantic University and a “leading Fortune 100 company” for a combined commitment of $30 million.

Full-year revenue was $24.6m, up 179 percent, while operating expenses increased 46 percent, or $37.9m, to $120.7m. During FY25, D-Wave said it recognized revenue from over 135 individual customers, including more than 70 commercial enterprises, and more than two dozen Forbes Global 2000 companies.

“We are entering 2026 with exceptional momentum: generating over $30 million in bookings in January alone, expanding our market leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement that underscores growing customer confidence in our technology’s power to transform enterprise operations. 2026 is shaping up to be a defining year for D-Wave,” said Dr. Alan Baratz, CEO of D-Wave.

IonQ

IonQ posted recognized revenue of $61.9m for the fourth quarter, a YoY increase of 429 percent, while full-year revenue totaled $130m, a 202 percent increase over FY2024. Net income for the fourth quarter was $753.7m, but net losses for the year totaled $510.4m. Adjusted EBITA loss for both the quarter and full-year came to $67.4m and $186.8m, respectively.

The company is predicting FY26 revenue of between $225m and $245m, with first quarter revenue expected to be between $48m and $51m.

IonQ undertook three acquisitions in 2025, completing its purchase of photonic interconnect and quantum memory company Lightsynq in May of last year, following its acquisition of Capella Space the month prior. In September 2025, IonQ completed its acquisition of Oxford Ionics for $1.08 billion.

In late January 2026, the company announced plans to acquire pure-play chipmaker SkyWater Technology for $1.8bn. The following month, the company disputed claims from a short seller that lost government contracts had left a $54.6 million “black hole” in the company’s finances, leading the company to backfill “missing revenues by acquiring subpar non-quantum computing companies, all while diluting investors and dumping enormous amounts of stock.“

The report was not referenced by IonQ in statements published alongside its results.

Commenting on the results, Niccolo de Masi, chairman and CEO, said: “2025 was a year of tremendous accomplishments and both a strategic and financial inflection point for IonQ. We became the first public quantum company in history with more than $100 million in GAAP revenue. We tripled our annual revenue and accelerated to a semiconductor-based roadmap for our industry-leading quantum computers.

“We expanded and deepened our platform into quantum networking, quantum sensing, and quantum security. We have now integrated our capabilities to create powerful operating momentum into 2026.”

Rigetti

For the quarter ending December 31, Rigetti posted total revenue of $1.9 million, a decrease from the $2.3m posted in the fourth quarter of 2024. Meanwhile, operating expenses during the quarter totaled $23.2m, while operating loss for the three-month period was $22.6m.

Net loss for the quarter was $18.2m, a significant decrease from the $153m loss the company posted in the final quarter of 2024.

Meanwhile, full-year revenue totaled $7.1m, down from the $10.8m Rigetti posted for FY24. Operating expenses for the year were $86.7m, with operating losses at $84.6m, both of which represent an increase over the previous financial year. Net loss for FY25 totaled $216.1m.

“In 2025, we made great progress across fidelity, scale, and system architecture,” said Dr. Subodh Kulkarni, Rigetti CEO. “Our focus continues to be on achieving practical quantum advantage, and over the past year, we validated key elements of our strategy, including improved two-qubit gate fidelity across both monolithic and chiplet-based systems and continued momentum in scaling our superconducting quantum technology.”

He added: “Looking ahead, we remain focused on executing our roadmap, including the deployment of our 108-qubit system at 99.5 percent median two-qubit gate fidelity and advancing toward larger-scale systems as we work steadily toward quantum advantage.”

Rigetti said it was anticipating significant first-quarter Year-over-Year revenue growth, driven in part by a portion of the previously announced $5.7 million Novera on-premises system purchase orders, which are expected to ship during Q1.

While D-Wave, IonQ, and Rigetti were the only publicly traded quantum computing companies in 2025, over the past several months, four other quantum companies have announced plans to go public via Special Purpose Acquisition Company (SPAC) mergers.

More results to come

In November 2025, Xanadu Quantum Technologies and Crane Harbor Acquisition Corp. merged under the startup’s name. Then, in February of this year, Finland’s IQM Quantum Computers said it would go public via a SPAC merger with Real Asset Acquisition Corp., and Infleqtion began trading on the Nasdaq following a SPAC merger with Churchill Capital Corp X.

Most recently, in early March, French quantum computing company Pasqal announced it would go public via a SPAC merger with Nasdaq-listed Bleichroeder Acquisition Corp. II. Honeywell-backed Quantinuum is also set to IPO in the near future.