D-Wave’s Big Deal, Bigger Question: Can Sales Catch Up to the Hype?

Core Insights - D-Wave Quantum Inc. has had a significant year, highlighted by a $550 million acquisition of Quantum Circuits, enhancing its capabilities in gate-model quantum technology [4] - Despite the acquisition, D-Wave's stock (QBTS) has seen a 27% decline year to date, raising concerns about its ability to grow sales and achieve profitability [5] - The company announced two major contracts worth $30 million, which may help alleviate investor concerns regarding revenue generation [8] Company Developments - The acquisition of Quantum Circuits is expected to position D-Wave as a leading player in the quantum computing sector, although it raises concerns about potential dilution due to $330 million in shelf registrations [4] - D-Wave's revenue growth has been modest, with a reported revenue of $3.7 million in Q3 2025, despite a year-over-year increase of over 100% [6] - The nature of D-Wave's contracts is under scrutiny; while one-off system sales boost revenue, they do not provide recurring income, which is essential for long-term growth [7] Sales and Revenue - The two new contracts include a $20 million deal with Florida Atlantic University for an Advantage2 annealing computer and a $10 million contract for quantum-computing-as-a-service tools with a Fortune 100 company [5][8] - The QCaaS contract is seen as a potential avenue for recurring revenue, which could lead to further contracts and growth opportunities for D-Wave [7][8]