ZACKS·2026-02-24 20:00Core Insights - IonQ and D-Wave Quantum are set to report their fourth-quarter 2025 results, with investors looking for confirmation of financial progress after a year of capital raises and technical advancements [1] Group 1: IonQ Performance - IonQ reported a 222% year-over-year revenue growth in Q3, with expectations for sequential revenue increase in Q4, projecting full-year revenues between $106 million and $110 million [2][10] - The company achieved a record 99.99% two-qubit fidelity and strengthened its balance sheet with a $2 billion capital raise, increasing liquidity to approximately $3.5 billion [7][10] - Despite strong growth prospects, IonQ's stock fell 28.9% in Q4 due to market volatility and ongoing losses, with full-year EBITDA loss guidance of $206 million to $216 million [5][7] Group 2: D-Wave Quantum Performance - D-Wave Quantum entered Q4 with lower revenue scale but solid near-term commercialization, expecting Q4 revenues of $4.14 million and bookings above $12 million [8][14] - The company has a cash reserve of over $800 million, which provides stability, but ongoing EBITDA losses limit upside potential [6][10] - D-Wave's stock rose only 2% in Q4, reflecting resilience amid a broader tech pullback, with third-quarter revenues reported at $3.7 million [5][6] Group 3: Market Expectations - Investors are advised to compare IonQ's technology roadmap with D-Wave's commercial adoption and booking momentum as they position for 2026 outcomes [3] - The Zacks Consensus Estimate for IonQ's Q4 revenues is $40.3 million, indicating a 244.2% year-over-year growth, while the estimate for D-Wave's revenues is $4.14 million, reflecting a 79.1% year-over-year growth [11][14] - Both companies currently hold a Zacks Rank 3 (Hold), suggesting that investors may prefer to wait for Q4 results to confirm revenue strength and spending control before making new investments [16]