D-Wave's fundamental outlook hinges on transitioning from a research-stage quantum computing developer to a commercial cloud-services provider, evidenced by a 178.5% TTM revenue growth but a quarterly run-rate stuck near $3M. The company's gross margins remain...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth is accelerating on a TTM basis (178.5%), but quarterly revenue remains volatile, with a 2025Q1 spike to $15.0M followed by a drop to $2.8M in 2025Q4, while operating margin deteriorated to -17.3% in 2026Q2.
D-Wave has shown significant volatility, indicating potential for high returns.
The company's shift to photonic quantum processing units (QPUs) is seen as a key growth driver.
D-Wave's emphasis on integrating AI with quantum computing is a bullish catalyst.
Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 6, 2026 | -$0.10-18.1% vs -$0.08 | $3M-23.6% vs $4M |
Q2 2026 May 12, 2026 | -$0.05+34.7% vs -$0.08 | $3M-31.9% vs $4M |
Q1 2026 Feb 26, 2026 | -$0.12-140.0% vs -$0.05 | $3M-26.5% vs $4M |
Q4 2025 Nov 6, 2025 | -$0.41-525.1% vs -$0.07 | $4M+23.3% vs $3M |
IonQ's reliability and partnership with Nvidia may make it a good investment. D-Wave's success at finding real-world applications for quantum technology could make it a compelling choice.
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NASDAQ: QBTS) (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today launched its gate-model quantum computing simulator beta program, marking an important milestone in D-Wave's gate-model development roadmap.The beta program offers select customers early access to the simulator in advance of its general availability to experiment with erro.
IonQ (NYSE:IONQ | IONQ Price Prediction) stock jumped 4% to $45.60 on Wednesday after Bank of America initiated coverage with a Buy rating and a $60 price target. Rigetti Computing (NASDAQ:RGTI) shares advanced 2% to $16.
We rated three quantum computing stocks a year ago, and the market handed back a brutal verdict on nearly all of them. Now the landscape has shifted enough that at least one of those calls gets reversed entirely.
Benchmark QBTS against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for D-Wave Quantum Inc. (QBTS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $15.77 | $5.79B | -14.21 | 178.54% | -1444.1% | -77.62% | — | |
| $43.77 | $16.34B | -24.05 | 201.85% | -573.62% | -39.19% | — | |
| $15.25 | $5.07B | -21.79 | -34.31% | -1787.4% | -46.82% | — | |
| $8.18 | $1.84B | -74.36 | 82.84% | -152.45% | -1.06% | — | |
| $24.62 | $385.35M | -9.62 | 80.89% | -5271.99% | -360.48% | — | |
| $222.64 | $209.76B | 19.93 | 7.62% | 15.52% | 33.43% | — |
D-Wave Quantum Inc. (QBTS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
D-Wave Quantum Inc. (QBTS) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 6, 2026·SEC
Aug 5, 2026·SEC
Aug 3, 2026·SEC
Feb 26, 2026·SEC
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D-Wave Quantum Inc. (QBTS) stock FAQ — growth, dividends, profitability & financials explained
D-Wave Quantum Inc. (QBTS) reported $12.4M in revenue for fiscal year 2025. This represents a 141% increase from $5.2M in 2020.
D-Wave Quantum Inc. (QBTS) grew revenue by 178.5% over the past year. This is strong growth.
D-Wave Quantum Inc. (QBTS) reported a net loss of $248.7M for fiscal year 2025.
D-Wave Quantum Inc. (QBTS) has a return on equity (ROE) of -77.6%. Negative ROE indicates the company is unprofitable.
D-Wave Quantum Inc. (QBTS) had negative free cash flow of $119.1M in fiscal year 2025, likely due to heavy capital investments.
