QBTS Stock Trims Early Gains: D-Wave Quantum’s Q4 Revenue Misses Estimates

• Q4 adjusted net loss widened to $31.8 million, or $0.09 per share, compared to expectations of $0.06 per share.
• The company expects higher revenue growth in the second half of the year, CFO said in a call with analysts.
• Bookings fell to $13.4 million, from $18.3 million last year, which included a major quantum computer system sale. 

Shares of D-Wave Quantum Inc (QBTS) gave up most of their initial gains to trade 3% on Thursday, after the company reported fourth-quarter revenue growth that fell short of Wall Street expectations.

D-Wave reported a 19% year-on-year increase in revenue to $2.8 million, but this came significantly below Wall Street’s estimates of $3.74 million, according to Fiscal.ai data.

While net loss narrowed to $42.3 million, from a loss of $86.1 million last year, adjusted net loss widened to $31.8 million, or $0.09 per share, from a loss of $17.8 million. Analysts on average expected a loss of $0.06 per share.

Higher Revenue Growth Expected In Second Half Of FY2026

In a call with analysts, CFO John Markovich said the company expects higher revenue growth in the second half of this year than in the first half.

“We anticipate that most system sales transactions will involve a multiyear service and maintenance revenue component, and some may include a multi-year lead cloud access component with respect to the recently announced $10 million enterprise Shkas agreement. This revenue will be recognized readily over a two-year time frame commencing in the current quarter. To summarize, we expect incrementally higher revenue growth in the second half of this year when compared to the first half,” Markovich said. 

Meanwhile, bookings fell 27% to $13.4 million, down from last year’s $18.3 million, which included a major quantum computer system sale. As of December 31, 2025, D-Wave held $884.5 million in cash and marketable securities, up 397% from a year earlier, after raising $63.7 million in the fourth quarter through warrant exercises.

How Did Stocktwits Users React?

Retail sentiment shifted to ‘bullish’ from ‘bearish’ a day earlier, amid ‘high’ message volumes.

One user said the stock performed better than expected after the earnings.

Another user said the stock looks ready to break out of its $22 resistance.

Year-to-date, QBTS has declined 25%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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