Core Insights - IonQ reported a significant GAAP net loss of $3.58 per share in Q3 2025, which was much wider than the Zacks Consensus Estimate of a loss of 44 cents and the previous year's loss of 24 cents per share [1][9] - The GAAP loss was heavily influenced by non-cash and non-recurring items, particularly a warrant revaluation expense that reduced EPS by $2.99, along with costs related to acquisitions [2][9] - Despite the substantial GAAP loss, the stock rose by 3.8% following the earnings release, indicating investor confidence in the company's long-term growth potential [3] Technological Roadmap - The company is focused on advancing trapped-ion quantum computing technology, which offers superior qubit fidelity and long coherence times [4] - IonQ is making progress on its next-generation Fortune and Tempo systems, aimed at delivering significant improvements in algorithmic qubit performance [4] - The acquisitions of Oxford Ionics and Vector Atomic are expected to enhance IonQ's capabilities in atomic control and quantum sensing, accelerating its development of error-corrected systems [5] Strong Future Outlook - IonQ reaffirmed its expectation to achieve AQ 64 algorithmic qubit performance by late 2026 [6] - The company reiterated its 2025 full-year revenue guidance of $40–$42 million, supported by a strong pipeline of government and enterprise contracts [6] Peers' Position Ahead of Q3 - Quantum Computing (QUBT) is set to release earnings on Nov. 14, with a new photonic chip foundry expected to drive growth [7] - Rigetti Computing (RGTI) will release results on Nov. 10, having successfully rolled out a new 36-qubit multi-chip system [11] Valuation and 2025 Estimates - IonQ's forward 12-month price/sales ratio stands at 123.36, significantly above the industry average [12] - The Zacks Consensus Estimate for IonQ's 2025 loss per share remains unchanged at $1.58, indicating a wider loss than the previous year's reported loss of $1.56 per share [13]

Group 1 - The Magnificent Seven stocks, which include Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla, have shown solid gains in 2024 and continued positive performance into the final months of 2025 [1] - These stocks have a significant influence on the market due to their large market capitalizations [1] - D-Wave reported a smaller-than-expected Q3 loss, but its revenue exceeded expectations, leading to a decline in its stock price [2] Group 2 - IonQ's earnings missed expectations, while its revenue beat forecasts, indicating mixed performance in the quantum computing sector [4] - Tesla's stock has declined as shareholders consider the future of Musk's 'Robot Army' initiative [4] - Nvidia's stock is experiencing upward movement following reports of competition in the AI chip market, raising questions about its investment potential [4]

Core Insights - D-Wave Quantum (NASDAQ: QBTS) reported a revenue beat, leading to a share price increase of up to 9.4% in early trading [1] - However, the stock experienced a pullback, resulting in a loss of 3.45% by mid-morning [1] Company Performance - The revenue performance exceeded market expectations, indicating strong operational results for D-Wave Quantum [1] - The initial positive market reaction reflects investor confidence in the company's growth potential [1] Market Reaction - The stock's volatility highlights the sensitivity of investor sentiment to earnings reports and market conditions [1] - The significant early gain followed by a pullback suggests a cautious approach among investors despite the revenue beat [1]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $3.7 million, a 100% increase from $1.9 million in Q3 2024 [25] - GAAP gross profit for Q3 2025 was $2.7 million, up 156% from $1 million in Q3 2024 [28] - Net loss for Q3 2025 was $140.8 million, compared to a net loss of $22.7 million in Q3 2024, primarily due to $121.9 million in non-cash non-operating charges [29] - Adjusted Net Loss for Q3 2025 was $18.1 million, a decrease of $5.1 million from $23.2 million in Q3 2024 [30] - Cash balance as of September 30, 2025, was $836.2 million, a 2,700% increase from $29.3 million a year earlier [40] Business Line Data and Key Metrics Changes - Q3 2025 revenue included $1.8 million from systems revenue, $1.4 million from Quantum Computing as a Service (QCAS), and $500,000 from professional services [26] - Bookings for Q3 2025 totaled $2.4 million, a 3% increase from $2.3 million in Q3 2024 [26] - Year-to-date revenue for the first nine months of 2025 was $21.8 million, a 235% increase from $6.5 million in the same period of 2024 [31] Market Data and Key Metrics Changes - D-Wave has over 100 revenue-generating customers, including approximately two dozen Forbes Global 2000 companies [28] - The company signed a EUR 10 million agreement for a D-Wave Advantage2 system in Europe, which will be recognized over five years [27] Company Strategy and Development Direction - D-Wave is focused on commercializing its quantum computing technology, emphasizing customer success and sales as key to growth [6][7] - The company aims to be the first independent, publicly held quantum computing company to achieve sustained profitability [41] - D-Wave is developing both annealing and gate model quantum computers, with a focus on superconducting technology [14][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing interest from the U.S. government in D-Wave's technology for national security applications [46][47] - The company is optimistic about its growth trajectory, with a strong pipeline for system sales and QCAS deals [21] - Management noted that the quantum computing market is evolving, with a focus on real-world applications rather than experimental systems [39] Other Important Information - D-Wave's Advantage2 system has been recognized for demonstrating quantum supremacy on useful real-world problems [19][20] - The company is exploring innovative procurement models, such as the Q-Alliance deal, which could serve as a blueprint for future agreements [62] Q&A Session Summary Question: Significance of U.S. government attention - Management emphasized that D-Wave's approach differs from other quantum companies, focusing on delivering value rather than seeking R&D funding [46][47] Question: Details on gate model product and timeline - Management confirmed the use of superconducting technology for the gate model and provided a timeline of several years for a scaled error-corrected system [50][52] Question: Davidson relationship and national security initiatives - Management stated that the next step with Davidson is to secure the system for classified applications, marking a significant milestone [56] Question: Q-Alliance transaction details - Management clarified that the EUR 10 million contract does not imply a straightforward doubling for the full system purchase, as there are additional benefits for customers [59][60] Question: Investment in R&D and operational capabilities - Management confirmed a planned 15% increase in operating expenses, primarily in R&D, to accelerate technology development [66][68] Question: Focus on ancillary quantum opportunities - Management stated that D-Wave remains focused on quantum computing and does not view other modalities as central to its strategy [74]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $3.7 million, a 100% increase from $1.9 million in Q3 2024 [25] - GAAP gross profit for Q3 2025 was $2.7 million, up 156% from $1 million in Q3 2024 [28] - Net loss for Q3 2025 was $140.8 million, compared to a net loss of $22.7 million in Q3 2024, primarily due to $121.9 million in non-cash non-operating charges [29] - Adjusted net loss for Q3 2025 was $18.1 million, a decrease from $23.2 million in Q3 2024 [30] - Cash balance as of September 30, 2025, was $836.2 million, a 2,700% increase from $29.3 million a year earlier [40] Business Line Data and Key Metrics Changes - Q3 2025 revenue included $1.8 million from systems revenue, $1.4 million from QCAS revenue, and $500,000 from professional services [26] - Bookings for Q3 2025 totaled $2.4 million, a 3% increase from $2.3 million in Q3 2024 [26] - Year-to-date revenue for the nine months ended September 30, 2025, was $21.8 million, a 235% increase from $6.5 million in the same period in 2024 [31] Market Data and Key Metrics Changes - D-Wave has over 100 revenue-generating customers, including approximately two dozen Forbes Global 2000 companies [28] - The company signed a EUR 10 million agreement for a D-Wave Advantage II system in Europe, which will be reflected in Q4 bookings [27] Company Strategy and Development Direction - D-Wave is focused on commercializing quantum computing solutions, emphasizing customer success and sales as key to growth [6][7] - The company aims to be the first independent, publicly held quantum computing company to achieve sustained profitability [41] - D-Wave is developing both annealing and gate model quantum computers, leveraging superconducting technology for scalability and performance [14][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing interest from the U.S. government in D-Wave's technology for solving real-world problems [46][47] - The company is optimistic about future booking activity and the potential for larger enterprise deals [28] - Management noted that the first nine months of 2025 have been remarkable, with significant advancements in technology and customer engagement [21] Other Important Information - D-Wave's Advantage II system has been recognized for demonstrating quantum supremacy on a useful real-world problem [19][20] - The company is exploring innovative deployment models, such as the Q Alliance deal, which could serve as a blueprint for future agreements [62] Q&A Session Summary Question: Significance of U.S. government attention - Management emphasized that D-Wave's approach differs from other quantum companies, focusing on delivering value rather than seeking R&D funding [46][47] Question: Details on Gate model product and superconducting computer - Management confirmed the use of fluxonium qubits for the Gate model, with a timeline for demonstration expected within the next year [50][52] Question: Davidson relationship and national security initiatives - Management stated that the next step is to secure the system for classified applications, potentially making it the first quantum computer certified for such use [56] Question: Q Alliance transaction details - Management clarified that the EUR 10 million contract does not imply a straightforward doubling for the full system purchase, as there are additional benefits for customers [59][60] Question: Investment in R&D and operational capabilities - Management indicated a planned 15% increase in operating expenses, primarily in R&D, to accelerate technology development and go-to-market capabilities [66][68]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 totaled $3.7 million, an increase of approximately $1.8 million or 100% from Q3 2024 revenue of $1.9 million [26] - GAAP gross profit for Q3 2025 was $2.7 million, an increase of $1.7 million or 156% from Q3 2024 gross profit of $1 million [30] - Net loss for Q3 2025 was $140.8 million, or $0.41 per share, compared with a net loss of $22.7 million or $0.11 per share in Q3 2024 [31] - Adjusted net loss for Q3 2025 was $18.1 million or $0.05 per share, a decrease of $5.1 million or $0.07 per share compared to Q3 2024 [32] - Cash balance as of September 30, 2025, was $836.2 million, representing a 2,700% increase from $29.3 million a year earlier [41] Business Line Data and Key Metrics Changes - Q3 2025 revenue comprised $1.8 million in systems revenue, $1.4 million in QCAS revenue, and $500,000 in professional services revenue [27] - Bookings for Q3 2025 totaled $2.4 million, an increase of approximately $100,000 or 3% compared to Q3 2024 bookings of $2.3 million [27] - Year-to-date revenue for the nine months ended September 30, 2025, was $21.8 million, an increase of $15.3 million or 235% from $6.5 million for the same period in 2024 [33] Market Data and Key Metrics Changes - The company signed a EUR 10 million agreement to place a D-Wave Advantage II system in Europe, which will be reflected in Q4 bookings [27] - Over the most recent four quarters, D-Wave had over 100 revenue-generating customers, including approximately two dozen Forbes Global 2000 companies [29] Company Strategy and Development Direction - D-Wave is focused on commercializing its quantum computing technology, emphasizing customer success and sales as key to business growth [5][6] - The company aims to be the first independent, publicly held quantum computing company to achieve sustained profitability [42] - D-Wave is pursuing superconducting technology for both annealing and gate model quantum computers, believing it will provide a competitive advantage [15][17] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. government is beginning to recognize the value of D-Wave's systems for solving real-world problems, marking a shift in attention [48] - The company is optimistic about its ability to secure more government contracts and expand its market presence [48] - Management highlighted the importance of transitioning applications into production to drive future revenue growth [72] Other Important Information - D-Wave's Advantage II system has been recognized for demonstrating quantum supremacy on a useful real-world problem [19][20] - The company is exploring innovative deployment models, such as the Q Alliance deal, which could serve as a blueprint for future agreements [66] Q&A Session Summary Question: Significance of U.S. government attention - Management emphasized that D-Wave's approach differs from other quantum companies, focusing on delivering value rather than seeking R&D funding [48] Question: Details on Gate model product and timeline - The company is using superconducting technology for its Gate model quantum computer, with a timeline for demonstration expected within the next year [54] Question: Davidson relationship and national security initiatives - Management stated that they are working on securing the system for classified applications, potentially making it the first quantum computer certified for such use [58] Question: Q Alliance transaction details - Management did not disclose specific purchase details but indicated that the €10 million contract does not imply a simple doubling for the full system purchase [62] Question: Investment in R&D and operational expectations - Management confirmed an expected 15% increase in operating expenses, primarily in R&D, with a focus on accelerating the Gate model program [71]

Core Insights - The WisdomTree Quantum Computing Fund (WQTM) launched on October 9, 2023, and is positioned to capitalize on the growing interest in quantum computing as a thematic investment opportunity [2][4]. Market Timing and Sentiment - WQTM's launch coincides with a burgeoning interest in quantum computing, which may attract investors looking for the next significant technological advancement following AI [3][4]. - The fund's success may be influenced by market participants' curiosity about emerging technologies, potentially leading to increased investment in quantum computing [3]. Fundamental Case for Quantum Computing - JPMorgan announced a $1.5 trillion investment initiative over the next decade, targeting industries critical to U.S. economic security, including quantum computing [5][6]. - The quantum computing sector is projected to generate over $1 billion in revenue in the U.S. this year, marking a significant milestone, with future growth estimates ranging from $45 billion to $131 billion by 2040 according to McKinsey [8]. Industry Growth Potential - Emerging leaders in the quantum computing industry are beginning to experience substantial revenue growth, indicating the potential for exponential growth in the sector [7].

Core Insights - IonQ reported a larger-than-expected loss for Q3, with a net loss of $1.1 billion, while revenue increased by 222% to $39.9 million, surpassing analyst expectations [2][3]. Financial Performance - For Q3, IonQ's loss was $3.58 per share compared to a loss of 24 cents per share a year earlier [2]. - Analysts had anticipated a loss of 44 cents per share and revenue of $27 million, indicating IonQ significantly outperformed revenue expectations [2]. Full-Year Guidance - IonQ raised its 2025 revenue guidance to a range of $106 million to $110 million, highlighting the benefits of its full-stack quantum platform [3]. - The company is now positioned to pursue large federal contracts, potentially worth nine figures, although these contracts may take several years to finalize [3]. Market Reaction - Following the earnings report, IonQ's stock rose nearly 5% to $58.10, having gained 27% in 2025 prior to the report [4]. - The stock has retreated from a record high of $84.64 set on October 13 [4]. Acquisitions - In Q2, IonQ made significant acquisitions, including Lightsynq, Capella, and Oxford Ionics for over $1 billion, which have been completed [5]. Technical Ratings - IonQ holds a Composite Rating of 68 out of a best-possible 99, indicating moderate growth potential [7]. - The stock has an Accumulation/Distribution Rating of B+, suggesting a favorable buying trend among institutional investors [8].

Core Insights - ZenaTech, Inc. has been invited to present to VIP investor groups in Palm Beach, Florida, from November 10-14, 2025, including a roundtable at The Mar-a-Lago Club [1][2] - The events will focus on ZenaTech's growth opportunities, drone technology, and the evolving industry and regulatory landscape [1] Company Overview - ZenaTech specializes in AI-driven drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions for mission-critical business applications [4] - The company has been operational since 2017, enhancing its drone design and manufacturing capabilities through its subsidiary, ZenaDrone [4] - ZenaTech's solutions are utilized across various sectors, including law enforcement, health, government, agriculture, defense, and logistics, driving operational efficiencies and cost savings [4] Product Offerings - ZenaDrone develops autonomous drone solutions that integrate machine learning, AI, predictive modeling, and Quantum Computing [5] - The ZenaDrone 1000 is used for crop management and critical field cargo applications, while the IQ Nano is designed for inventory management and security [5] - The IQ Square is an outdoor drone intended for land surveys and inspections in commercial and defense sectors [5] Investor Engagement - ZenaTech will also participate in The PIPEs Conference in Fort Lauderdale, engaging in one-on-one briefings with institutional investors and family offices [3] - Interested parties can arrange meetings with ZenaTech's executive team during their time in Florida [3]

Core Insights - The quantum-computing company reported a revenue of $3.7 million in the third quarter [1] Financial Performance - The company achieved $3.7 million in revenue during the third quarter [1]