QBTS Stock Gets A Thumbs Down From Investors After 81% Revenue Decline – But Bookings Soar By A Whopping 1994%

• D-Wave Quantum reported $15 million in revenue during the same period a year ago.
• The company stated that its Q1 2025 revenue included a $12.6 million sale of an Advantage annealing quantum computer, with the remaining $2.4 million from regular business rather than a one-time sale.
• D-Wave Quantum reported a 1,994% YoY surge in Q1 bookings to $33.4 million, up from $1.6 million a year earlier.

D-Wave Quantum Inc. (QBTS) shares tumbled on Tuesday morning after the company reported its first-quarter earnings, citing an 81% decline in revenue.

D-Wave Quantum reported a loss of $0.05 per share on revenue of $2.9 million, compared to Wall Street estimates of a loss of $0.08 per share on revenue of $4.14 million, according to Fiscal.ai data.

D-Wave shares were down nearly 7% in Tuesday’s pre-market trade. QBTS was among the top trending tickers on Stocktwits at the time of writing.

QBTS Revenue Tanks 81% YoY

D-Wave Quantum’s Q1 revenue of $2.9 million not only fell short of Wall Street estimates, but it also declined 81% YoY from $15 million during the same period a year ago.

The company stated that the year-ago period’s revenue included a $12.6 million sale of an Advantage annealing quantum computer, with the remaining $2.4 million from regular business rather than a one-time sale.

During the same quarter in 2024, D-Wave Quantum’s revenue stood at $2.5 million.

QBTS Reports 1994% Jump In Bookings

D-Wave Quantum reported a massive surge of 1,994% year-on-year in bookings during the first quarter. The company stated that bookings totaled $33.4 million, up from $1.6 million in the same period a year ago.

D-Wave stated that Q1 bookings include a $20 million agreement with Florida Atlantic University to install an Advantage2 annealing quantum computer at its Boca Raton campus.

The company stated that the deployment of the quantum computer is expected later in the year. D-Wave Quantum also launched a training program at Florida Atlantic University to help faculty integrate quantum resources into research and coursework, with system installation expected to begin before the end of 2026.

QBTS Signs 2-Year Agreement With Fortune 100 Company

The company also stated that it signed a two-year Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company. The agreement is worth $10 million.

Together, these two bookings account for about 90% of D-Wave Quantum’s bookings during the quarter. The company stated that it will recognize revenue from these bookings in subsequent quarters.

“Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a service agreement with a Fortune 100 company reinforced growing demand for our annealing systems,” said D-Wave Quantum CEO Alan Baratz.

How Did Retail Traders React To QBTS?

Retail sentiment on Stocktwits around QBTS trended in the ‘bullish’ territory, with message volumes at ‘high’ levels at the time of writing.

QBTS stock is down 8% year-to-date, but up 117% over the past 12 months. The iShares Russell 2000 ETF (IWM) is up 42% over the past 12 months, while the Vanguard Total Stock Market Index Fund ETF (VTI) is up 31%.

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