D-Wave Quantum (QBTS)
NYSE:QBTS
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D-Wave Quantum
(NYSE:QBTS)
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Rating:51Neutral
Price Target:
$21.00
▲(0.91% Upside)
Action:ReiteratedDate:04/16/26
The score is held down primarily by weak financial performance (large losses and continued cash burn) and limited valuation support due to unprofitability. Offsetting factors include improving near-term technical positioning and an earnings call that emphasized strong liquidity and accelerating commercial momentum, though rising OpEx and lumpy revenue recognition keep risk elevated.
Positive Factors
High-margin revenue growth
Sustained, rapid top-line growth combined with very high gross margins indicates strong unit economics in system sales and QCaaS. Durable high margins support scalable cloud and services revenue models, improving long-term operating leverage potential as commercial adoption broadens.
Negative Factors
Persistent negative cash flow
Ongoing negative operating and free cash flow means the business remains cash consumptive despite strong liquidity. Durable cash burn increases dependency on external financing or dilutive capital actions and constrains timing and scale of profitable commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
High-margin revenue growth
Sustained, rapid top-line growth combined with very high gross margins indicates strong unit economics in system sales and QCaaS. Durable high margins support scalable cloud and services revenue models, improving long-term operating leverage potential as commercial adoption broadens.
Read all positive factors
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.70B
Dividend YieldN/A
Average Volume (3M)20.86M
Price to Earnings (P/E)―
Beta (1Y)2.02
Revenue Growth156.20%
EPS Growth-218.56%
CountryUS
Employees216
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-0.09
Shares Outstanding366,737,600
10 Day Avg. Volume18,263,993
30 Day Avg. Volume20,863,968
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)9.86
Price to Sales (P/S)341.62
P/FCF Ratio-110.75
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue295.24
Enterprise Value/Gross Profit357.48
Enterprise Value/Ebitda-20.80
Forecast
1Y Price Target
$38.18Price Target Upside83.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-0.34
Revenue Forecast (FY)$43.85M
D-Wave Quantum Business Overview & Revenue Model
Company Description
D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Launch, a quantum computing onboarding service; Ocean a full suite of open-so...
How the Company Makes Money
D-Wave primarily generates revenue by selling access to its quantum computing capabilities and related offerings rather than selling consumer products. Key revenue streams include: (1) Cloud-based quantum computing access: Customers pay to access ...
D-Wave Quantum Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call emphasized significant commercial and technical momentum — record revenue growth (179% YoY), major system sales and enterprise QCaaS deals closed post-year-end, a large pipeline expansion (+~1,500% YoY), strong gross margin improvement, and a strategic acquisition (Quantum Circuits) that advances a dual-platform strategy. These positives are tempered by large GAAP net losses driven by non-cash warrant remeasurement, rising adjusted operating losses and adjusted EBITDA, YoY bookings decline (offset by strong sequential recovery and post-period bookings), expected OpEx increases (~15% sequential growth), and supply/fab risks. On balance the results show accelerating commercialization and strong liquidity, but with deliberate near-term investment that increases adjusted losses and creates timing variability in revenue recognition.Positive Updates
Record Annual Revenue and Strong YoY Growth
Fiscal 2025 revenue of $24.6M, up $15.8M or 179% year-over-year (FY2024: $8.8M). Revenue mix included $16.2M systems sales, $5.5M QCaaS subscription, and $2.7M professional services.
Negative Updates
Large GAAP Net Loss Driven by Non‑Cash Charges
GAAP net loss for FY2025 was $355.0M ($1.11 per share) vs $143.9M in FY2024. The increase was driven primarily by $250.5M in non-cash, non-operating warrant liability remeasurement and realized losses related to warrant exercises.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Strong YoY Growth
Fiscal 2025 revenue of $24.6M, up $15.8M or 179% year-over-year (FY2024: $8.8M). Revenue mix included $16.2M systems sales, $5.5M QCaaS subscription, and $2.7M professional services.
Read all positive updates
Company Guidance
Management said it would not give formal guidance but provided specific parameters: fiscal 2025 results included $24.6M revenue (+179% YoY), $18.7M bookings (−22% YoY), GAAP gross profit $20.3M (82.6% margin), non‑GAAP gross profit $21.1M (86% margin), an adjusted net loss of $84.5M ($0.26/sh) and adjusted EBITDA loss of $71.8M; cash and marketable securities were $884.5M as of 12/31/2025 after raising >$800M in FY25 and receiving $63.7M of warrant exercises in Q4 (and a subsequent $250M cash investment in Quantum Circuits). For 2026 they said year‑to‑date bookings already exceed any prior full year, subsequent bookings totaled >$32.8M (including a $20M system and a $10M two‑year QCaaS deal), the sales pipeline is up ~1,500% YoY (700% more prospective transactions), and they expect incremental revenue growth in H2 vs H1 2026; system sales will be recognized mostly on percentage‑of‑completion (e.g., the €10M Italy booking to be recognized ratably over five years, the $10M QCaaS ratably over two years), gate‑model QCaaS revenue to begin in 2026 with a 17‑qubit system later in 2026 and system deliveries starting in 2027, R&D headcount in New Haven to grow at least 50%, and consolidated OpEx to increase ~15% sequentially quarter‑to‑quarter — all while management believes remaining liquidity is sufficient to fund a plan to profitability.D-Wave Quantum Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
55
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.59M | 8.83M | 8.76M | 7.17M | 6.28M |
| Gross Profit | 20.31M | 5.56M | 4.62M | 4.25M | 4.53M |
| EBITDA | -348.74M | -138.05M | -80.83M | -49.03M | -34.36M |
| Net Income | -355.06M | -143.88M | -82.72M | -53.70M | -40.97M |
Balance Sheet | |||||
| Total Assets | 915.81M | 199.85M | 59.36M | 26.95M | 29.47M |
| Cash, Cash Equivalents and Short-Term Investments | 884.48M | 177.98M | 41.31M | 7.07M | 9.48M |
| Total Debt | 7.63M | 38.38M | 72.65M | 42.28M | 39.42M |
| Total Liabilities | 63.58M | 137.21M | 83.84M | 56.41M | 47.82M |
| Stockholders Equity | 852.23M | 62.65M | -24.48M | -29.46M | -18.36M |
Cash Flow | |||||
| Free Cash Flow | -75.84M | -44.75M | -61.28M | -45.72M | -36.80M |
| Operating Cash Flow | -71.98M | -42.64M | -60.65M | -45.23M | -34.80M |
| Investing Cash Flow | -251.13M | -3.14M | -630.00K | -498.00K | -2.00M |
| Financing Cash Flow | 779.15M | 182.45M | 95.64M | 43.27M | 24.91M |
D-Wave Quantum Technical Analysis
Positive
20.81
Price Trends
17.48
Positive
21.75
Negative
22.47
Negative
Market Momentum
0.12
Negative
69.74
Neutral
94.62
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QBTS, the sentiment is Positive. The current price of 20.81 is above the 20-day moving average (MA) of 15.44, above the 50-day MA of 17.48, and below the 200-day MA of 22.47, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 69.74 is Neutral, neither overbought nor oversold. The STOCH value of 94.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for QBTS.
D-Wave Quantum Risk Analysis
D-Wave Quantum disclosed 65 risk factors in its most recent earnings report. D-Wave Quantum reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
D-Wave Quantum Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.86B | 5.51 | -28.03% | ― | 113.07% | -555.52% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $6.35B | -31.73 | -51.53% | ― | -36.98% | -238.63% | |
51 Neutral | $7.70B | -23.66 | -58.58% | ― | 156.20% | -218.56% | |
51 Neutral | $2.11B | -90.38 | -2.42% | ― | 41.51% | -111.74% |
* Technology Sector Average
QBTS
D-Wave Quantum
21.52
15.10
235.20%
QUBT
Quantum Computing
9.44
3.03
47.27%
IONQ
IonQ
44.68
18.94
73.58%
RGTI
Rigetti Computing
19.45
11.13
133.77%
D-Wave Quantum Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
D-Wave Quantum Reports Surging 2025 Revenue and Bookings
Positive
Feb 26, 2026
On February 26, 2026, D-Wave Quantum reported that 2025 revenue rose 179% year over year to $24.6 million and GAAP gross profit jumped 265% to $20.3 million, supported by high-margin system sales and strong gross margins above 80%. The company end...
Business Operations and Strategy
D-Wave Quantum Joins Southeastern Quantum Computing Collaborative
Positive
Feb 19, 2026
On February 19, 2026, D-Wave Quantum Inc. announced that it had joined the newly formed Southeastern Quantum Collaborative as an inaugural member alongside the University of Alabama in Huntsville, Davidson Technologies, IBM and Alabama AM Universi...
Business Operations and Strategy
D-Wave Quantum Secures Major Enterprise QCaaS Agreement
Positive
Jan 27, 2026
On January 27, 2026, D-Wave Quantum Inc. announced a $10 million, two-year enterprise Quantum Computing as a Service agreement with a leading Fortune 100 company to co-develop and deploy several quantum-powered applications. The deal, described by...
Business Operations and StrategyM&A TransactionsProduct-Related Announcements
D-Wave Quantum Expands U.S. Presence With Florida Initiative
Positive
Jan 27, 2026
On January 27, 2026, D-Wave Quantum announced a series of moves designed to deepen its U.S. footprint and sharpen its technological edge, anchored by a $20 million agreement with Florida Atlantic University to purchase and deploy an Advantage2 ann...
Business Operations and StrategyRegulatory Filings and Compliance
D-Wave Quantum Files Prospectus for Secondary Share Resale
Neutral
Jan 20, 2026
On January 20, 2026, D-Wave Quantum Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission under its existing shelf registration, enabling certain selling stockholders to resell a total of 10,430,444 shares of the comp...
Business Operations and StrategyM&A Transactions
D-Wave Quantum Completes Quantum Circuits Acquisition Deal
Positive
Jan 20, 2026
On January 20, 2026, D-Wave Quantum Inc. completed its previously announced acquisition of Quantum Circuits Inc., a developer of error-corrected superconducting gate-model quantum computing systems, in a cash-and-stock deal comprising $250 million...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.