QBTS Q4 Earnings Miss Estimates, Revenue Rise Y/Y, Stock Climbs

D-Wave Quantum Inc. QBTS reported a fourth-quarter 2025 net loss of 12 cents per share compared with the Zacks Consensus Estimate of a loss of 5 cents. However, the figure compares favorably with the year-ago period’s loss of 37 cents.

Excluding one-time adjustments, such as non-cash, non-operating warrant remeasurement-related charges, the adjusted loss was 9 cents per share in the quarter compared with 8 cents in the year-ago period.

The net loss per share for 2025 was $1.11 compared with a loss of 75 cents in 2024.

QBTS’ Revenues

D-Wave Quantum registered revenues of $2.75 million in the reported quarter, up 19.2% year over year. The figure missed the Zacks Consensus Estimate by 33.49%.

Bookings (customer orders received that are expected to generate net revenues in the future) for the fourth quarter were $13.4 million, down 27% year over year.

In 2025, D-Wave Quantum recognized revenues from more than 135 individual customers encompassing above 70 commercial enterprises, including more than two dozen Forbes Global 2000 companies.

Following the earnings announcement yesterday, QBTS shares rose 2.5%, closing the session at $20.14.

QBTS' Q4 Margin Performance

In the fourth quarter, the company reported adjusted gross profit of $1.8 million, marking a 17% increase from the same period last year. The adjusted gross margin was 71.8%, down 1.2% year over year.

D-Wave Quantum’s adjusted operating expenses came to $27 million, up 59% year over year. The company reported an adjusted EBITDA loss of $25 million for the fourth quarter, up 63% on a year-over-year basis.

QBTS’ Financial Update

D-Wave Quantum exited the fourth quarter of 2025 with cash and marketable investment securities of $884.5 million compared with $178 million at the end of 2024.

In the fourth quarter, D-Wave Quantum raised $63.7 million in cash proceeds from the exercise of warrants.

Our Take on QBTS

D-Wave Quantum exited the fourth quarter of 2025 with a higher-than-expected loss, with revenues missing estimates. Throughout the year, the company delivered meaningful growth across every key business metric — revenue, Bookings, technical milestones and scientific breakthroughs.

D-Wave Quantum closed its first Advantage quantum computer system sale to the Jülich Supercomputing Center and launched general availability of its Advantage2 system, which significantly expanded the sales opportunity pipeline. In December, the company formed a business unit to drive the adoption of its quantum computing products and services with the U.S. government.

D-Wave Quantum entered 2026 with solid momentum, generating more than $30 million in Bookings in January alone, expanding its market leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement.

QBTS' Zacks Rank & Key Picks

Currently, D-Wave Quantum carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader Computer and Technology sector are Keysight Technologies KEYS, Salesforce CRM and Clarivate Plc CLVT.

Keysight Technologies, carrying a Zacks Rank #2 (Buy), reported a first-quarter fiscal 2026 EPS of $2.17, which beat the Zacks Consensus Estimate by 9.32%. Revenues of $1.6 billion surpassed the Zacks Consensus Estimate by 3.9%.

KEYS has a long-term earnings growth rate of 17.5% compared with the industry’s 15.5% growth. The company surpassed earnings estimates in the trailing four quarters, the average surprise being 4.58%.

Salesforce, carrying a Zacks Rank #2 at present, posted a fourth-quarter fiscal 2026 adjusted EPS of $3.81, exceeding the Zacks Consensus Estimate by 25.69%. Revenues of $11.2 billion beat the Zacks Consensus Estimate by 0.32%.

CRM has an earnings yield of 6.8% compared with the industry’s 4.6% yield. The company’s earnings outpaced estimates in the trailing four quarters, the average surprise being 11.6%.

Clarivate, currently carrying a Zacks Rank #2, reported fourth-quarter 2025 earnings of 20 cents per share, which topped the Zacks Consensus Estimate by 25%. Revenues of $617 million surpassed the consensus mark by 2.35%.

CLVT has an earnings yield of 28.7% compared with the industry’s 7.3% yield. The company’s earnings beat estimates in three of the trailing four quarters and matched on one occasion, the average surprise being 13.54%.