D-Wave Quantum (QBTS), a dual-platform quantum computing company that offers annealing and gate-model systems and software, is scheduled to announce its first-quarter results on May 12. QBTS stock has gained about 55% over the past month but is still down 14% year-to-date. Investors will look forward to management’s commentary on the company’s bookings, cash burn, and any potential deals that would boost the top line.
Claim 55% Off TipRanks
Trade QBTS with leverageAccording to TipRanks’ Options Tool, options traders expect about an 18.83% move in either direction in QBTS stock in reaction to Q1 2026 earnings.
This implied move is higher than QBTS stock’s average post-earnings move (in absolute terms) of 16.1% over the past four quarters.
What to Expect from QBTS’ Q1 Earnings?
Wall Street expects D-Wave Quantum to report a wider loss per share of $0.08 per share for Q1 2026 compared to $0.02 per share in the prior-year quarter. Analysts expect the company to report revenue of $4.19 million for Q1 2026. This marks a decline from a top line of $15 million in Q1 2025, when the company benefited from the first sales of its Advantage system to a high-performance computing (HPC) center.
In the Q4 earnings call, management highlighted that in January 2026 alone, QBTS generated more bookings than in the entire 2025. Specifically, after ending 2025 with bookings of $18.7 million, the company said that it closed over $32.8 million in additional bookings. Notably, D-Wave Quantum closed a $20 million system sale with Florida Atlantic University and struck a 2-year $10 million enterprise Quantum Compute as a Service (QCaaS) deal with a Fortune 100 company.
Also, in January 2026, QBTS completed the acquisition of Quantum Circuits, a developer of error-corrected superconducting gate-model quantum computing systems.
A notable revenue beat or higher-than-expected bookings could help improve investor sentiment and drive the stock higher. However, any signals of delayed revenue recognition and concerns about elevated cash burn could drag down QBTS stock.
Is QBTS a Good Stock to Buy Now?
Heading into Q1 earnings, Wall Street has a Strong Buy consensus rating on D-Wave Quantum stock based on 12 Buys and one Hold recommendation. The average QBTS stock price target of $36.91 indicates 63.5% upside potential.
