The latest quarterly reports from IonQ (IONQ) and D-Wave Quantum (QBTS) gave investors a clear read on the quantum sector’s direction. Both companies reported revenue growth, while also showing that high investment costs continue to weigh on profits. These updates offer clues ahead of upcoming results from Quantum Computing Inc. (QUBT) and Rigetti Computing (RGTI), which are smaller peers with similar business models.
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Revenue is Picking Up, But Expenses Are Still Heavy
IonQ brought in $20.7 million in revenue for the third quarter of 2025, which beat its own forecast by 15%. Deals with groups like Amazon Web Services (AMZN) and AstraZeneca (AZN) drove that growth. The company also raised $1 billion in new capital, giving it more flexibility to fund research and new hires. However, IonQ’s net loss widened to $177.5 million, up sharply from the $37.6 million loss a year ago. That increase was tied to a jump in stock-based pay and the costs of scaling up.
D-Wave Quantum, which focuses on quantum annealing systems, also showed solid growth. It posted $3.7 million in revenue for the quarter, up 100% from a year ago and 21% from the prior quarter. A key driver was the deployment of its new Advantage2 system for defense clients and a major deal in Europe. Still, D-Wave reported a net loss of $140.8 million, primarily due to a one-time, non-cash charge related to its valuation of its warrants. Adjusted for that, the company’s core loss was closer to $18 million. D-Wave now holds over $826 million in cash after equity sales and warrant exercises.
Taken together, these reports show growing interest in real-world quantum use cases, especially in health, defense, and government sectors. They also confirm that rising headcount and chip development costs are pushing expenses up, even as top-line results improve.
What This Means for Quantum Computing Inc. and Rigetti
Both Quantum Computing Inc.(QCI) and Rigetti Computing are due to report earnings this week. Wall Street has modest expectations for both, but the recent momentum at IonQ and D-Wave could help shape how investors react.
QCI is expected to post a third-quarter loss of $0.06 per share, the same as a year ago, according to analyst estimates. Revenue is projected to be around $12.9 million. While this would be down from earlier in the year, the company has highlighted progress in government contracts and product trials. One risk for QCI is that its recent stock performance has not aligned with its fundamentals, which could increase the odds of a weaker reaction if guidance falls short.
Rigetti Computing has a lower revenue base and more volatile results. Analysts expect the company to report $2.3 million in sales and a net loss of around $0.05 per share. That would mark slight growth from last quarter. The company has been focusing on scaling its gate-model system and has access to over $570 million in cash. Like QCI and D-Wave, Rigetti’s results may include large swings due to accounting for warrants and earn-outs tied to past deals.
Overall, IonQ and D-Wave’s earnings paint a picture of rising demand in the space but underline that profitability is still a long-term goal. For smaller peers like QCI and Rigetti, expectations remain low, leaving room for upside if they show even modest progress in revenue or strategic wins.
Using TipRanks’ Comparison Tool, you can view all the quantum computing stocks mentioned in this article side by side. It’s a smart way to compare key metrics, track stock performance, and see how each company stacks up as the quantum space evolves.
