D-Wave reported their fiscal year 2025 results today. Revenue hit $24.6 million, up 179% from last year. They ended the year with a strong liquidity position of $884 million. The net loss looks high at $355.1 million, but $270.5 million of that is due to non-cash charges related to warrant liability remeasurement. Basically, the stock price went up so the warrants cost more on paper. Bookings are ramping up, with $13.4 million in Q4 and over $30 million just in January 2026. They also completed the acquisition of Quantum Circuits and announced plans to move their HQ to Florida by the end of 2026.