D-Wave Quantum's Fourth Quarter Bookings Decline Year Over Year: What Can We Expect in the Coming Year?

D-Wave Quantum's Q4 2025 Performance Overview

D-Wave Quantum (QBTS) reported fourth-quarter 2025 bookings totaling $13.4 million, reflecting a 27% decrease from the same period last year, which had been boosted by a significant system sale. However, compared to the previous quarter, bookings soared by 471% from $2.4 million, marking the company’s second-best quarter ever for bookings.

This substantial quarter-over-quarter growth was largely driven by a previously disclosed €10 million contract. This deal involves a multi-year, 50% capacity reservation for an Advantage2 annealing quantum computer, which will play a key role in establishing a cutting-edge quantum research center in Lombardy, Italy.

Entering fiscal 2026, D-Wave has already surpassed its historical annual bookings record. In January, the company finalized a $20 million agreement with Florida Atlantic University to deliver and install an Advantage2 quantum system at the university’s Boca Raton campus. Additionally, D-Wave secured a two-year, $10 million Quantum Compute as a Service (QCaaS) contract with a Fortune 100 company—one of the largest enterprise QCaaS deals seen in the quantum sector to date.

Due to the extended timelines required for site preparation, installation, and related processes, D-Wave recognizes system sales revenue using a percentage-of-completion method. The €10 million Italian contract will be recognized evenly over five years following installation, which is expected in the latter half of this year. Company leadership anticipates stronger revenue growth in the second half of 2026 compared to the first half.

Peer Company Highlights

IonQ (IONQ) made history in 2025 by becoming the first publicly traded quantum company to surpass $100 million in GAAP revenue. Its subsidiary, ID Quantique (IDQ), recently achieved ISO 14001 Environmental Management System certification, demonstrating a commitment to reducing waste, improving energy efficiency, and adhering to regulatory standards. With this, IonQ stands out as the only pure-play quantum company to hold ISO 14001, ISO 9001, and ISO 27001 certifications, highlighting its dedication to delivering secure, high-quality, and sustainable quantum solutions.

Rigetti Computing, Inc. (RGTI) also made notable progress. Its Indian subsidiary, Rigetti Computing India P L, received an $8.4 million order to supply a 108-qubit quantum computer to the Centre for Development of Advanced Computing (C-DAC), a leading R&D institution under India’s Ministry of Electronics and Information Technology. The system will feature Rigetti’s proprietary chiplet-based architecture, which is essential for scaling up to large, error-corrected, and fault-tolerant quantum systems.

QBTS Stock Performance and Valuation

Over the past year, QBTS shares have surged by 242.1%, significantly outperforming the broader industry, which experienced a 10% decline.

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In terms of valuation, D-Wave currently trades at a forward 12-month Price/Sales ratio of 138.57, which is well above the industry average. The company has been assigned a Value Score of F by Zacks.

Image Source: Zacks Investment Research

Below is a look at how Zacks’ consensus earnings estimate for QBTS has changed over the past three months.

Image Source: Zacks Investment Research

D-Wave currently holds a Zacks Rank #3 (Hold). For a full list of today’s Zacks #1 Rank (Strong Buy) stocks, click here.

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Additional Resources

• IonQ, Inc. (IONQ): Free Stock Analysis Report
• Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report
• D-Wave Quantum Inc. (QBTS): Free Stock Analysis Report