D-Wave Quantum’s stock (NASDAQ: QBTS) is trading up 5.95% through this morning’s pre-market with earnings on deck before market open.
All eyes are on on the print, with analysts projecting revenue of $10.5 million, a 326% year-over-year increase, driven by the sale of its Advantage annealing quantum computer. This forecast represents a stark acceleration from the company’s 2024 performance, where annual revenue remained flat at $8.8 million despite a 128% surge in bookings.
The anticipated revenue jump signals potential operational scalability, particularly as the company transitions from research partnerships to commercial deployments.
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Markets will also be scrutinizing D-Wave’s cash position, which exceeded $300 million as of Q1 2025. This liquidity buffer, bolstered by a $161.3 million equity raise in late 2024, provides runway for R&D and customer acquisition but raises questions about long-term dilution risks.
The company’s ability to convert its $23.9 million in 2024 bookings into recognised revenue will be critical to sustaining investor confidence.
D-Wave’s Q4 2024 results revealed a widening net loss of $86.1 million, up from $16 million year-over-year, attributed to non-cash charges tied to warrant liabilities. However, excluding these one-time items, the adjusted net loss narrowed to $75.6 million, with gross margins improving to 72.8% on higher-margin quantum-as-a-service (QCaaS) contracts.
| Metric | Value |
|---|---|
| Current Revenue (FY24) | $8.8M |
| Projected Q1 2025 Revenue | $10.5M (+326% YoY) |
| Current Net Loss | -$143.9M |
| Gross Margin | 72.8% |
| Cash Position | $300M+ |
Recent Developments
On April 29, 2025, D-Wave’s stock fell 3% following a short report by Kerrisdale Capital, which accused the company of overstating its quantum computing capabilities and relying on “classical computing solutions.” The short interest in QBTS stands at 17% of the float, reflecting skepticism about its valuation, which trades at a price-to-sales ratio of 262.07.
Operationally, the company achieved quantum computational supremacy in 2024, solving a materials simulation problem faster than classical supercomputers in a milestone that was published in Science. Collaborations with Japan Tobacco and Ford Motor Company demonstrated practical applications in drug discovery and manufacturing optimization, respectively.
These advancements underscore D-Wave’s technical credibility but have yet to translate into sustained revenue growth.
Analyst Sentiment
Wall Street remains bullish, with all six analysts covering QBTS maintaining a Strong Buy rating and a median price target of $9.90 (37.4% upside from the current $7.21). Craig-Hallum and other firms highlight D-Wave’s first-mover advantage in quantum annealing and its expanding client base, which includes 28 Forbes Global 2000 companies.
There is a 14.7% implied move in the QBTS stock post-earnings based on options activity.
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