IonQ and D-Wave: reading the FY2025 numbers without mixing the measures

Reported evidence

What the sources report

IonQ reported full-year revenue of $130.0 million, rounded in its results release.

D-Wave reported full-year revenue of $24.6 million and bookings of $18.7 million.

IonQ's year-end cash, cash equivalents and investments totaled $3.3 billion. This is a combined asset measure, not cash alone.

D-Wave's year-end consolidated cash and marketable investment securities totaled $884.5 million. Preserve that issuer label when comparing it with another company's liquidity.

The SEC's financial-statement guide distinguishes a balance-sheet snapshot from the flows recorded over a reporting period.

Sources: [1] [2] [3]

Our interpretation

Investor relevance — interpretation

The comparable starting point here is annual recognized revenue for the same year. D-Wave's bookings figure is separately labeled: adding it to revenue would mix measures rather than reveal additional recognized sales.

A larger asset balance does not show whether operations fund themselves. Read operating cash flow and financing activity alongside the balance sheet before forming a business view.

Use the next filing to inspect customer concentration, acquisition effects and changes in shares outstanding. A total-company comparison cannot by itself establish equivalent technology exposure, commercial maturity or valuation.

Sources: [1] [2] [3]

Our interpretation

What this does not establish

These are dated issuer releases covering the stated financial year, published the following February. Later filings and acquisitions can change the picture; no claim is made that these are the latest results.

This teaching comparison is incomplete for investment decisions: it omits market value, detailed debt, share issuance and full segment reconciliation. It does not calculate runway or a stock-price target.

Issuer statements were read directly. D-Wave figures come from its fourth-quarter and full-year 2025 results release; this brief does not reconcile them to the audited annual report.

Sources: [1] [2] [3]

Background

Evidence date and disclosure

Evidence event date: 2026-02-26. AI-assisted and source-linked. Issuer reports are attributed as issuer reports. The publisher may hold positions in companies covered; see Disclosures.

Sources: [1] [2] [3]