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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchQuantum-computing companies can earn money from selling systems, providing cloud access, and supplying software, services, maintenance, and support. Their reported revenue, bookings, and backlog-like measures are not interchangeable: revenue reflects work delivered in a reporting period, while orders and remaining contract obligations may convert into revenue later—or on a different schedule than readers expect.
How quantum computing companies make money
The business model depends on what a company sells and how customers use it. A large system purchase can produce a substantial but uneven sale; cloud access and related services can generate revenue over time. A company may combine several channels, so its total reported revenue should not automatically be treated as revenue from quantum computing alone.
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Quantum computers and system sales
Companies may sell a quantum processor, or QPU, or a complete quantum-computing system. IonQ’s FY2025 SEC filing describes designing, developing, constructing, and selling quantum hardware. A system sale can be large enough to distort comparisons between periods: D-Wave said its first-half 2025 revenue included $13.7 million from its first annealing quantum-computer system sale. It also reported a $20 million system sale in first-half 2026, with revenue expected in subsequent quarters.
Hosted and cloud access
Quantum computing as a service (QCaaS) lets a customer access a quantum system without buying and operating the hardware. IonQ lists QCaaS as a revenue source, and Rigetti’s FY2025 annual-report copy describes cloud access as part of its longer-term model. Access arrangements may be bundled with other offerings, so the company’s own reporting is needed to understand how it classifies the revenue.
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Software, support, and services
Companies can also sell or provide software, algorithms, consulting, co-development, maintenance, and support. IonQ lists consulting and other quantum-product services, maintenance, and support in its FY2025 filing. D-Wave describes providing software and services as well as systems. These offerings may accompany a hardware sale or cloud access rather than stand alone.
Revenue can include non-quantum businesses
IonQ’s filing also lists satellite imagery and data delivered through an online platform. Its company-wide revenue therefore should not be attributed entirely to quantum computing unless the relevant segment disclosure supports that attribution. IonQ announced more than $100 million in FY2025 GAAP revenue in 2026; that is a company-reported total, not an industry figure or a quantum-only total.
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Revenue, bookings, and RPO are different measures
When evaluating a claimed backlog, start with the company’s exact label and definition. D-Wave’s definitions illustrate why a headline order figure is not the same as sales already earned.
| Measure | What it represents | What it does not establish by itself |
|---|---|---|
| Recognized revenue | Revenue reported for performance delivered in the period. | That the same amount will recur in future periods. |
| Bookings | D-Wave defines bookings as customer orders received that are expected to generate net revenues in the future. | That all orders will be delivered, recognized as revenue, or converted on a particular schedule. |
| Remaining performance obligations (RPO) | D-Wave defines RPO as the transaction price of noncancellable orders for which service remains undone. Its definition includes deferred revenue and future billings under open contracts, and excludes unexercised renewals. | That the amount is recognized revenue today, or that another company’s “backlog” uses the same definition. |
D-Wave says it reports bookings as an indicator of customer demand and to help readers analyze potential future performance. In its FY2025 results release, the company explained: “We present the operating metric of Bookings because it reflects customers’ demand for our products and services and to assist readers in analyzing our potential performance in future periods.” That is management’s rationale for the metric, not independent evidence that bookings will convert into revenue.
Companies may use different labels and definitions for backlog-like measures. A signed order still leaves questions about contract scope, delivery, timing, and conversion into recognized revenue. Do not assume that bookings, backlog, and RPO are synonyms.
What D-Wave’s reported figures show—and what they don’t
D-Wave’s 2025 and first-half 2026 results show how system sales and timing can affect comparisons. The figures below are company-reported and retain their stated fiscal periods.
| Period and measure | Reported figure | Interpretation |
|---|---|---|
| FY2025 revenue, year ended December 31, 2025 | $24.6 million | Revenue recognized in that fiscal year; it is not a bookings figure. |
| FY2025 bookings | $18.7 million | Down 22% from $23.9 million in FY2024. D-Wave said FY2024 included an eight-figure first system-sale booking, which affects the comparison. |
| FY2025 revenue customers | More than 135 individual customers, including more than 70 commercial enterprises | Customers recognized as revenue customers during FY2025; a customer count does not show how much each customer spent or whether it will renew. |
| First-half 2026 revenue | $5.9 million | Lower year over year; the comparable first-half 2025 period included $13.7 million from the first annealing-system sale. |
| First-half 2026 bookings | $35.5 million | Included a $20 million system sale whose revenue was expected in subsequent quarters. |
| RPO at June 30, 2026 | $40.7 million | D-Wave expected about 57% to be recognized in the following 12 months and 72% in the following two years. |
The June 30, 2026 RPO timing percentages are D-Wave’s estimates as of that reporting date, not a guarantee of recognition. The first-half figures also illustrate why bookings and revenue can move in different directions: bookings rose while revenue fell year over year, in part because the prior-year period contained a system sale. The timing of a large contract’s revenue recognition matters when interpreting either trend.
How to judge whether a backlog signals future sales
A large order total can indicate customer commitments, but it does not by itself demonstrate durable demand, successful delivery, renewals, or profitability. A more useful assessment asks how the metric is defined, when the work may be recognized, and what the company has already delivered.
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- Read the definition. Determine whether the company reports bookings, RPO, orders, or another measure, and check what is included or excluded.
- Check the period and expected timing. Separate a fiscal-year booking total from a quarter’s revenue and from a dated estimate of when contract obligations may be recognized.
- Look for one-time system sales. A large hardware contract can lift bookings or revenue in one period without showing that the same pace will recur.
- Consider who is buying and how broad the base is. Customer counts, commercial-versus-research mix, and reliance on a small number of large orders help put headline totals in context.
- Compare revenue with costs and losses. Revenue growth alone does not establish a profitable business model. D-Wave reported substantial FY2025 operating expenses and a net loss alongside revenue growth.
Company statements should also be attributed as such. D-Wave CEO Dr. Alan Baratz described the company’s 2025 as “one of the most successful and transformative years in D-Wave’s history,” citing growth across revenue, bookings, technical milestones, and scientific breakthroughs. That is the CEO’s assessment, not an independent conclusion about financial durability.
Other company figures need their own context
IonQ’s more-than-$100-million FY2025 GAAP revenue announcement covers IonQ’s reported company total; its filing lists both quantum-related sources and satellite imagery and data. The figure cannot be compared directly with D-Wave’s quantum-focused examples without matching segment scope and accounting periods.
Rigetti Computing India was reported to have received an $8.4 million purchase order for a 108-qubit system from C-DAC, as described in a copy of Rigetti’s FY2025 annual report hosted by a third party in 2026. That is an order for a particular system, not evidence on its own of recognized revenue, a recurring sales stream, or broad customer demand.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →These examples involve different companies, business mixes, periods, and metrics. They are not an apples-to-apples ranking of quantum-computing businesses.
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