D-Wave Quantum (NYSE:QBTS) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

D-Wave Quantum (NYSE:QBTS) issued its earnings results on Thursday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04), FiscalAI reports. The company had revenue of $2.75 million during the quarter, compared to analyst estimates of $3.74 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The business’s revenue was up 21.7% on a year-over-year basis.

Here are the key takeaways from D-Wave Quantum’s conference call:

• Strong commercial momentum — Fiscal 2025 revenue was $24.6M (up 179% YoY), Q4 bookings were $13.4M, and early 2026 bookings (including a $20M system sale and a $10M two‑year enterprise QCaaS deal) already exceed prior full‑year levels.
• Quantum Circuits acquisition creates a claimed “dual‑platform” advantage — D‑Wave says dual‑rail qubits plus its on‑chip cryogenic control materially reduce error‑correction overhead (1 logical ≈100–200 physical qubits) and provide a faster path to scalable, error‑corrected gate systems, which it expects will expand its addressable market.
• Financial mix and liquidity — GAAP net loss was $355M driven largely by a $250.5M non‑cash warrant remeasurement (adjusted net loss $84.5M), while cash and marketable securities totaled $884.5M after >$800M gross proceeds in FY25 and a $250M cash outlay for QCI, which management says is sufficient to fund its plan to profitability.
• Real‑world adoption and government traction — D‑Wave reports production workloads with Forbes Global 2000 customers, a new U.S. Government Solutions unit, and a missile‑defense simulation that showed faster solves and improved intercept metrics, signaling growing enterprise and defense interest.
• Higher spending and lumpy near‑term revenue — Management plans aggressive R&D and go‑to‑market investment (OpEx expected to rise ~15% sequentially), anticipates multi‑quarter percentage‑of‑completion recognition for system sales, and warns bookings and revenue will be lumpy, which could pressure near‑term profitability.

D-Wave Quantum Stock Performance

Shares of QBTS traded down $2.26 during mid-day trading on Friday, reaching $17.88. 17,106,884 shares of the company’s stock traded hands, compared to its average volume of 32,926,090. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The business’s 50-day moving average price is $24.40 and its 200-day moving average price is $24.89. The stock has a market capitalization of $6.61 billion, a P/E ratio of -13.23 and a beta of 1.56. D-Wave Quantum has a 12 month low of $4.45 and a 12 month high of $46.75.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 35,013 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $982,464.78. Following the completion of the sale, the chief executive officer directly owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the completion of the sale, the director owned 37,778 shares of the company’s stock, valued at $917,249.84. This trade represents a 20.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,074,466 shares of company stock valued at $31,558,806. 3.20% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $28,000. Ancora Advisors LLC acquired a new stake in shares of D-Wave Quantum during the 3rd quarter valued at $30,000. Mcguire Capital Advisors Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $31,000. Parkside Financial Bank & Trust grew its holdings in shares of D-Wave Quantum by 144.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,270 shares of the company’s stock worth $33,000 after acquiring an additional 750 shares during the last quarter. Finally, Triumph Capital Management raised its position in shares of D-Wave Quantum by 650.0% during the fourth quarter. Triumph Capital Management now owns 1,500 shares of the company’s stock worth $39,000 after purchasing an additional 1,300 shares during the period. 42.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

QBTS has been the topic of several research reports. Wedbush assumed coverage on D-Wave Quantum in a research note on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price objective on the stock. Evercore assumed coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 price target on the stock. Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a report on Monday, November 10th. Rosenblatt Securities reiterated a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research note on Wednesday, January 28th. Finally, Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.50.

Key D-Wave Quantum News

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: Bookings, enterprise deals and acquisition strengthen growth narrative — Q4 bookings jumped materially (management cited January bookings already well ahead of 2025), D‑Wave closed the Quantum Circuits deal and disclosed large Advantage2 system sales and an enterprise QCaaS agreement, which could drive meaningful revenue when recognized. Major Enterprise Deals And Quantum Circuits Acquisition Could Be A Game Changer For D-Wave Quantum (QBTS)
• Positive Sentiment: Healthy post‑acquisition cash position — despite a ~$550M purchase and shelf filings, D‑Wave reported ~ $885M in cash and securities at year‑end, giving management runway to invest in R&D and go‑to‑market initiatives. This supports the company’s path to scale even as near‑term results remain lumpy. Despite a Double Miss, D-Wave’s Earnings Could Fuel a New Rally
• Neutral Sentiment: Earnings call detail and transcripts are available — management reiterated a dual‑platform strategy (annealing + gate model) and highlighted bookings momentum, but provided limited near‑term revenue visibility; investors can use the call transcript to judge execution risk vs opportunity. Q4 2025 Earnings Call Transcript
• Neutral Sentiment: Analysts still mostly bullish but updating models — several firms maintained Buy ratings while trimming price targets (Needham, Roth MKM), leaving a wide range of upside estimates that reflects both optimism about 2028 technology inflection and uncertainty over near‑term monetization. Analyst price target actions
• Negative Sentiment: Double miss on top and bottom lines — Q4 revenue ($2.75M) and adjusted EPS (loss wider than expected) missed Street estimates, and the company remains deeply loss‑making; that triggered profit‑taking and prompted analysts to lower near‑term targets, driving the share pullback. Why D-Wave Quantum Computing Stock Crashed Today

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.