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QBTS, RGTI, IONQ: Buy, Sell or Hold Ahead of Q4 Earnings?
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Key Takeaways
Q4 earnings will reveal which quantum stocks are converting advanced technology into real revenue traction.
D-Wave reported record bookings, but deferred contracts mean Q4 revenue growth is expected to remain gradual.
IONQ posted 222% Q3 revenue growth and expects Q4 to beat Q3 after raising full-year guidance.
With the fourth-quarter 2025 earnings season about to start, investors are zeroing in on three pure-play quantum computing stocks poised to deliver solid results - D-Wave Quantum (QBTS - Free Report) , Rigetti (RGTI - Free Report) and IonQ (IONQ - Free Report) . Their upcoming results will show who is turning quantum technology into real revenues and who is still in early build-out mode.
IonQ's third-quarter revenues skyrocketed 222% year over year and management projecting the fourth quarter to outpace the third quarter. D-Wave continues to build commercial momentum with record bookings. Meanwhile, Rigetti remained in an earlier commercialization phase, with modest third-quarter sales.
For growth-oriented investors seeking differentiated exposure to next-gen computing, this upcoming earnings cycle could be a turning point, highlighting which quantum players are moving from strategy to business results.
Share Performances Sluggish Through Q4 2025 Months
During fourth-quarter 2025, QBTS managed a modest 2% gain while RGTI and IONQ slid sharply, losing 25.8% and 28.9%, respectively. A key reason was investor skepticism regarding the high valuations of these companies that are still in early, pre-commercial stages with minimal revenue and significant cash burn.
Additionally, broader tech sentiment weakened in late 2025, marked by rotation away from speculative and high-beta tech names amid macro uncertainty.
All these have led to significant stock corrections in the fourth quarter.
Q4 Stock Comparison: QBTS, RGTI, IONQ
Image Source: Zacks Investment Research
Let's see how the fourth quarter shaped up for these quantum players.
D-Wave entered the fourth quarter of 2025 with measurable commercial momentum but a lumpy revenue profile, given its business model’s reliance on multi-year system contracts and long sales cycles. In the third quarter, revenues nearly doubled to $3.7 million with bookings of $2.4 million and strong pipeline activity, including a €10 million Advantage2 contract expected to be recognized ratably over five years once operational.
D-Wave also noted that significant bookings from the European agreement will be reflected in the fourth-quarter bookings that have already exceeded $12 million. However, as the revenues are deferred and recognized over multiple years, fourth-quarter revenue growth will likely be modest. Gross margins should remain healthy (third-quarter GAAP was 71.4% and improving) but adjusted losses may persist as D-Wave continues R&D and expands its hybrid QCaaS/professional services. Overall, the fourth quarter is expected to have witnessed steady revenue growth, continued margin expansion and a narrowing adjusted net loss.
Rigetti Q4 2025 Outlook: Transition Phase With Execution Risk
In the third quarter, revenues were $1.9 million, down year over year, partly due to the expiration of the National Quantum Initiative. Management highlighted recent $5.7 million in Novera system orders and a $5.8 million AFRL contract, which should begin benefiting revenues from the fourth quarter of 2025 itself. However, lower third-quarter gross margin and operating loss suggest that Rigetti is still transitioning from R&D to sales execution.
While fourth-quarter revenues should improve as Novera systems and government contracts are recognized, there is no formal 2025 guidance offered. Adjusted net loss may improve slightly, thanks to higher margin system sales compared with prior sequencing, but Rigetti's fourth-quarter results are expected to reflect pipeline development. Cash runway remains solid, enabling continued R&D and market development through early 2026.
RGTI, carrying a Zacks Rank #3, is projected to report fourth-quarter 2025 earnings growth of 37.5% on revenue growth of 17.7%.
Image Source: Zacks Investment Research
IONQ Q4 2025 Outlook: Best Positioned Among the Three
IonQ entered fourth-quarter 2025 with the strongest setup among the three. In the third quarter, the company reported revenues of $39.9 million, which surged 222% year over year and exceeded its guidance by 37%. Management explicitly stated that fourth-quarter revenues are expected to be stronger than the third quarter, breaking historical seasonality. IonQ also raised full-year 2025 guidance to $106-$110 million, reaffirming its adjusted EBITDA range.
On the third-quarter earnings call, IonQ said that it is seeing more commercial interest across areas like computing, networking, sensing and cybersecurity, with larger customer deals in progress. Even though the company is still reporting losses, these are mainly due to heavy spending on research and development and non-cash expenses, not weaker demand. In the third quarter, IonQ posted an adjusted loss of 17 cents per share, showing gradual operational improvement. With about $3.5 billion in cash, IonQ has plenty of financial strength to keep investing in growth without near-term funding pressure.
Overall, the fourth quarter is expected to have witnessed strong revenue growth, both compared with the third quarter and year over year. Losses are expected to be in line with management’s guidance as the company continues to build its business.
IONQ, a Zacks Rank #3 company, is projected to report fourth-quarter earnings growth of 48.4% on revenue growth of 244.2%.
Image Source: Zacks Investment Research
Investor Approach Ahead of Q4 Earnings
Ahead of the fourth-quarter earnings releases, IonQ appears best positioned for near-term earnings strength, supported by clear guidance and scale, while D-Wave offers steadier progress with improving fundamentals. Rigetti holds a higher risk, tied to execution and contract conversion. Given volatility and valuation sensitivity, a measured, long-term allocation strategy, rather than short-term trading, may be more appropriate for this emerging sector.
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QBTS, RGTI, IONQ: Buy, Sell or Hold Ahead of Q4 Earnings?
Key Takeaways
With the fourth-quarter 2025 earnings season about to start, investors are zeroing in on three pure-play quantum computing stocks poised to deliver solid results - D-Wave Quantum (QBTS - Free Report) , Rigetti (RGTI - Free Report) and IonQ (IONQ - Free Report) . Their upcoming results will show who is turning quantum technology into real revenues and who is still in early build-out mode.
IonQ's third-quarter revenues skyrocketed 222% year over year and management projecting the fourth quarter to outpace the third quarter. D-Wave continues to build commercial momentum with record bookings. Meanwhile, Rigetti remained in an earlier commercialization phase, with modest third-quarter sales.
For growth-oriented investors seeking differentiated exposure to next-gen computing, this upcoming earnings cycle could be a turning point, highlighting which quantum players are moving from strategy to business results.
Share Performances Sluggish Through Q4 2025 Months
During fourth-quarter 2025, QBTS managed a modest 2% gain while RGTI and IONQ slid sharply, losing 25.8% and 28.9%, respectively. A key reason was investor skepticism regarding the high valuations of these companies that are still in early, pre-commercial stages with minimal revenue and significant cash burn.
Additionally, broader tech sentiment weakened in late 2025, marked by rotation away from speculative and high-beta tech names amid macro uncertainty.
All these have led to significant stock corrections in the fourth quarter.
Q4 Stock Comparison: QBTS, RGTI, IONQ
Image Source: Zacks Investment Research
Let's see how the fourth quarter shaped up for these quantum players.
D-Wave Q4 2025 Outlook: Gradual Earnings Improvement
D-Wave entered the fourth quarter of 2025 with measurable commercial momentum but a lumpy revenue profile, given its business model’s reliance on multi-year system contracts and long sales cycles. In the third quarter, revenues nearly doubled to $3.7 million with bookings of $2.4 million and strong pipeline activity, including a €10 million Advantage2 contract expected to be recognized ratably over five years once operational.
D-Wave also noted that significant bookings from the European agreement will be reflected in the fourth-quarter bookings that have already exceeded $12 million. However, as the revenues are deferred and recognized over multiple years, fourth-quarter revenue growth will likely be modest. Gross margins should remain healthy (third-quarter GAAP was 71.4% and improving) but adjusted losses may persist as D-Wave continues R&D and expands its hybrid QCaaS/professional services. Overall, the fourth quarter is expected to have witnessed steady revenue growth, continued margin expansion and a narrowing adjusted net loss.
This Zacks Rank #3 (Hold) company is projected to report fourth-quarter earnings growth of 86.5% on revenue growth of 79.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Rigetti Q4 2025 Outlook: Transition Phase With Execution Risk
In the third quarter, revenues were $1.9 million, down year over year, partly due to the expiration of the National Quantum Initiative. Management highlighted recent $5.7 million in Novera system orders and a $5.8 million AFRL contract, which should begin benefiting revenues from the fourth quarter of 2025 itself. However, lower third-quarter gross margin and operating loss suggest that Rigetti is still transitioning from R&D to sales execution.
While fourth-quarter revenues should improve as Novera systems and government contracts are recognized, there is no formal 2025 guidance offered. Adjusted net loss may improve slightly, thanks to higher margin system sales compared with prior sequencing, but Rigetti's fourth-quarter results are expected to reflect pipeline development. Cash runway remains solid, enabling continued R&D and market development through early 2026.
RGTI, carrying a Zacks Rank #3, is projected to report fourth-quarter 2025 earnings growth of 37.5% on revenue growth of 17.7%.
Image Source: Zacks Investment Research
IONQ Q4 2025 Outlook: Best Positioned Among the Three
IonQ entered fourth-quarter 2025 with the strongest setup among the three. In the third quarter, the company reported revenues of $39.9 million, which surged 222% year over year and exceeded its guidance by 37%. Management explicitly stated that fourth-quarter revenues are expected to be stronger than the third quarter, breaking historical seasonality. IonQ also raised full-year 2025 guidance to $106-$110 million, reaffirming its adjusted EBITDA range.
On the third-quarter earnings call, IonQ said that it is seeing more commercial interest across areas like computing, networking, sensing and cybersecurity, with larger customer deals in progress. Even though the company is still reporting losses, these are mainly due to heavy spending on research and development and non-cash expenses, not weaker demand. In the third quarter, IonQ posted an adjusted loss of 17 cents per share, showing gradual operational improvement. With about $3.5 billion in cash, IonQ has plenty of financial strength to keep investing in growth without near-term funding pressure.
Overall, the fourth quarter is expected to have witnessed strong revenue growth, both compared with the third quarter and year over year. Losses are expected to be in line with management’s guidance as the company continues to build its business.
IONQ, a Zacks Rank #3 company, is projected to report fourth-quarter earnings growth of 48.4% on revenue growth of 244.2%.
Image Source: Zacks Investment Research
Investor Approach Ahead of Q4 Earnings
Ahead of the fourth-quarter earnings releases, IonQ appears best positioned for near-term earnings strength, supported by clear guidance and scale, while D-Wave offers steadier progress with improving fundamentals. Rigetti holds a higher risk, tied to execution and contract conversion. Given volatility and valuation sensitivity, a measured, long-term allocation strategy, rather than short-term trading, may be more appropriate for this emerging sector.