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

D-Wave Quantum (NYSE:QBTS) issued 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 firm had revenue of $2.75 million for the quarter, compared to the consensus estimate of $3.74 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year.

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 Stock Up 2.0%

Shares of NYSE:QBTS traded up $0.39 on Thursday, hitting $20.04. 29,975,798 shares of the company traded hands, compared to its average volume of 32,986,168. D-Wave Quantum has a 52 week low of $4.45 and a 52 week high of $46.75. The stock has a 50 day simple moving average of $24.50 and a 200-day simple moving average of $24.92. The company has a market cap of $7.41 billion, a PE ratio of -14.95 and a beta of 1.56. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 7,000 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total transaction of $158,340.00. Following the sale, the director directly owned 112,673 shares in the company, valued at approximately $2,548,663.26. This trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 100,000 shares of the company’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $30.03, for a total value of $3,003,000.00. Following the transaction, the chief financial officer directly owned 1,471,312 shares in the company, valued at approximately $44,183,499.36. The trade was a 6.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,074,466 shares of company stock valued at $31,558,806. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds have recently bought and sold shares of QBTS. UBS Group AG raised its holdings in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares during the last quarter. State Street Corp lifted its holdings in D-Wave Quantum by 5.3% in the fourth quarter. State Street Corp now owns 7,707,085 shares of the company’s stock valued at $201,540,000 after acquiring an additional 385,809 shares during the period. Marex Group plc boosted its position in D-Wave Quantum by 74.9% in the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after purchasing an additional 1,966,500 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in D-Wave Quantum by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,061,575 shares of the company’s stock worth $80,060,000 after purchasing an additional 156,864 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of D-Wave Quantum by 17.1% during the 3rd quarter. Northern Trust Corp now owns 2,792,035 shares of the company’s stock valued at $68,991,000 after purchasing an additional 407,727 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on QBTS shares. Benchmark reiterated a “buy” rating and issued a $35.00 price objective on shares of D-Wave Quantum in a research report on Friday, January 23rd. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Wedbush began coverage on shares of D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price target for the company. Williams Trading set a $35.00 price objective on D-Wave Quantum in a research report on Monday, November 10th. Finally, Evercore initiated coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Company Profile

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.