D-Wave Quantum Stock Is Sliding Friday: What's Driving The Action?

D-Wave Quantum Inc (NYSE:QBTS) shares are trading lower Friday morning as Wall Street recalibrated expectations following the company's latest earnings report. Here’s what investors need to know.

• D-Wave Quantum stock is among today’s weakest performers. What’s weighing on QBTS shares?

Analysts Cut QBTS Price Targets

Evercore ISI trimmed its price target on the quantum-computing stock to $42 from $44, while Roth Capital reduced its target to $30 from $40. The cuts come a day after D-Wave reported fourth-quarter and full-year 2025 results.

On Thursday, D-Wave posted an adjusted fourth-quarter loss of 9 cents per share, missing analyst expectations for a 7-cent loss, on revenue of $2.75 million versus estimates of $3.75 million.

However, bookings surged to $13.4 million, up 471% from the prior quarter, and the company ended the year with a record $884.5 million in cash and marketable securities after significant warrant exercises.

D-Wave Revenue Surges 179% In 2025

For 2025, revenue jumped 179% year over year to $24.6 million. CEO Alan Baratz called 2025 "one of the most successful and transformative years" in the company's history, citing more than $30 million in bookings in January 2026, the acquisition of gate-model specialist Quantum Circuits and a new eight-figure enterprise QCaaS contract.

Even with accelerating customer activity and a strengthened balance sheet, D-Wave remains unprofitable, posting an adjusted net loss of $84.5 million and adjusted EBITDA loss of $71.8 million for 2025.

Stock Falls Below Key Averages

QBTS shares swung sharply over the past year, climbing from around $5 to a peak near $44.78 in late 2025 before retreating into the high-teens/low-$20s by February 2026.

Shorter-term moving averages (20- and 50-day) have rolled over, with the stock now trading below them, while the longer-term 200-day average continues trending higher — signaling a shift from prior upside momentum to a developing near-term downtrend.

QBTS Shares Drop 11% Friday

QBTS Price Action: D-Wave Quantum shares were down 11.07% at $17.91 at the time of publication on Friday.

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