D-Wave Stock Rises Despite Q4 Double Miss: What You Need To Know

D-Wave Quantum Inc. (NYSE:QBTS) reported financial results for the fourth quarter before the market open on Thursday. Here’s a look at the key highlights from the quarter.

• D-Wave Quantum stock is building positive momentum. What’s pushing QBTS stock higher?

Earnings And Revenue Miss Offset By Bookings Surge, Record Liquidity

D-Wave reported an adjusted loss of 9 cents per share, missing the consensus estimate for a 7 cent-loss. In addition, the company reported revenue of $2.75 million, missing the consensus estimate of $3.75 million.

Fourth-quarter bookings totaled $13.4 million, up 471% from third-quarter bookings of $2.4 million. 

"Our 2025 results mark one of the most successful and transformative years in D-Wave’s history, with meaningful growth across every key business metric — revenue, Bookings, technical milestones, and scientific breakthroughs," said CEO Alan Baratz.

“We are entering 2026 with exceptional momentum: generating over $30 million in Bookings in January alone, expanding our market leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement that underscores growing customer confidence in our technology’s power to transform enterprise operations.”

D-Wave reported a record consolidated cash and marketable investment securities balance of $884.5 million, representing a 397% increase from the prior year’s quarter. During the period, the company raised $63.7 million in cash proceeds from the exercise of warrants.

D-Wave Stock Trades Higher

QBTS Price Action: At the time of writing, D-Wave shares are trading 7.12% higher at $21.05, according to data from Benzinga Pro.

Image via Shutterstock