D-Wave Quantum (NYSE:QBTS) Issues Earnings Results, Beats Expectations By $0.03 EPS

D-Wave Quantum (NYSE:QBTS) released its quarterly earnings data on Tuesday. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03, FiscalAI reports. The firm had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The firm’s revenue was down 80.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) earnings per share.

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

• D-Wave highlighted a record Q1 bookings figure of $33.4 million, up nearly 2,000% year over year, driven by major deals including a $20 million system sale to Florida Atlantic University and a $10 million enterprise QaaS agreement.
• Management said the sales pipeline more than doubled sequentially in Q1, and raised its expectations for system deals to 2 to 3 sales per year, with at least 2 systems expected to be delivered in 2026.
• The company reported $588.4 million in cash and marketable investments at quarter end and said this liquidity is sufficient to support a fully funded path to profitability.
• D-Wave emphasized progress in its dual-platform strategy, combining its annealing leadership with the Quantum Circuits acquisition to pursue gate-model quantum computing, including a roadmap to 100 logical qubits by 2032.
• Revenue was $2.9 million in Q1, down sharply from last year because the prior-year quarter included a large system sale, while operating losses widened as the company increased spending on R&D, sales and marketing, and Quantum Circuits integration.

D-Wave Quantum Price Performance

QBTS traded down $2.19 during midday trading on Tuesday, reaching $21.84. 30,950,759 shares of the company’s stock were exchanged, compared to its average volume of 29,568,697. The company has a debt-to-equity ratio of 0.04, a current ratio of 42.38 and a quick ratio of 42.25. The stock has a market capitalization of $8.08 billion, a PE ratio of -19.73 and a beta of 1.95. The business’s 50-day moving average price is $17.83 and its 200 day moving average price is $22.84. D-Wave Quantum has a 1-year low of $10.36 and a 1-year high of $46.75.

Analyst Ratings Changes

QBTS has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 29th. Needham & Company LLC decreased their price objective on shares of D-Wave Quantum from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Rosenblatt Securities reissued a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, January 28th. Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Northland Securities began coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They set a “market perform” rating and a $22.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average target price of $35.53.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of D-Wave Quantum stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the transaction, the director owned 27,778 shares in the company, valued at approximately $489,448.36. The trade was a 26.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sophie C. Ames sold 3,070 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $21.35, for a total transaction of $65,544.50. Following the completion of the transaction, the vice president directly owned 643,678 shares of the company’s stock, valued at approximately $13,742,525.30. This represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 31,776 shares of company stock worth $574,571. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the business. Mcguire Capital Advisors Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter valued at $31,000. Invesco Ltd. boosted its stake in shares of D-Wave Quantum by 0.7% in the fourth quarter. Invesco Ltd. now owns 844,033 shares of the company’s stock valued at $22,071,000 after purchasing an additional 5,871 shares during the period. Corient Private Wealth LLC boosted its stake in shares of D-Wave Quantum by 26.3% in the fourth quarter. Corient Private Wealth LLC now owns 30,904 shares of the company’s stock valued at $802,000 after purchasing an additional 6,426 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in shares of D-Wave Quantum by 100.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 60,175 shares of the company’s stock valued at $1,574,000 after purchasing an additional 30,223 shares during the period. Finally, Vident Advisory LLC boosted its stake in D-Wave Quantum by 2.8% during the 4th quarter. Vident Advisory LLC now owns 47,077 shares of the company’s stock valued at $1,231,000 after acquiring an additional 1,276 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

Key D-Wave Quantum News

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

• Positive Sentiment: D-Wave’s Q1 loss of $0.05 per share beat expectations for a $0.08 loss, giving bulls a reason to focus on better-than-expected bottom-line performance. QBTS Q1 Earnings Top Estimates, Revenues Miss, Stock Up
• Positive Sentiment: The company said bookings surged nearly 2,000% year over year, and management pointed to expanding commercial adoption plus momentum from its quantum initiatives, which supports the long-term growth story. D-Wave Quantum (QBTS) Earnings: Revenue Falls 81%, but Bookings Surge Nearly 2,000%
• Neutral Sentiment: Shares also drew attention because investors are weighing record bookings and new government deals against profitability concerns and a stretched valuation ahead of the earnings release. D-Wave Q1 2026 Earnings Tomorrow: Time to Buy Stock, Hold or Wait?
• Negative Sentiment: Revenue of $2.86 million badly missed estimates of about $4.19 million and fell 80.9% from a year ago, which is the main reason for the bearish reaction in the stock. Quantum Computing Stock Cools Off After Revenue Whiff
• Negative Sentiment: Analysts also highlighted that the company remains deeply unprofitable, with a very large negative net margin and negative return on equity, keeping pressure on the shares despite the earnings beat. D-Wave Quantum Inc. (QBTS) Reports Q1 Loss, Misses Revenue Estimates

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.