D-Wave Quantum Inc 2025年度报告

April 23, 2026 Dear D-Wave Stockholders, The quantum computing industry has no shortage of bold claims. What it lacks is evidence of those claims. D-Wave is changing this. While others continue to promote future potential, we are delivering measurable results today – applications inproduction, with paying customers, solving real-world problems that classical systems cannot solve. We are the first – and still the only – company to demonstrate quantum supremacy on a useful, real-world problem,a result achieved using our Advantage2™ annealing quantum computer. We believe we are also the only companyrunning quantum applications in production for Forbes Global 2000 enterprises. That is not a theoretical milestone. It is a commercial reality. More than ever, 2025 highlighted the magnitude of the gap between quantum companies working on scienceexperiments and companies that have commercial grade systems capable of solving highly complex real-worldproblems. D-Wave dominates quantum optimization today with our annealing quantum computing technology. Optimization isone of the largest and most immediate commercial opportunities in quantum computing, and research has shownthat annealing quantum computers are expected to always outperform gate-model quantum computers on large-scale optimization problems. Across sectors, including manufacturing, logistics, and life sciences, our customers are using D-Wave quantumcomputers to achieve material improvements in performance, speed, cost and efficiency. These are not labexperiments or pilot projects – they are operational deployments delivering tangible value now. At the same time, much of the REST OF THE industry remains in R&D mode, with timelines that continue to be pushedout into the future. Announcements are often measured in projections and accompanied by little or no supportingdata. Progress is frequently measured in promises of unrealistic future milestones or breakthroughs. And revenuegrowth is often driven by the acquisition of companies that are not quantum computing companies. We believe the market is beginning to recognize the difference. Our results speak for themselves. In 2025, we delivered record revenue of $24.6 million, up 179% year-over-year, and we ended the year with $884.5million in cash and marketable securities, a nearly 4x increase from 2024. We believe our liquidity position providesus with a fully funded path to profitability, while others in the industry continue to face significant technical,manufacturing, and commercialization hurdles, resulting in highly uncertain capital requirements. And our momentum is accelerating. Annual Report 2025 In January 2026, we announced one of the largest quantum-computing-as-a-service deals in the industry to date – a$10 million, two-year agreement with a Fortune 100 company to support multiple in-production applications. We alsobooked a $20 million system sale to Florida Atlantic University and announced the relocation of our headquarters toFlorida, which will include an additional R&D facility to support our next phase of growth. At the same time, we doubled down on our long-term leadership in annealing quantum computing, by dramaticallyaccelerating our gate model quantum computing initiative through the acquisition of Quantum Circuits, a move thatwe believe now puts us in a leadership position in gate model quantum computing. Quantum Circuits provides us witha highly differentiated gate-model architecture designed to deliver speed, fidelity, and scalability – the three essentialelements that will ultimately define success in quantum computing. This is what leadership looks like: technology that works, customers that embrace and deploy it, and a business thatscales. The quantum computing industry is now entering a period of divergence between the haves and have nots. Not every company will make the transition from promise to performance, or from research to commercial revenue. We believe that divide is already forming, and D-Wave is on the right side of it. We are the only company combining commercial annealing quantum computing today with a credible path to ascalable gate-model quantum computer tomorrow. We are not waiting for the future to arrive – we are building it,deploying it, and delivering value from it now. By simultaneously advancing annealing and gate-model platforms,D-Wave is helping customers move from quantum exploration to quantum impact across the full computationalspectrum. And unlike many other quantum computing companies, we are not dependent on a government entity or a handful ofgovernment entities to fund our growth or to purchase our products and services. The conversation around quantum computing is shifting. From “if” to “how”. From “when” to “who”. From “incremental” to “substantive”. We intend to be the answer. I have never been more confident in D-Wave’s position – or in the opportunity ahead. I thank you for your continued support in our journey to define