We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
QBTS Soars 332% in a Year: Quantum Revenue Growth to Continue in 2026?
Read MoreHide Full Article
Key Takeaways
QBTS shifted from research to revenues in 2025, with Q1 revenues up 509% from an Advantage2 system sale.
Later quarters' revenues kept rising, as Q3 revenues grew 100% YoY and gross profit expanded despite high R&D.
QBTS entered 2026 with euro 10M Italy bookings, strong cash and a growing services pipeline.
Over the course of 2025, D-Wave Quantum (QBTS - Free Report) moved noticeably from purely research-oriented results toward measurable revenue traction as its quantum systems began generating meaningful top-line figures. In the first quarter of 2025, revenues jumped 509% year over year, driven by the sale of an Advantage2 quantum system, a key transition from services to high-value system sales. Gross margins expanded sharply as a result.
The subsequent 2025 quarters showed that total revenues continued to rise. In the last-reported third-quarter 2025 alone, revenues increased 100% year over year and gross profit expanded significantly, even as the company maintained elevated R&D investment to sustain technological progress.
D-Wave also confirmed strong commercial momentum heading into the fourth quarter, including €10 million in bookings for 50% capacity of an Advantage2 system in Italy that will contribute to future revenue recognition once operational.
In 2026, QBTS is clearly showing a transition toward commercial momentum, supported by strong balance-sheet cash positions, expanding enterprise and government customer engagements and a growing services pipeline expected to contribute to recurring revenues.
Going by the Zacks Consensus Estimate, the company is expected to report earnings growth of 86.5% on revenue growth of 79.1% in the fourth quarter of 2025. In 2026, QBTS is projected to report earnings growth of 7% on revenue growth of 61.1%.
Image Source: Zacks Investment Research
Peer Update
IonQ (IONQ - Free Report) : The company showed notable commercial and technical momentum through 2025. For the third quarter, IonQ reported $39.9 million in revenues, exceeding guidance and prompting the company to raise its full-year 2025 outlook to $106-$110 million. The third quarter also reflected key technical progress, including a 99.99% two-qubit gate fidelity milestone, strengthening IonQ’s execution on scalability and performance. With $3.5 billion in pro-forma cash following a $2 billion equity raise at third-quarter 2025 end, the company is well capitalized to fund continued R&D, expand partnerships and support a growing commercial pipeline in 2026.
Rigetti (RGTI - Free Report) : The company, in the first three quarters of 2025, reported modest and uneven revenues due largely to contract timing. Operationally, the company continued advancing its chiplet-based superconducting roadmap, demonstrating multi-chip systems and targeting 150+ qubit platforms by late 2026, with further scaling goals beyond that. With over $600 million in cash and no debt, Rigetti has sufficient runway, but ongoing operating losses and limited revenue scale indicate that near-term performance remains closely tied to technical milestones and government or enterprise contract wins rather than broad commercial adoption.
QBTS' Price Performance
In the past year, QBTS shares have risen 331.9% against the broader Internet Software industry’s 6.8% decline. The stock also far outpaced the S&P 500’s 13.6% gain.
One-Year Price Comparison
Image Source: Zacks Investment Research
QBTS' Expensive Valuation
QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 208.34X compared with the industry average of 4.34X.
Image: Bigstock
QBTS Soars 332% in a Year: Quantum Revenue Growth to Continue in 2026?
Key Takeaways
Over the course of 2025, D-Wave Quantum (QBTS - Free Report) moved noticeably from purely research-oriented results toward measurable revenue traction as its quantum systems began generating meaningful top-line figures. In the first quarter of 2025, revenues jumped 509% year over year, driven by the sale of an Advantage2 quantum system, a key transition from services to high-value system sales. Gross margins expanded sharply as a result.
The subsequent 2025 quarters showed that total revenues continued to rise. In the last-reported third-quarter 2025 alone, revenues increased 100% year over year and gross profit expanded significantly, even as the company maintained elevated R&D investment to sustain technological progress.
D-Wave also confirmed strong commercial momentum heading into the fourth quarter, including €10 million in bookings for 50% capacity of an Advantage2 system in Italy that will contribute to future revenue recognition once operational.
In 2026, QBTS is clearly showing a transition toward commercial momentum, supported by strong balance-sheet cash positions, expanding enterprise and government customer engagements and a growing services pipeline expected to contribute to recurring revenues.
Going by the Zacks Consensus Estimate, the company is expected to report earnings growth of 86.5% on revenue growth of 79.1% in the fourth quarter of 2025. In 2026, QBTS is projected to report earnings growth of 7% on revenue growth of 61.1%.
Image Source: Zacks Investment Research
Peer Update
IonQ (IONQ - Free Report) : The company showed notable commercial and technical momentum through 2025. For the third quarter, IonQ reported $39.9 million in revenues, exceeding guidance and prompting the company to raise its full-year 2025 outlook to $106-$110 million. The third quarter also reflected key technical progress, including a 99.99% two-qubit gate fidelity milestone, strengthening IonQ’s execution on scalability and performance. With $3.5 billion in pro-forma cash following a $2 billion equity raise at third-quarter 2025 end, the company is well capitalized to fund continued R&D, expand partnerships and support a growing commercial pipeline in 2026.
Rigetti (RGTI - Free Report) : The company, in the first three quarters of 2025, reported modest and uneven revenues due largely to contract timing. Operationally, the company continued advancing its chiplet-based superconducting roadmap, demonstrating multi-chip systems and targeting 150+ qubit platforms by late 2026, with further scaling goals beyond that. With over $600 million in cash and no debt, Rigetti has sufficient runway, but ongoing operating losses and limited revenue scale indicate that near-term performance remains closely tied to technical milestones and government or enterprise contract wins rather than broad commercial adoption.
QBTS' Price Performance
In the past year, QBTS shares have risen 331.9% against the broader Internet Software industry’s 6.8% decline. The stock also far outpaced the S&P 500’s 13.6% gain.
One-Year Price Comparison
Image Source: Zacks Investment Research
QBTS' Expensive Valuation
QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 208.34X compared with the industry average of 4.34X.
Image Source: Zacks Investment Research
QBTS stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.