D-Wave Quantum (QBTS)
NYSE:QBTS
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D-Wave Quantum
(NYSE:QBTS)
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Rating:53Neutral
Price Target:
$21.00
▼(-3.18% Downside)
Action:ReiteratedDate:05/06/26
The score is held back primarily by weak financial performance (large losses and ongoing cash burn) despite strong revenue growth and improved margins. Offsetting this are supportive earnings-call signals around commercial momentum and liquidity, plus moderately positive near-term technicals; valuation remains constrained by the lack of profitability and no dividend support.
Positive Factors
Revenue Growth & Margins
Sustained, rapid top-line expansion paired with very high gross margins indicates strong product-market fit for systems and QCaaS and favorable unit economics. High margins provide structural leverage as revenue scales, supporting long-term margin sustainability and reinvestment capacity.
Negative Factors
Large GAAP & Adjusted Losses
Deep and growing operating losses indicate the business has not yet converted revenue traction into operating profitability. Persistent sizable adjusted losses constrain free cash flow outlook, raise dilution risk over time, and make sustained profitability dependent on execution and revenue timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Margins
Sustained, rapid top-line expansion paired with very high gross margins indicates strong product-market fit for systems and QCaaS and favorable unit economics. High margins provide structural leverage as revenue scales, supporting long-term margin sustainability and reinvestment capacity.
Read all positive factors
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.83B
Dividend YieldN/A
Average Volume (3M)26.06M
Price to Earnings (P/E)―
Beta (1Y)2.46
Revenue Growth178.54%
EPS Growth-59.02%
CountryUS
Employees216
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-1.12
Shares Outstanding367,250,340
10 Day Avg. Volume37,884,726
30 Day Avg. Volume26,055,789
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 Cap0.92
Enterprise Value/Revenue330.56
Enterprise Value/Gross Profit400.25
Enterprise Value/Ebitda-23.29
Forecast
1Y Price Target
$36.91Price Target Upside70.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-0.34
Revenue Forecast (FY)$44.19M
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 12, 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
21.69
Price Trends
17.51
Positive
21.76
Negative
22.50
Negative
Market Momentum
0.51
Negative
70.15
Negative
92.63
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 21.69 is above the 20-day moving average (MA) of 15.72, above the 50-day MA of 17.51, and below the 200-day MA of 22.50, indicating a neutral trend. The MACD of 0.51 indicates Negative momentum. The RSI at 70.15 is Negative, neither overbought nor oversold. The STOCH value of 92.63 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 | $19.27B | 3.21 | -28.03% | ― | 201.85% | -46.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $6.67B | -94.21 | -51.53% | ― | -34.31% | 31.84% | |
53 Neutral | $8.83B | -54.51 | -58.58% | ― | 178.54% | -59.02% | |
51 Neutral | $2.36B | -267.78 | -2.42% | ― | 82.84% | 81.29% |
* Technology Sector Average
QBTS
D-Wave Quantum
23.83
13.41
128.69%
QUBT
Quantum Computing
10.46
2.02
23.93%
IONQ
IonQ
52.57
20.73
65.11%
RGTI
Rigetti Computing
20.09
9.78
94.86%
D-Wave Quantum Corporate Events
Business Operations and Strategy
D-Wave Quantum Highlights European Expansion with Qubits Conference
Positive
May 5, 2026
D-Wave Quantum announced on May 5, 2026, that it will host Qubits Europe 2026: Quantum Realized, a full-day user conference in London on June 18, 2026, aimed at showcasing how customers are applying its quantum technologies to complex business, sc...
Executive/Board Changes
D-Wave Quantum Enhances CEO Compensation to Support Growth
Positive
May 4, 2026
On April 30, 2026, D-Wave Quantum Inc. and its subsidiary D-Wave Commercial Inc. amended the employment agreement of President and CEO Dr. Alan Baratz to update his compensation package, following approval by the board of directors based on a reco...
Business Operations and StrategyM&A Transactions
D-Wave Quantum Plans First Investor Day to Highlight Strategy
Positive
Apr 29, 2026
On April 29, 2026, D-Wave Quantum announced plans to hold its first Investor Day on June 1, 2026, at the New York Stock Exchange and online, under the theme “The D-Wave Difference.” The event is intended to showcase the company’s...
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...
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.