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IONQ raised $2B in October, boosting liquidity to about $3.5B amid heavy R&D spending.
QBTS projects $4.14M Q4 revenues, with bookings above $12M and $800M in cash.
IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) are expected to report fourth-quarter 2025 results this week. After a year marked by aggressive capital raises, strong technical claims and expanding pipelines, investors now need confirmation that momentum is translating into measurable financial progress.
IonQ exited the third quarter with 222% year-over-year revenue growth and signaled a sequential increase in fourth-quarter revenues. It also strengthened its balance sheet and reached record 99.99% two-qubit fidelity and scaling milestones. D-Wave Quantum entered the fourth quarter with a lower revenue scale, but near-term commercialization was solid. System sales (including the Julich upgrade) and a €10 million European Advantage2 agreement are expected to have strengthened fourth-quarter bookings. The more than $800 million in cash further enhances its competitive posture.
As earnings approach, investors should weigh IonQ’s technology roadmap against D-Wave’s tangible commercial adoption and booking momentum when positioning for 2026 outcomes.
IONQ-QBTS Stock Comparison During October-December 2025
Image Source: Zacks Investment Research
During the fourth-quarter months (October–December 2025), both stocks weakened amid broader macro uncertainty and a technology sector selloff, despite solid third-quarter momentum. IonQ fell 28.9% as investors grew cautious in a risk-off environment, particularly given elevated expectations tied to guidance for fourth-quarter revenues above $39.9 million and full-year revenues of $106–$110 million. Strong growth prospects were overshadowed by continued losses and valuation sensitivity to market volatility.
In the fourth quarter, D-Wave Quantum rose only 2%, reflecting resilience but limited enthusiasm. While its €10 million Advantage2 booking and $800+ million cash cushion offered stability, smaller revenue scale and ongoing EBITDA losses constrained upside during the broader tech pullback.
IONQ vs. QBTS: What to Expect Ahead of Q4 Results
After delivering $39.9 million in third-quarter revenues, up 222% year over year and well above guidance, management indicated that fourth-quarter revenues would exceed Q3 levels, lifting the full-year guidance to $106–$110 million. Operationally, the fourth quarter likely benefited from the integration of Oxford Ionics, progress on the Tempo system (#AQ 64 delivered ahead of schedule), the record 99.99% two-qubit gate fidelity milestone and the closing of the Vector Atomic acquisition. The $2 billion October capital raise, bringing liquidity to roughly $3.5 billion, further strengthens execution capacity. However, heavy R&D spending and full-year EBITDA loss guidance of $206–$216 million suggest profitability remains distant.
For D-Wave Quantum, the fourth-quarter results are expected to show steady but smaller-scale growth. Third-quarter revenues were $3.7 million and bookings improved following the €10 million Italian Advantage2 agreement, which lifted fourth-quarter bookings above $12 million at the time of the last update. Strong gross margins may continue, but higher operating expenses are likely to keep EBITDA losses elevated.
How Are Estimates Poised for IonQ and QBTS?
The Zacks Consensus Estimate for IONQ fourth-quarter EPS has remained unchanged at a loss of 48 cents per share over the past 90 days. The estimated figure indicates 48.4% improvement from the year-ago loss per share.
The consensus mark for fourth-quarter revenues is pegged at $40.3 million, indicating 244.2% year-over-year growth.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for QBTS’ fourth-quarter bottom line has remained unchanged at a loss of 5 cents per share over the past 90 days. The estimated figure indicates 86.5% improvement from the year-ago loss per share.
The consensus mark for fourth-quarter revenues is pegged at $4.14 million, indicating 79.1% year-over-year growth.
Image Source: Zacks Investment Research
Final Take
Between IonQ and D-Wave Quantum, IonQ looks better placed for faster growth in 2026 due to its higher revenue base, stronger balance sheet and government focus. However, continued losses could keep the stock volatile. D-Wave shows steady commercial progress, but from a smaller revenue base. Since both stocks carry a Zacks Rank #3 (Hold), investors may prefer to wait for fourth-quarter results to confirm revenue strength and spending control before making fresh moves. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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IONQ or QBTS: Which Stock Has the Edge Ahead of Q4 Earnings This Week?
Key Takeaways
IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) are expected to report fourth-quarter 2025 results this week. After a year marked by aggressive capital raises, strong technical claims and expanding pipelines, investors now need confirmation that momentum is translating into measurable financial progress.
IonQ exited the third quarter with 222% year-over-year revenue growth and signaled a sequential increase in fourth-quarter revenues. It also strengthened its balance sheet and reached record 99.99% two-qubit fidelity and scaling milestones. D-Wave Quantum entered the fourth quarter with a lower revenue scale, but near-term commercialization was solid. System sales (including the Julich upgrade) and a €10 million European Advantage2 agreement are expected to have strengthened fourth-quarter bookings. The more than $800 million in cash further enhances its competitive posture.
As earnings approach, investors should weigh IonQ’s technology roadmap against D-Wave’s tangible commercial adoption and booking momentum when positioning for 2026 outcomes.
IONQ-QBTS Stock Comparison During October-December 2025
Image Source: Zacks Investment Research
During the fourth-quarter months (October–December 2025), both stocks weakened amid broader macro uncertainty and a technology sector selloff, despite solid third-quarter momentum. IonQ fell 28.9% as investors grew cautious in a risk-off environment, particularly given elevated expectations tied to guidance for fourth-quarter revenues above $39.9 million and full-year revenues of $106–$110 million. Strong growth prospects were overshadowed by continued losses and valuation sensitivity to market volatility.
In the fourth quarter, D-Wave Quantum rose only 2%, reflecting resilience but limited enthusiasm. While its €10 million Advantage2 booking and $800+ million cash cushion offered stability, smaller revenue scale and ongoing EBITDA losses constrained upside during the broader tech pullback.
IONQ vs. QBTS: What to Expect Ahead of Q4 Results
After delivering $39.9 million in third-quarter revenues, up 222% year over year and well above guidance, management indicated that fourth-quarter revenues would exceed Q3 levels, lifting the full-year guidance to $106–$110 million. Operationally, the fourth quarter likely benefited from the integration of Oxford Ionics, progress on the Tempo system (#AQ 64 delivered ahead of schedule), the record 99.99% two-qubit gate fidelity milestone and the closing of the Vector Atomic acquisition. The $2 billion October capital raise, bringing liquidity to roughly $3.5 billion, further strengthens execution capacity. However, heavy R&D spending and full-year EBITDA loss guidance of $206–$216 million suggest profitability remains distant.
For D-Wave Quantum, the fourth-quarter results are expected to show steady but smaller-scale growth. Third-quarter revenues were $3.7 million and bookings improved following the €10 million Italian Advantage2 agreement, which lifted fourth-quarter bookings above $12 million at the time of the last update. Strong gross margins may continue, but higher operating expenses are likely to keep EBITDA losses elevated.
How Are Estimates Poised for IonQ and QBTS?
The Zacks Consensus Estimate for IONQ fourth-quarter EPS has remained unchanged at a loss of 48 cents per share over the past 90 days. The estimated figure indicates 48.4% improvement from the year-ago loss per share.
The consensus mark for fourth-quarter revenues is pegged at $40.3 million, indicating 244.2% year-over-year growth.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for QBTS’ fourth-quarter bottom line has remained unchanged at a loss of 5 cents per share over the past 90 days. The estimated figure indicates 86.5% improvement from the year-ago loss per share.
The consensus mark for fourth-quarter revenues is pegged at $4.14 million, indicating 79.1% year-over-year growth.
Image Source: Zacks Investment Research
Final Take
Between IonQ and D-Wave Quantum, IonQ looks better placed for faster growth in 2026 due to its higher revenue base, stronger balance sheet and government focus. However, continued losses could keep the stock volatile. D-Wave shows steady commercial progress, but from a smaller revenue base. Since both stocks carry a Zacks Rank #3 (Hold), investors may prefer to wait for fourth-quarter results to confirm revenue strength and spending control before making fresh moves. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.