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]

Core Insights - D-Wave Quantum Inc. reported a net loss of 41 cents per share for Q3 2025, which was worse than the Zacks Consensus Estimate of a loss of 7 cents and compared unfavorably to a loss of 11 cents in the same period last year [1][9] - The company achieved revenues of $3.74 million in Q3 2025, representing a 100% year-over-year increase and exceeding the Zacks Consensus Estimate by 19.84% [2][9] - D-Wave's gross profit for the quarter was $2.7 million, a 156% increase from the previous year, with a gross margin expansion of 1560 basis points to 71.4% [4][9] Revenue and Bookings - Revenues for Q3 2025 were $3.74 million, up 100% year over year, and bookings reached $2.4 million, a 3% increase from the previous year [2] - The company has over 100 revenue-generating customers, including nearly two dozen from the Forbes Global 2000 list [2] Margin Performance - GAAP gross profit was $2.7 million, with a gross margin of 71.4%, reflecting a significant year-over-year improvement [4] - On an adjusted basis, gross profit was $2.9 million, with an adjusted gross margin of 77.7%, marking a 1050-basis point increase from the prior year [5] Financial Position - D-Wave ended Q3 2025 with cash and cash equivalents of $836.2 million, up from $819.3 million at the end of Q2 2025 [6] - The company raised $39.9 million in cash proceeds from the exercise of warrants during the quarter [6] Business Developments - D-Wave signed several new and renewing customer engagements, including partnerships with major companies like BASF to optimize manufacturing workflows [8] - The company is experiencing strong momentum across all business categories, indicating success in accelerating global quantum computing adoption [7]

Core Insights - IonQ reported a net loss of $3.58 per share in Q3 2025, significantly wider than the Zacks Consensus Estimate of a loss of 44 cents and above the previous year's loss of 24 cents [1] - Revenues for Q3 reached $39.87 million, representing a 222% year-over-year growth and exceeding the high end of the company's prior guidance by 37%, beating the Zacks Consensus Estimate by 47.57% [1] Financial Performance - The cost of revenues (excluding depreciation and amortization) in Q3 totaled $21.3 million, up 226.2% year-over-year, primarily due to increased labor and materials costs [3] - Sales and marketing costs rose 117.8% to $14.4 million, driven by higher payroll-related expenses and promotional costs [3] - Research and development costs increased by 99.8% year-over-year to $66.3 million, while general and administrative costs surged 476.1% to $82.5 million [4] - IonQ posted an adjusted EBITDA loss of $48.9 million in Q3 [4] Cash Position and Outlook - As of September 30, IonQ had cash, cash equivalents, and investments totaling $1.5 billion, with a pro-forma amount of $3.5 billion following a $2 billion equity offering that closed on October 14, 2025 [5] - Cumulative net cash used in operating activities reached $208.7 million compared to $66.3 million in the same period last year [5] - For the full year 2025, IonQ expects revenues between $106 million and $110 million, up from a previous estimate of $82-$100 million, while reaffirming its adjusted EBITDA loss guidance between ($206) million and ($216) million [6] Strategic Developments - IonQ achieved a milestone algorithmic qubit score of AQ 64 on an IonQ Tempo system, three months ahead of schedule, meeting its technical goal for the year [7] - The company announced a breakthrough in synthetic diamond materials, enhancing quantum networking scale and production [7] - IonQ completed the acquisition of Oxford Ionics, which strengthens its quantum hardware capabilities [9]

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]

Core Insights - Quantum Computing Inc. (QUBT) is transitioning from pure research and development to scaled-product commercialization, marking a significant evolution in its business model [1] Product Development and Revenue Streams - QCi's product portfolio includes early revenue streams and diversification across quantum technologies, highlighted by a contract with the National Institute of Standards and Technology (NIST) for thin-film lithium niobate (TFLN) photonic chips, showcasing its advanced foundry and prototyping capabilities [2] - The Quantum Photonic Vibrometer (QPV) delivered to Delft University of Technology enables precise, high-speed sensing with single-photon sensitivity, capable of detecting vibration amplitudes as small as 110 nanometers [2] - The EmuCore reservoir computing device sold to an automotive manufacturer demonstrates QCi's expansion into edge computing and AI, providing fast, energy-efficient processing for tasks like time-series prediction and image recognition, validating QCi's technology in real-world applications [3] Operational Expansion - QCi has launched a quantum photonic chip foundry in Tempe, AZ, marking a key milestone in its shift to full production, which is central to its multi-phase growth strategy aimed at scaling capacity and enhancing vertical integration [4] Market Position and Performance - These developments position QCi as a serious contender in the quantum technology landscape, with potential for sustainable revenue growth [5] - Over the past year, QCi's shares have increased by 1122.4%, significantly outperforming the industry's growth of 17.4% and the S&P 500's growth of 19.6% [9] Valuation Metrics - QUBT currently trades at a forward 12-month Price-to-Sales (P/S) ratio of 2308.00X, compared to the industry average of 5.56X, indicating a high valuation relative to peers [11]

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].