Quantum computing firms IonQ, Rigetti, and D-Wave have announced their Q1 2025 earnings.

While all three companies posted losses for the quarter, IonQ and Rigetti both announced a host of deals, including participation in the United States’ Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking Initiative (QBI).

IonQ

IonQ posted revenue of $7.6 million against a net loss of $32.3m for the first quarter of 2025.

During the quarter, IonQ announced the acquisition of Lightsynq Technologies for an undisclosed amount and closed its acquisition of ID Quantique.

The company also signed Memoranda of Understandings with the Global Research and Development Center for Business by Quantum-AI Technology and Intellian Technologies, and announced plans to establish a new $22m quantum computing innovation center with EPB in Chattanooga, Tennessee.

It was also selected as a participant for the United States’ DARPA’s Quantum Benchmarking Initiative.

IonQ said it expects to post Q2 revenue of between $16m and $18m, with full-year revenue expected to be between $75m and $95m.

D-Wave

D-Wave announced revenue of $15m for Q1 2025, an increase of 509 percent compared to the $2.5m in revenue the company posted for Q1 2024. The company said the revenue increase was primarily driven by the sale of a quantum computing system in the first quarter of fiscal 2025.

Operating expenses for the quarter totaled $25.2m, an increase of $6m, or 31 percent year-on-year (YoY), with net losses totaling $5.4m, a YoY decrease of $11.9m. Bookings for the quarter were $1.6 million, a YoY decrease of 64 percent.

Dr. Alan Baratz, CEO of D-Wave, said that the quarter was “arguably the most significant in D-Wave’s history.”

He added: “We recognized revenue on our first Advantage system sale to a major research institution, moved an additional customer application into commercial production, and became the first to demonstrate quantum supremacy over classical computing on a useful real-world problem. The end result was a record revenue and gross profit quarter."

Rigetti Computing

California-based Rigetti posted revenue of $1.5 million for the first quarter, down from $3.1m in Q1 2024. Meanwhile, the company’s operating expenses for the same period totaled $22.1m, resulting in an operating loss of $21.6m.

In addition to being selected to participate in DARPA’s benchmarking initiative, Rigetti was chosen to lead a £3.5m ($4.6m) consortium to advance quantum error correction capabilities on superconducting quantum computers in collaboration with Riverlane and the National Quantum Computing Centre (NQCC) Superconducting Circuits Team.

The company also closed its previously announced investment by Quanta Computer, which saw Quanta purchase approximately $35m of shares of Rigetti common stock at approximately $11.59 per share.

“Rigetti is proud to be awarded important government-funded projects in the US and UK to advance our technology, which demonstrates our continued leadership in superconducting quantum computing,” said Rigetti CEO, Dr. Subodh Kulkarni.