D-Wave Quantum (NYSE:QBTS) Issues Earnings Results

D-Wave Quantum (NYSE:QBTS) posted its quarterly earnings data on Thursday. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.04), FiscalAI reports. The company had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The business’s revenue for the quarter was up 21.7% on a year-over-year basis.

Here are the key takeaways from D-Wave Quantum’s conference call:

• Strong commercial momentum — Fiscal 2025 revenue was $24.6M (up 179% YoY), Q4 bookings were $13.4M, and early 2026 bookings (including a $20M system sale and a $10M two‑year enterprise QCaaS deal) already exceed prior full‑year levels.
• Quantum Circuits acquisition creates a claimed “dual‑platform” advantage — D‑Wave says dual‑rail qubits plus its on‑chip cryogenic control materially reduce error‑correction overhead (1 logical ≈100–200 physical qubits) and provide a faster path to scalable, error‑corrected gate systems, which it expects will expand its addressable market.
• Financial mix and liquidity — GAAP net loss was $355M driven largely by a $250.5M non‑cash warrant remeasurement (adjusted net loss $84.5M), while cash and marketable securities totaled $884.5M after >$800M gross proceeds in FY25 and a $250M cash outlay for QCI, which management says is sufficient to fund its plan to profitability.
• Real‑world adoption and government traction — D‑Wave reports production workloads with Forbes Global 2000 customers, a new U.S. Government Solutions unit, and a missile‑defense simulation that showed faster solves and improved intercept metrics, signaling growing enterprise and defense interest.
• Higher spending and lumpy near‑term revenue — Management plans aggressive R&D and go‑to‑market investment (OpEx expected to rise ~15% sequentially), anticipates multi‑quarter percentage‑of‑completion recognition for system sales, and warns bookings and revenue will be lumpy, which could pressure near‑term profitability.

D-Wave Quantum Price Performance

Shares of QBTS traded up $0.39 during mid-day trading on Thursday, hitting $20.04. 29,975,798 shares of the stock were exchanged, compared to its average volume of 32,986,168. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The company has a market cap of $7.41 billion, a PE ratio of -14.95 and a beta of 1.56. D-Wave Quantum has a 52-week low of $4.45 and a 52-week high of $46.75. The firm has a 50-day moving average of $24.50 and a two-hundred day moving average of $24.92.

Insider Buying and Selling

In related news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the sale, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. This represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan E. Baratz sold 35,013 shares of the business’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total transaction of $982,464.78. Following the completion of the sale, the chief executive officer owned 2,598,150 shares in the company, valued at approximately $72,904,089. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,074,466 shares of company stock valued at $31,558,806 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of the stock. UBS Group AG lifted its position in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares during the last quarter. Marex Group plc grew its holdings in D-Wave Quantum by 74.9% during the 4th quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock valued at $120,098,000 after purchasing an additional 1,966,500 shares during the last quarter. State Street Corp boosted its position in shares of D-Wave Quantum by 41.3% during the second quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after buying an additional 1,941,762 shares during the period. Man Group plc purchased a new stake in shares of D-Wave Quantum in the second quarter worth approximately $26,535,000. Finally, Defiance ETFs LLC purchased a new position in D-Wave Quantum during the 4th quarter valued at $39,120,000. Institutional investors own 42.47% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on QBTS shares. Cantor Fitzgerald raised their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $48.00 price target on shares of D-Wave Quantum in a research report on Thursday, January 29th. Benchmark reaffirmed a “buy” rating and issued a $35.00 target price on shares of D-Wave Quantum in a report on Friday, January 23rd. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Evercore initiated coverage on D-Wave Quantum in a report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price target on the stock. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of “Moderate Buy” and an average price target of $38.21.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.