D-Wave Quantum (NYSE:QBTS) Releases Earnings Results, Beats Expectations By $0.03 EPS

D-Wave Quantum (NYSE:QBTS) announced its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03, FiscalAI reports. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 49.80%. The business had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue for the quarter was down 80.9% compared to the same quarter last year.

Here are the key takeaways from D-Wave Quantum’s conference call:

• D-Wave highlighted a record Q1 bookings figure of $33.4 million, up nearly 2,000% year over year, driven by major deals including a $20 million system sale to Florida Atlantic University and a $10 million enterprise QaaS agreement.
• Management said the sales pipeline more than doubled sequentially in Q1, and raised its expectations for system deals to 2 to 3 sales per year, with at least 2 systems expected to be delivered in 2026.
• The company reported $588.4 million in cash and marketable investments at quarter end and said this liquidity is sufficient to support a fully funded path to profitability.
• D-Wave emphasized progress in its dual-platform strategy, combining its annealing leadership with the Quantum Circuits acquisition to pursue gate-model quantum computing, including a roadmap to 100 logical qubits by 2032.
• Revenue was $2.9 million in Q1, down sharply from last year because the prior-year quarter included a large system sale, while operating losses widened as the company increased spending on R&D, sales and marketing, and Quantum Circuits integration.

D-Wave Quantum Stock Up 3.5%

Shares of QBTS traded up $0.75 during mid-day trading on Thursday, hitting $22.19. 18,883,453 shares of the company’s stock were exchanged, compared to its average volume of 29,578,146. The firm has a fifty day moving average of $17.95 and a two-hundred day moving average of $22.74. D-Wave Quantum has a twelve month low of $10.60 and a twelve month high of $46.75. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of -19.55 and a beta of 1.95. The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04.

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $18.01, for a total transaction of $144,080.00. Following the transaction, the director owned 19,803 shares in the company, valued at $356,652.03. This represents a 28.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sophie C. Ames sold 3,070 shares of the stock in a transaction on Monday, April 20th. The stock was sold at an average price of $21.35, for a total transaction of $65,544.50. Following the transaction, the vice president owned 643,678 shares in the company, valued at approximately $13,742,525.30. This trade represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 31,776 shares of company stock worth $574,571. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QBTS. Kemnay Advisory Services Inc. acquired a new position in D-Wave Quantum in the 4th quarter valued at $28,000. Ancora Advisors LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at $30,000. Mcguire Capital Advisors Inc. acquired a new position in D-Wave Quantum in the 4th quarter valued at $31,000. Parkside Financial Bank & Trust grew its position in D-Wave Quantum by 144.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,270 shares of the company’s stock worth $33,000 after purchasing an additional 750 shares during the last quarter. Finally, Triumph Capital Management grew its position in D-Wave Quantum by 650.0% in the 4th quarter. Triumph Capital Management now owns 1,500 shares of the company’s stock worth $39,000 after purchasing an additional 1,300 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: Rosenblatt Securities, Needham, and Cantor Fitzgerald all reaffirmed bullish ratings on D-Wave Quantum, with price targets that imply meaningful upside from recent levels. Benzinga report on analyst ratings
• Positive Sentiment: Investors are encouraged by a sharp jump in bookings to $33.4 million, which suggests rising demand and stronger commercial traction despite the weak revenue print. Yahoo Finance report on bookings
• Positive Sentiment: Analyst coverage and comparison pieces on the quantum-computing sector have highlighted D-Wave as one of the key names benefiting from renewed investor interest in the industry. MarketBeat sector comparison article
• Neutral Sentiment: The company reported a smaller-than-expected quarterly loss, but revenue came in below forecasts and fell sharply year over year, keeping the fundamentals uneven. Yahoo Finance earnings summary
• Neutral Sentiment: Several articles and the company’s earnings call transcript continue to frame QBTS as a high-growth, high-risk quantum name, with investors weighing future demand against current losses. Earnings call transcript
• Negative Sentiment: Mizuho lowered its price target on D-Wave Quantum, signaling some caution even though it kept an outperform-style stance on the stock. Mizuho target cut
• Negative Sentiment: Q1 results showed revenue weakness and rising losses, which remain the main reasons some investors are skeptical about the sustainability of the recent share strength. MarketBeat earnings analysis

Analysts Set New Price Targets

Several research analysts have commented on QBTS shares. Weiss Ratings cut shares of D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Roth Mkm decreased their price objective on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a report on Friday, February 27th. Benchmark reiterated a “buy” rating and issued a $35.00 price objective on shares of D-Wave Quantum in a report on Friday, January 23rd. Finally, Northland Securities assumed coverage on shares of D-Wave Quantum in a report on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.67.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.