D-Wave Quantum Inc. (NYSE:QBTS) shares are trading higher Thursday after the company posted record first-quarter 2025 financial results and highlighted major technical milestones in commercial quantum computing.

What To Know: The quantum company reported revenue of $15 million for the quarter ended March 31, a more than sixfold increase on a year-over-year basis. The revenue boost was largely driven by the first recognized sale of its Advantage quantum computing system to a major research institution, along with increased adoption of its hybrid quantum solutions by clients.

D-Wave Quantum reported a first-quarter loss of 2 cents per share, beating estimates for a loss of 7 cents per share, according to Benzinga Pro. Gross profit came in at $13.9 million, up from $1.7 million a year earlier, and gross margin climbed to over 92% in the quarter.

D-Wave also reported a record cash balance of $304.3 million, citing proceeds from its third At-The-Market program.

“The first quarter of 2025 was arguably the most significant in D-Wave’s history, especially in terms of our unique ability to deliver quantum value today to our customers and the scientific community,” said Alan Baratz, CEO of D-Wave.

In addition to strong financial performance, the company highlighted a milestone achievement in quantum computing. D-Wave announced that it demonstrated quantum supremacy on a real-world problem, simulating magnetic materials faster than a classical supercomputer could achieve within a feasible timeframe.

D-Wave also cited new commercial deployments, including Ford Otosan's use of its technology to drastically reduce vehicle scheduling time and a quantum-AI collaboration with Japan Tobacco's pharmaceutical arm for drug discovery. The company noted that its Advantage2 system, built for defense applications, is undergoing final testing in Alabama.

Despite a decline in bookings year-over-year, investors focused on the record revenue, cash position and quantum milestones, which collectively signaled strong momentum in D-Wave's path toward commercial viability.

QBTS Price Action: D-wave quantum shares were up 41.3% at $9.73 at the time of publication Thursday, according to Benzinga Pro.

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