D-Wave Quantum (NASDAQ:QBTS) Shares Down 8.6% Following Weak Earnings

Shares of D-Wave Quantum Inc. (NASDAQ:QBTS) fell 8.6% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $10.11 and last traded at $10.48. 26,411,022 shares changed hands during trading, an increase of 4% from the average session volume of 25,449,367 shares. The stock had previously closed at $11.47.

The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.03). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%. The firm had revenue of $4.51 million during the quarter, compared to analysts’ expectations of $4.37 million. During the same quarter in the prior year, the firm posted ($0.41) earnings per share.

Key D-Wave Quantum News

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

• Positive Sentiment: Third-quarter revenue rose 21% year over year to $4.5 million, topping estimates, while the net loss narrowed to $48.2 million from $140.0 million a year earlier. D-Wave also reported $503.4 million in cash and marketable securities and access to up to $100 million in conditional federal funding. D-Wave Reports Third Quarter 2026 Results
• Positive Sentiment: Nine-month bookings climbed 611% to $37.4 million, and remaining performance obligations increased 1,221% year over year to $38.3 million. These figures point to potential future business, though they contrast with the weaker latest-quarter bookings. D-Wave Quantum Q3 revenue rises 21% as bookings jump
• Neutral Sentiment: B. Riley cut its price target to $22 from $27 but kept a Buy rating, signaling a more cautious valuation view while maintaining a positive recommendation. B. Riley recommendations
• Negative Sentiment: Adjusted earnings were a loss of $0.13 per share, worse than the $0.10 loss analysts expected. Quarterly bookings fell about 19% year over year to $1.9 million, while operating expenses reportedly rose sharply—raising questions about near-term demand and cash burn despite the revenue beat. D-Wave sinks as Q3 loss misses and quarterly bookings fall
• Negative Sentiment: Several law firms publicized a securities class action alleging misstatements or omissions about D-Wave’s business and financial prospects during February–August 2026. The allegations are not proven, but the litigation adds uncertainty and potential legal costs. Securities fraud class action notice

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Benchmark began coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They issued a “buy” rating and a $30.00 price target on the stock. Zacks Research lowered shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Wedbush began coverage on shares of D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective for the company. Weiss Ratings raised shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 28th. Finally, Roth Capital restated a “buy” rating and issued a $30.00 target price on shares of D-Wave Quantum in a report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC increased its stake in D-Wave Quantum by 7.0% during the 3rd quarter. Voya Investment Management LLC now owns 1,161,501 shares of the company’s stock valued at $19,246,000 after purchasing an additional 76,350 shares in the last quarter. Bogart Wealth LLC lifted its stake in shares of D-Wave Quantum by 36.5% during the third quarter. Bogart Wealth LLC now owns 4,065 shares of the company’s stock worth $67,000 after buying an additional 1,086 shares during the period. Cibc World Market Inc. lifted its stake in shares of D-Wave Quantum by 28.5% during the third quarter. Cibc World Market Inc. now owns 78,228 shares of the company’s stock worth $1,296,000 after buying an additional 17,339 shares during the period. Virtus Advisers LLC purchased a new stake in shares of D-Wave Quantum during the third quarter valued at $340,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of D-Wave Quantum during the third quarter valued at $25,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Down 8.6%

The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The business’s fifty day moving average price is $14.47 and its two-hundred day moving average price is $18.84. The stock has a market capitalization of $3.88 billion, a PE ratio of -14.76 and a beta of 2.35.

D-Wave Quantum Company Profile

D-Wave Quantum develops quantum computing systems, software and services for commercial, government and research users. The company focuses on quantum annealing, an approach designed to help solve complex optimization and sampling problems, and offers hybrid tools that combine quantum processing with classical computing. Its offerings include Advantage quantum computers, the Leap quantum cloud service, and software for building and running applications. D-Wave’s technology is used to explore challenges such as scheduling, resource allocation and supply-chain optimization.