D-Wave Quantum Earnings On Deck: Stock (QBTS) Displays Volatility Leading In

D-Wave Quantum Inc. (NYSE: QBTS) is set to announce its second-quarter fiscal year earnings before the market opens tomorrow, and the stock had been riding a wave of bullish sentiment into the event. That is, prior to this morning's price action, which has QBTS down 4.5% on the day, giving up $17.50 early on.

Analysts are projecting a quarterly loss per share of approximately -$0.05, with full-year estimates at -$0.17 per share. They also project D-Wave Quantum to report Q2 2025 revenue of $2.54 million, up from $2.18 million a year ago, representing a year-over-year growth of 16.41%, as the company continues to expand its presence in the quantum computing market.

Markets will be particularly focused on management's forward guidance, commentary on partnerships, and progress on commercial growth. D-Wave will host a conference call at 8:00 a.m. Eastern Time to discuss the results and outlook.

The stock's recent performance has been pretty remarkable, having moved from a 52-week low of $0.75 to its current levels, almost 2,000% higher. This extreme volatility reflects the speculative nature of the quantum computing market and the high degree of interest in D-Wave’s technological advancements.

D-Wave's first-quarter results for 2025 was undoubtedly a positive. The company reported a record revenue of $15 million, a 509% increase from the previous year, with the net loss reduced to $5.4 million, the lowest since the company went public.

The company's expanding customer base, including collaborations with NTT DOCOMO and Japan Tobacco, highlights the growing practical applications of its quantum solutions across various sectors. These partnerships validate the real-world utility of D-Wave's technology.

Investors should brace for a high-volatility lead in, with peer's such as IONQ reporting this evening. The focus will be on D-Wave’s revenue growth trajectory, updates to forward guidance, and any commentary on commercial adoption and strategic partnerships. The stock’s technical setup and analyst outlook remain bullish, but the extremely wide historical price range suggests continued volatility post-earnings cannot be discounted.

In the weeks ahead of earnings, 1 analyst has raised projections on EPS, while 2 have lowered.