Pure play quantum stocks are heading into May earnings with weak year-to-date charts and high hopes still built into the group. Rigetti Computing (RGTI), IonQ (IONQ), Quantum Computing Inc. (QUBT), and D-Wave Quantum (QBTS) all remain far from steady profit. So, for investors, the key test is still about sales growth, but also whether each firm can turn cash, deals, and tech goals into clear progress before more share sales become a risk.
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IonQ enters earnings on May 6 as the most scaled name in the group. The firm ended 2025 with $3.3 billion in cash, cash items, and assets, along with $370 million in remaining deal duties. That gives IonQ far more room to fund growth while it works toward its 2026 sales guide of $225 million to $245 million. Still, the stock is down about 4% year-to-date, so the bar is high. The main issue is whether IonQ can keep turning its backlog into real sales while burn stays large.
Rigetti
Rigetti, set to report on May 18, has a more mixed setup. The firm ended 2025 with about $590 million in cash and no debt, which gives it time. Yet sales are still small, with 2025 revenue of $7.1 million against a GAAP net loss of $216.2 million. The main focus will be its 108-qubit system and order flow, such as the $8.4 million C-DAC deal and $5.7 million in Novera orders. In short, Rigetti has cash and a clear road map. Now it needs proof that the road map can turn into sales.
D-Wave
D-Wave reports on May 12 and may have the clearest sales story. Revenue reached $24.6 million in 2025, up 179%, while cash and marketable assets stood at $884.5 million. The firm also said its pipeline grew nearly 1,500% year-over-year, while bookings after year-end topped $32.8 million. That makes D-Wave less of a pure science bet and more of a demand test. The question is whether those deals can turn into steady sales fast enough to offset higher costs.
QCI
Quantum Computing Inc., due on May 7, is the highest proof case. The firm has a much stronger balance sheet, with about $1.52 billion in cash and assets, but Q4 revenue was only about $198,000. Its Luminar Semiconductor deal may help, yet investors still need signs that capital is turning into real client demand.
Overall, May earnings should show which quantum stocks have more than a long-term story. In this group, cash helps, but steady sales, deal flow, and clear tech steps will matter more. As D-Wave said, its liquidity supports a “plan to profitability.” Investors will want to see which peers can make a similar case.
We used TipRanks’ Comparison Tool to align all four tickers and gain an in-depth view of each stock and the broader quantum space.
