D-Wave Quantum Reports Q4 Results with Strong Bookings Surge
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
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Should l Buy QBTS?
Source: Benzinga
- Financial Performance: D-Wave reported an adjusted loss of $0.09 per share for Q4, missing the consensus estimate of a $0.07 loss, while revenue of $2.75 million fell short of the $3.75 million expectation, indicating ongoing challenges in profitability.
- Surge in Bookings: The company achieved fourth-quarter bookings of $13.4 million, a staggering 471% increase from $2.4 million in the third quarter, highlighting a significant rise in market demand for D-Wave's offerings, which could lay the groundwork for future revenue growth.
- Liquidity Improvement: D-Wave's cash and marketable securities reached a record $884.5 million, representing a 397% year-over-year increase, while raising $63.7 million in cash from warrant exercises, enhancing the company's financial stability.
- Market Leadership Expansion: Entering 2026, D-Wave secured over $30 million in bookings in January alone and expanded its market leadership through the acquisition of Quantum Circuits, Inc., reflecting growing customer confidence in its technology's transformative potential.
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Analyst Views on QBTS
Wall Street analysts forecast QBTS stock price to rise
13 Analyst Rating
13 Buy
0 Hold
0 Sell
Strong Buy
Current: 19.650
Low
35.00
Averages
40.67
High
48.00
Current: 19.650
Low
35.00
Averages
40.67
High
48.00
About QBTS
D-Wave Quantum Inc. is a quantum computing company, which is engaged in the development and delivery of quantum computing systems, software, and services. The Company builds and delivers systems, cloud services, application development tools, and professional services to support the end-to-end quantum computing journey for enterprises and developers. The Company's products include Cloud Platform, Systems, Professional Services, and others. Under its Cloud Platform, the Leap quantum cloud service delivers immediate, real-time access to its quantum computers and hybrid solvers services. Under its Systems, the Advantage quantum system is a quantum computer designed for business. It also offers quantum applications to a range of customers, including resource scheduling, factory scheduling, industrial construction design, drug discovery, and others. It offers solutions across workforce scheduling, production scheduling, vehicle routing, resource optimization, and cargo loading.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
- Earnings Announcement Date: D-Wave Quantum is set to release its Q4 2023 earnings on February 27 before market open, with a consensus EPS estimate of -$0.06, reflecting a 25% year-over-year improvement, indicating potential recovery in profitability.
- Revenue Growth Expectations: The revenue is projected to reach $3.74 million, representing a 62.6% year-over-year increase, which highlights strong demand and business expansion in the quantum computing sector.
- Historical Performance Review: Over the past two years, D-Wave has only beaten EPS estimates 13% of the time and revenue estimates 50% of the time, indicating uncertainty in the company's earnings forecasts.
- Estimate Revision Dynamics: In the last three months, there has been one upward revision and no downward revisions for EPS estimates, while revenue estimates have seen two downward revisions, suggesting a cautious market outlook on the company's future performance.
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- Financial Performance: D-Wave reported an adjusted loss of $0.09 per share for Q4, missing the consensus estimate of a $0.07 loss, while revenue of $2.75 million fell short of the $3.75 million expectation, indicating ongoing challenges in profitability.
- Surge in Bookings: The company achieved fourth-quarter bookings of $13.4 million, a staggering 471% increase from $2.4 million in the third quarter, highlighting a significant rise in market demand for D-Wave's offerings, which could lay the groundwork for future revenue growth.
- Liquidity Improvement: D-Wave's cash and marketable securities reached a record $884.5 million, representing a 397% year-over-year increase, while raising $63.7 million in cash from warrant exercises, enhancing the company's financial stability.
- Market Leadership Expansion: Entering 2026, D-Wave secured over $30 million in bookings in January alone and expanded its market leadership through the acquisition of Quantum Circuits, Inc., reflecting growing customer confidence in its technology's transformative potential.
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- Significant Revenue Growth: D-Wave achieved a remarkable 179% revenue increase in 2025, indicating strong performance in the quantum computing sector, and while still operating at a loss, this growth lays the groundwork for future profitability.
- Accelerated Bookings: By the end of 2025, D-Wave saw accelerated bookings, generating over $30 million in January alone, including a $20 million agreement with Florida Atlantic University, reflecting rising market demand for quantum computing solutions.
- Strategic Acquisition: D-Wave's acquisition of Quantum Circuits enhances its technological capabilities in quantum computing, a move that not only boosts the company's competitive edge but also supports future technological innovations.
- Stock Price Recovery: Following the release of its fourth-quarter report, D-Wave's stock surged over 10%, and despite a year-to-date decline of more than 20%, the increase in actual bookings is restoring investor confidence in D-Wave.
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- Significant Revenue Growth: D-Wave achieved a remarkable 179% revenue increase in 2025, indicating strong progress in the quantum computing sector, which, despite ongoing losses, lays a foundation for future profitability.
- Accelerated Bookings: In January 2026, D-Wave generated over $30 million in order bookings, including a $20 million agreement with Florida Atlantic University, reflecting robust market demand for its quantum computing products and boosting investor confidence.
- Acquisition Expands Offerings: D-Wave's acquisition of Quantum Circuits enhances its product lineup, expected to improve market competitiveness and accelerate technological innovation, solidifying its leadership position in the quantum computing space.
- Stock Price Recovery: Following the release of its fourth-quarter report, D-Wave's shares surged over 10%, and although down more than 20% year-to-date, the increase in actual bookings is gradually restoring investor confidence in its stock.
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- Quantum Computing Application: Quantum computing is starting to play a significant role in drone operations by evaluating multiple variables simultaneously, thereby enhancing mission planning and real-time decision-making efficiency, which lowers operating costs and accelerates execution speed.
- Drone Fleet Optimization: Quantum-enhanced algorithms effectively coordinate tasks among dozens of drones, addressing complex optimization challenges that improve safety and uptime, allowing operators to scale operations without dramatically increasing overhead.
- Market Growth Potential: The global quantum computing market is projected to grow from $1.4 billion in 2025 to $19.4 billion by 2035, with sustained double-digit CAGR, attracting enterprises and government agencies to increase R&D investments.
- ZenaDrone Innovation System: ZenaTech's ZenaDrone 1000 is developing a quantum navigation system to support secure operations in GPS-denied environments, expected to enhance its application capabilities in defense and commercial sectors.
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- Disappointing Earnings: D-Wave Quantum reported a non-GAAP EPS of -$0.09, missing expectations by $0.03, indicating challenges in profitability that could undermine investor confidence.
- Significant Revenue Shortfall: The company's revenue of $2.8 million fell short of the expected $2.94 million, reflecting deficiencies in market demand and execution capabilities, which may lead to a slowdown in future growth.
- Bearish Market Sentiment: Quantum computing stocks are seeing elevated bearish bets amid volatility, suggesting increasing investor concerns about the industry's outlook, which could negatively impact D-Wave's stock performance.
- Rising Supply Chain Risks: With growing execution and supply chain risks, D-Wave may face greater operational challenges, adversely affecting its market competitiveness and long-term strategic objectives.
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