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QBTS Earnings

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Earning Analysis

Welcome to our in-depth analysis of D-Wave Quantum Inc(QBTS) earnings, offering investors a detailed look into the company’s financial performance, revenue trends, earnings per share (EPS), and market reactions. This page provides a comprehensive overview of D-Wave Quantum Inc earnings history, forecasts, and key financial metrics, empowering you with the data needed to make informed investment decisions. Whether you're tracking quarterly results, analyzing earnings surprises, or exploring future projections, our detailed breakdown covers it all.

Earnings Forecast

Revenue
EPS
Currency: USD
Actual
Estimate

Surprise Analysis

Name
EPS
Revenue
Price Reaction
Fiscal QuarterEarning DateTimeEstimateActualSurprise%EstimateActualSurprise%1D5D
Fiscal Quarter
Earning Date
Time
Estimate
Actual
Surprise%
Estimate
Actual
Surprise%
1D
5D
FY2025Q32025-11-06Pre-Market-0.07-0.41-485.713.03M3.74M+23.50-8.48-6.54
FY2025Q22025-08-07Pre-Market-0.06-0.08-33.332.54M3.10M+21.79-2.33+5.29
FY2025Q12025-05-08Pre-Market-0.05-0.02+60.0010.50M15.00M+42.85+51.23+55.73
FY2024Q42025-03-13Pre-Market-0.09-0.37-311.112.23M2.31M+3.73+18.73+82.13
FY2024Q22024-08-08Pre-Market-0.10-0.08-15.902.82M2.18M-22.53-1.23+10.99
FY2024Q12024-05-13--0.08-0.11-37.503.00M2.47M-17.83+5.38-
FY2023Q42024-03-28--0.10-0.10-4.70M2.91M-38.20-2.86-4.76
FY2023Q32023-11-09--0.11-0.12-9.092.89M2.56M-11.44-17.02+4.20
FY2023Q22023-08-10--0.13-0.14-7.691.76M1.71M-3.15-12.43-18.34
-2023-05-19--0.12-0.20-66.67----20.66+104.92
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QBTS Earnings Analysis

Our earnings analysis provides a granular look at the company’s performance across recent fiscal quarters, highlighting key metrics such as revenue, EPS, and operating margins. By examining actual results against analyst estimates, we uncover trends and surprises that drive stock price movements, offering valuable insights for both short-term traders and long-term investors.
In the most recent quarter, D-Wave Quantum Inc reported performance for FY2025Q3, announced on 2025-11-06. The company achieved an EPS of -0.41, compared to analyst estimates of -0.07 by -485.71% . Revenue for the quarter reached 3.74M compared to expectations of 3.03M by 23.50% .
The stock price reacted with a -8.48% one-day change and a -6.54% five-day change following the earnings release. These movements reflect market reaction in D-Wave Quantum Inc growth trajectory and strategic initiatives.

QBTS Earnings Forecast

Looking ahead, D-Wave Quantum Inc(QBTS) remains a focal point for investors seeking growth opportunities. Analyst forecasts for 2025/Q4 project quarter revenue of 3.52M and an EPS of -0.07.
However, recent estimate revisions provide additional context. Over the past three months, revenue estimates for FY2025 have been Revise Upward by 3.67%, while EPS estimates have been Revise Downward by -9.94%. For the upcoming Q4 2025, revenue estimates have been adjusted Revise Upward by 2.55% . These revisions correlate with a 86.92% change in stock price over the same period, suggesting potential buying opportunities for investors who believe in D-Wave Quantum Inc long-term fundamentals.
The relationship between earnings forecast revisions and stock price movements is critical for investors. Positive revisions in revenue or EPS often signal strengthening fundamentals, making temporary price dips attractive entry points. Conversely, downward revisions may reflect short-term challenges.

Estimate Revision

The chart shows the correlation between QBTS's stock price and earnings forecast revisions. Positive revisions in Revenue or EPS often strengthen the stock's fundamentals, making price dips potential buying opportunities.
Revenue Estimates for FY2025
Revise Upward
up Image
+3.67%
In Past 3 Month
EPS Estimates for FY2025
Revise Downward
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-9.94%
In Past 3 Month
Revenue Estimates for Q4 2025
Revise Upward
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+2.55%
In Past 3 Month
Stock Price
Go Up
up Image
+86.92%
In Past 3 Month
1Y
3Y
5Y
Annual FY 2025
Currency: USD
Currency: USD
1Y
3Y
5Y
--
Revenue Estimate-Annual FY 2025:25.46M
--
EPS Estimate-Annual FY 2025:-0.20
—
Stock Price28.73
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Financial AI Agent

QBTS Revenue and EPS Performance: A Historical Perspective

D-Wave Quantum Inc revenue and earnings per share (EPS) performance over recent quarters provides a clear picture of its financial health. Below is a detailed breakdown of the company’s earnings history, showcasing actual results, analyst estimates, and surprise percentages for key fiscal quarters:
FY2025Q3 (2025-11-06,Pre-Market):
EPS: -0.41 (Actual) vs.-0.07 (Estimate) (-485.71%)
Revenue: 3.74M (Actual) vs. 3.03M (Estimate) (23.50%)
Price Reaction: -8.48%(1-Day), -6.54%(5-Day)
FY2025Q2 (2025-08-07,Pre-Market):
EPS: -0.08 (Actual) vs.-0.06 (Estimate) (-33.33%)
Revenue: 3.10M (Actual) vs. 2.54M (Estimate) (21.79%)
Price Reaction: -2.33%(1-Day), 5.29%(5-Day)
FY2025Q1 (2025-05-08,Pre-Market):
EPS: -0.02 (Actual) vs.-0.05 (Estimate) (60.00%)
Revenue: 15.00M (Actual) vs. 10.50M (Estimate) (42.85%)
Price Reaction: 51.23%(1-Day), 55.73%(5-Day)
Earnings Reaction
The chart below shows how QBTS performed 10 days before and after its earnings report, based on data from the past quarters. Typically, QBTS sees a +2.25% change in stock price 10 days leading up to the earnings, and a +33.92% change 10 days following the report. On the earnings day itself, the stock moves by +1.03%. This data can give you a slight idea of what to expect for the next quarter's release.
For example, in SEP/2025, the stock changed 3.91% on the day following the earnings release and then changed by -27.76% over the next 10 days. These patterns provide investors with valuable insights into potential price movements and help inform trading strategies around earnings events.
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Transcript Summary

D-Wave Quantum Inc (QBTS) Q3 2025 Earnings Call Summary
Positive
2025-11-06
The earnings call indicates strong revenue growth, improved gross margins, and strategic initiatives in quantum AI and government engagements. Despite a significant net loss, the adjusted figures show improvement. The Q&A highlights potential in national security and defense, and successful trials in optimization problems. The focus on high-margin revenue streams and strategic partnerships, along with optimistic future plans, suggest a positive sentiment. However, the lack of clarity on certain deals and the increase in operating expenses temper the outlook. Overall, the stock is likely to see a positive movement.
D-Wave Quantum Inc (QBTS) Q2 2025 Earnings Call Summary
Positive
2025-08-07
The earnings call reveals strong financial performance, including record revenue and a robust cash position, which supports future profitability. Product development is promising, with the Advantage2 system demonstrating quantum supremacy. While M&A strategies and quantum AI milestones lack specificity, the company's strategic priorities and advancements in cryogenic technology are positive. The Q&A section highlights a focus on growth through acquisitions and R&D, with a high customer retention rate. Overall, the sentiment is positive, with potential for stock price appreciation over the next two weeks.
D-Wave Quantum Inc (QBTS) Q1 2025 Earnings Call Summary
Positive
2025-05-11
The earnings call reveals strong financial performance with a 509% revenue increase, significant gross margin improvements, and reduced net losses. Additionally, D-Wave's strategic initiatives, such as the Quantum Realized Framework and new partnerships, demonstrate potential for growth. However, some concerns arise from the Q&A session, particularly regarding undisclosed partnership details and lack of clarity on future revenue run rates. Despite these uncertainties, the overall sentiment remains positive due to record revenues, profitability outlook, and robust cash position, likely leading to a positive stock price movement.
D-Wave Quantum Inc (QBTS) Q1 2025 Earnings Call Summary
Positive
2025-05-08
The earnings call highlights strong financial performance with a 509% increase in revenue and a significant reduction in net loss. The company has a strong cash position and aims for profitability with less investment than competitors, indicating financial health. The Q&A section did not reveal major concerns and maintained positive sentiment, although some details were withheld. The company's technological advancements and strategic partnerships add to the positive outlook. Despite some uncertainties in customer adoption and error correction, the overall sentiment is positive, likely leading to a stock price increase in the short term.
D-Wave Quantum Inc (QBTS) Q4 2024 Earnings Call Summary
Negative
2025-03-14
The earnings call summary shows declining gross profit and margins, a significant net loss, and increased adjusted EBITDA loss, indicating financial challenges. The Q&A reveals uncertainty in future revenue guidance and system sales, with management avoiding specifics. While there are positive developments in quantum computing and partnerships, the financial strain and lack of clear guidance overshadow these factors. The stock is likely to react negatively.
D-Wave Quantum Inc (QBTS) Q4 2024 Earnings Call Summary
Neutral
2025-03-13
Despite strong product development and potential new revenue streams, financial metrics show declining margins and increased losses. The Q&A reveals uncertainty in future revenue guidance, with management avoiding specifics. This mixed outlook suggests a neutral market reaction over the next two weeks.
D-Wave Quantum (QBTS) Q3 2024 Earnings Call Summary
Neutral
2024-11-14
The earnings call showed mixed signals. Positive aspects include the partnership with Zapata AI and increased QCaaS revenue. However, declining bookings, gross profit, and increased losses are concerning. The Q&A revealed uncertainties in production timelines and government interest, but no immediate risks. The optimistic guidance and increased gross margin suggest potential improvement, but the lack of a clear timeline and declining bookings balance the sentiment to neutral.
D-Wave Quantum Inc. (QBTS) Q2 2024 Earnings Call Summary
Positive
2024-08-08
The earnings call shows significant improvements in financial metrics, such as increased gross profit and margins, reduced operating expenses, and a lower net loss. The Q&A section reveals strategic focus on promising sectors and innovation, with a positive reception from analysts. Despite some unclear guidance, the overall sentiment is optimistic, especially with a strong cash position and increased bookings. This suggests a likely strong positive stock price movement, considering the substantial progress and potential for future growth.

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FAQ

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What were the key highlights of QBTS’s latest earnings report for FY2025Q3?

QBTS reported its FY2025Q3 earnings on 2025-11-06, showcasing a revenue of 3.74M against an estimate of 3.03M, resulting in a 23.5% surprise. The EPS was -0.41, surpassing the expected -0.07 by -485.71% . The stock experienced a -8.48% price change on the earnings day and a -6.54% change over the next five days, reflecting market reactions to the results.
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How did QBTS’s stock price react after the FY2025Q3 earnings release?

Following QBTS’s FY2025Q3 earnings announcement on 2025-11-06, the stock price moved by -8.48% on the day of the release. Over the subsequent five days, it saw a -6.54% change. Historically, QBTS’s stock price tends to shift by an average of +2.25% in the 10 days leading up to earnings and +33.92% in the 10 days following, providing insight into potential market.
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What are the revenue and EPS estimates for QBTS for 2025/Q4?

For 2025/Q4, analysts estimate QBTS’s annual revenue to reach 3.52M, while the EPS is projected at -0.07. These estimates reflect recent revisions, with revenue estimates revised Revenue Revise Upward by 3.67% and EPS estimates Revise Upward by 2.55% over the past three months, indicating analyst expectation in the company’s performance.
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How does QBTS’s stock price correlate with earnings forecast revisions?

The correlation between QBTS’s stock price and earnings forecast revisions shows that positive revisions in revenue or EPS often strengthen the stock’s fundamentals. Over the past three months, revenue estimates for FY2025 were Revise Upward by 3.67%, while EPS estimates moved Revise Upward by 2.55% . This trend suggests that price dips could present buying opportunities for investors.
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What should investors expect from QBTS’s next earnings report?

Based on historical trends, QBTS’s stock price typically moves by +2.25% in the 10 days before its earnings and +33.92% in the 10 days after. For the upcoming 2025/Q4 earnings, analysts expect an EPS of -0.07 and revenue of 3.52M.
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What is the sentiment in D-Wave Quantum Inc (QBTS) Q3 2025 Earnings Call Summary?

The earnings call indicates strong revenue growth, improved gross margins, and strategic initiatives in quantum AI and government engagements. Despite a significant net loss, the adjusted figures show improvement. The Q&A highlights potential in national security and defense, and successful trials in optimization problems. The focus on high-margin revenue streams and strategic partnerships, along with optimistic future plans, suggest a positive sentiment. However, the lack of clarity on certain deals and the increase in operating expenses temper the outlook. Overall, the stock is likely to see a positive movement.
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