[8-K] D-Wave Quantum Inc. Reports Material Event

Rhea-AI Filing Summary

D-Wave Quantum Inc. (QBTS) filed an 8-K on 21 Jul 2025. Under Item 7.01 the company furnished a press release (Ex. 99.1) announcing publication of a market study produced with Wakefield Research on the business value of quantum optimization.

• Survey sample: 400 business leaders in North America, Europe and APAC who influence optimization-technology decisions.
• ROI expectations: 46 % of respondents already deploying or planning to deploy quantum optimization expect US$1-5 m in returns within the first 12 months; 27 % expect >US$5 m.
• Adoption intent: 53 % plan to integrate quantum computing into workflows, while another 27 % are considering it.
• Classical limits: 81 % believe they have exhausted gains from classical optimization tools.

CEO Alan Baratz stated that the findings underscore growing recognition of the near-term commercial value of annealing quantum computing for complex optimization problems.

No financial results, contracts or guidance were disclosed; the information is furnished, not filed, and is covered by customary forward-looking statement language.

Positive

• Survey indicates strong market interest: 80 %+ of leaders see limits in classical optimization and over half plan quantum deployments, supporting QBTS demand thesis.

Negative

• No concrete financial metrics: Filing lacks revenue, backlog or new customer disclosures, so monetization remains unproven.

Insights

Equity Research Analyst

TL;DR: Marketing-oriented 8-K highlights rising customer interest but offers no hard revenue datapoints—impact on valuation is modest.

The survey signals healthy demand for quantum optimization, supporting D-Wave’s go-to-market narrative and potentially shortening sales cycles. However, the filing lacks concrete bookings, ARR or pipeline metrics, so near-term revenue impact remains speculative. Furnished status means it carries limited legal weight and will not update guidance. Overall, a sentiment-positive datapoint but not a catalyst without follow-through contracts.

Quantum-Computing Industry Specialist

TL;DR: Data reinforces enterprise pain points around optimization and positions annealing as practical, but adoption timelines still uncertain.

81 % of leaders saying classical methods have plateaued validates a market need. The 53 % planning deployments suggests addressable demand, yet integration, talent and ROI proof remain hurdles. D-Wave benefits by being first-mover in annealing, but must convert interest into paid proofs and production workloads to demonstrate commercial traction.

0001907982FALSE00019079822025-07-212025-07-210001907982us-gaap:CommonStockMember2025-07-212025-07-210001907982us-gaap:WarrantMember2025-07-212025-07-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________

FORM 8-K

_____________________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 21, 2025

_____________________________________________________________

D-Wave Quantum Inc.

(Exact Name of Registrant as Specified in Its Charter)

_____________________________________________________________

Delaware			001-41468			88-1068854
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification No.)

2650 East Bayshore Road

Palo Alto, California

94303

(Address of principal executive offices)

(604) 630-1428

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_____________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0001 per share

QBTS

New York Stock Exchange

Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50

QBTS.WT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 7.01 Regulation FD Disclosure.

On July 21, 2025, D-Wave Quantum Inc. (“D-Wave”) announced that it has published a new report that highlights the potential for quantum optimization to create value across industries.

D-Wave published the report in collaboration with Wakefield Research, a leading market research and thought leadership firm. In May 2025, Wakefield Research surveyed 400 business leaders from select countries in North America, Europe and Asia Pacific (APAC). The majority are familiar with quantum computing and make decisions about optimization technologies.

According to the study, 46% of surveyed business leaders whose company has implemented quantum optimization or plans to do so within the next two years expect a return on investment of between $1 and $5 million, while 27% predict a return of more than $5 million in the first 12 months.

In addition, a majority of the business leaders surveyed (81%) believe that they have reached the limit of the benefits they can achieve through optimization solutions running on classical computers. Many are starting to explore whether quantum technologies can help. 53% are planning to build quantum computing into their workflows and 27% are considering doing so, indicating a growing recognition of quantum computing’s real-world business value.

According to Dr. Alan Baratz, CEO of D-Wave, “Leaders are increasingly recognizing that annealing quantum computing can play a pivotal role in solving business-critical problems now. This survey reflects the rapidly growing interest in applying quantum to complex optimization use cases, with business leaders unequivocally recognizing the substantial potential ROI of doing so.”

A copy of the press release is attached as Exhibit 99.1.

The information in this Item 7.01 to this Current Report on Form 8-K, including Exhibit 99.1, is intended to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Forward-Looking Statements

Certain statements in this report are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of D-Wave’s most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of D-Wave’s Quarterly Reports on Form 10-Q and in D-Wave’s other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this report in making an investment decision, which are based on information available to D-Wave on the date hereof. D-Wave undertakes no duty to update this information unless required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Press release, dated July 21, 2025.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

           Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 21, 2025			D-Wave Quantum Inc.
			By:			/s/ Alan Baratz
			Name:			Alan Baratz
			Title:			President & Chief Executive Officer

FAQ

What did D-Wave (QBTS) announce in its 21 Jul 2025 8-K?

The company furnished a report showing enterprise demand and potential ROI for quantum optimization, based on a survey of 400 business leaders.

How much ROI do businesses expect from quantum optimization according to the survey?

46 % expect US$1-5 m and 27 % expect over US$5 m within the first year of deployment.

Does the filing include new revenue or guidance figures for QBTS?

No; the 8-K is informational only and provides no financial updates or forecasts.

Is the information in Item 7.01 considered "filed" with the SEC?

It is furnished, not filed, and therefore not subject to Section 18 liabilities.

Why is this disclosure important for investors?

It highlights growing enterprise interest in quantum solutions, which if converted to contracts could drive future revenue for QBTS.