Benchmark Lifts PT on D-Wave Quantum (QBTS) Stock

Core Insights - D-Wave Quantum Inc. (NYSE:QBTS) is recognized as a leading investment opportunity in the quantum computing sector, with a price target increase from $20 to $35 by Benchmark analyst David Williams, maintaining a "Buy" rating [1][2] Financial Performance - In Q3 2025, D-Wave Quantum reported revenue of $3.7 million, marking a 100% year-over-year increase, driven by a system upgrade project contributing $1.8 million and an increase in professional service revenue of $0.2 million, despite a $0.2 million decline in QCaaS revenue [2] - The company achieved bookings of $2.4 million in Q3 2025, reflecting a year-over-year increase of approximately $100,000 or 3%, and an 80% increase compared to Q2 2025 [1][2] - Adjusted EBITDA loss for Q3 2025 was $20.6 million, an increase of $6.8 million or 49% year-over-year, primarily due to higher operating expenses, although this was partially offset by increased gross profit [3] Strategic Developments - D-Wave Quantum signed a EUR 10 million agreement to deploy a D-Wave Advantage2 system in Europe after the close of the quarter, indicating ongoing expansion efforts [2]