D-Wave Quantum (US:QBTS) ZACKS·2026-01-22 18:05Core Insights - D-Wave Quantum (QBTS) has transitioned from research-focused results to generating measurable revenue, with a significant revenue increase of 509% year-over-year in Q1 2025 due to the sale of an Advantage2 quantum system [1] - The company continued to show revenue growth in subsequent quarters, with a 100% year-over-year increase in Q3 2025, while maintaining high R&D investments [2] - D-Wave confirmed strong commercial momentum with €10 million in bookings for an Advantage2 system in Italy, indicating future revenue potential [3] Revenue and Earnings Growth - For Q4 2025, earnings are expected to grow by 86.5% on a revenue increase of 79.1%, while in 2026, earnings growth is projected at 7% with revenue growth of 61.1% [4] - The Zacks Consensus Estimate indicates a current quarter EPS of -0.05 and a next year EPS of -0.19, reflecting significant year-over-year growth estimates [5] Competitive Landscape - IonQ reported $39.9 million in revenues for Q3 2025, exceeding guidance and raising its full-year outlook, showcasing strong commercial and technical momentum [6] - Rigetti has shown modest revenue growth due to contract timing but is advancing its technology roadmap, while D-Wave has shifted focus to revenue generation [7] Stock Performance - QBTS shares have increased by 331.9% over the past year, significantly outperforming the broader Internet Software industry and the S&P 500 [9] - The current forward Price-to-Sales (P/S) ratio for QBTS is 208.34X, compared to the industry average of 4.34X, indicating a high valuation [12]