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IonQ or D-Wave: Which Quantum Stock Wins Pre-Q1 2026 Earnings?
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Key Takeaways
IonQ and D-Wave stocks fell sharply in Q1 as macro pressures hit speculative quantum names.
IonQ guided Q1 revenues near $50M with strong backlog and liquidity supporting growth outlook.
D-Wave expects weak near-term revenues as bookings surge but sales are delayed and costs rise.
As IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) approach their first-quarter 2026 earnings releases in early May, investor focus is on how a difficult macro backdrop shaped performance during the January–March quarter. Both companies have confirmed reporting timelines, IonQ on May 6 and D-Wave on May 12, covering a period marked by sharp drawdowns across pure-play quantum equities.
The quarter coincided with heightened geopolitical tensions and inflationary pressures, which drove risk-off sentiment and disproportionately impacted speculative, long-duration assets like quantum computing stocks. During the specified period, shares of IONQ plunged 35.8% and QBTS shares tumbled 44.9%, both reflecting broader skepticism toward unprofitable, high-growth technologies.
January-March Stock Performances
Image Source: Zacks Investment Research
Meanwhile, the structural tailwinds remain intact. IonQ entered 2026 with strong revenue momentum and continued commercial expansion, while D-Wave highlighted a rapidly growing bookings pipeline and improving liquidity to fund R&D and scaling efforts.
This sets the stage for mixed first-quarter results. Near-term results are likely to reflect macro-driven softness and cautious enterprise spending, but forward-looking commentary will be critical in assessing whether secular demand for quantum solutions continues to offset cyclical headwinds.
IONQ Ahead of Q1 2026 Earnings Release
IonQ is expected to report a softer first-quarter 2026, shaped by macro-driven caution rather than company-specific weakness. Management had guided for $48–$51 million in first-quarter revenues, implying moderation from a record fourth quarter but continued year-over-year growth, supported by backlog conversion. The quarter likely reflects ongoing execution against its expanded full-stack platform strategy, including momentum in quantum networking, sensing and government partnerships, alongside progress on the announced SkyWater Technology acquisition. While enterprise spending may have slowed amid risk-off sentiment, IonQ’s large RPO base, strong liquidity and ongoing deployments position it to sustain underlying commercial traction.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $49.7 million, implying a 556% surge year over year. The consensus estimate for the bottom line is pegged at a loss of 26 cents per share, wider than the year-ago loss of 14 cents per share.
Image Source: Zacks Investment Research
QBTS Ahead of Q1 2026 Earnings Release
D-Wave Quantum is expected to reflect a mixed first-quarter 2026, where strong commercial momentum contrasts with revenue timing. The company indicated 2026 would be back-end loaded, with system sales recognized over longer installation cycles, suggesting modest near-term revenue despite record bookings. Early 2026 saw exceptional traction, including bookings in January alone surpassing full-year 2025, alongside major system and QCaaS deals, pointing to underlying demand strength. The first quarter likely captured continued growth in pipeline and customer engagement, but also might have seen elevated operating expenses from ongoing R&D investments and the Quantum Circuits acquisition.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $5.01 million, implying a 66.6% drop year over year. The consensus estimate for the bottom line is pegged at a loss of 8 cents per share, wider than the year-ago loss of 2 cents per share.
Image Source: Zacks Investment Research
IONQ Holds, D-Wave Struggles
Ahead of first-quarter 2026 earnings, IonQ appears relatively better positioned, justifying its Zacks Rank #3 (Hold). Despite macro headwinds, its strong backlog, liquidity and revenue visibility support a balanced risk-reward, even as near-term losses widen. In contrast, D-Wave Quantum carries a Zacks Rank #5 (Strong Sell), reflecting weaker revenue visibility, back-end loaded growth for 2026 and continued losses amid rising expenses.
View the Zacks #1 Rank List
Image: Bigstock
IonQ or D-Wave: Which Quantum Stock Wins Pre-Q1 2026 Earnings?
Key Takeaways
As IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) approach their first-quarter 2026 earnings releases in early May, investor focus is on how a difficult macro backdrop shaped performance during the January–March quarter. Both companies have confirmed reporting timelines, IonQ on May 6 and D-Wave on May 12, covering a period marked by sharp drawdowns across pure-play quantum equities.
The quarter coincided with heightened geopolitical tensions and inflationary pressures, which drove risk-off sentiment and disproportionately impacted speculative, long-duration assets like quantum computing stocks. During the specified period, shares of IONQ plunged 35.8% and QBTS shares tumbled 44.9%, both reflecting broader skepticism toward unprofitable, high-growth technologies.
January-March Stock Performances
Image Source: Zacks Investment Research
Meanwhile, the structural tailwinds remain intact. IonQ entered 2026 with strong revenue momentum and continued commercial expansion, while D-Wave highlighted a rapidly growing bookings pipeline and improving liquidity to fund R&D and scaling efforts.
This sets the stage for mixed first-quarter results. Near-term results are likely to reflect macro-driven softness and cautious enterprise spending, but forward-looking commentary will be critical in assessing whether secular demand for quantum solutions continues to offset cyclical headwinds.
IONQ Ahead of Q1 2026 Earnings Release
IonQ is expected to report a softer first-quarter 2026, shaped by macro-driven caution rather than company-specific weakness. Management had guided for $48–$51 million in first-quarter revenues, implying moderation from a record fourth quarter but continued year-over-year growth, supported by backlog conversion. The quarter likely reflects ongoing execution against its expanded full-stack platform strategy, including momentum in quantum networking, sensing and government partnerships, alongside progress on the announced SkyWater Technology acquisition. While enterprise spending may have slowed amid risk-off sentiment, IonQ’s large RPO base, strong liquidity and ongoing deployments position it to sustain underlying commercial traction.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $49.7 million, implying a 556% surge year over year. The consensus estimate for the bottom line is pegged at a loss of 26 cents per share, wider than the year-ago loss of 14 cents per share.
Image Source: Zacks Investment Research
QBTS Ahead of Q1 2026 Earnings Release
D-Wave Quantum is expected to reflect a mixed first-quarter 2026, where strong commercial momentum contrasts with revenue timing. The company indicated 2026 would be back-end loaded, with system sales recognized over longer installation cycles, suggesting modest near-term revenue despite record bookings. Early 2026 saw exceptional traction, including bookings in January alone surpassing full-year 2025, alongside major system and QCaaS deals, pointing to underlying demand strength. The first quarter likely captured continued growth in pipeline and customer engagement, but also might have seen elevated operating expenses from ongoing R&D investments and the Quantum Circuits acquisition.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $5.01 million, implying a 66.6% drop year over year. The consensus estimate for the bottom line is pegged at a loss of 8 cents per share, wider than the year-ago loss of 2 cents per share.
Image Source: Zacks Investment Research
IONQ Holds, D-Wave Struggles
Ahead of first-quarter 2026 earnings, IonQ appears relatively better positioned, justifying its Zacks Rank #3 (Hold). Despite macro headwinds, its strong backlog, liquidity and revenue visibility support a balanced risk-reward, even as near-term losses widen. In contrast, D-Wave Quantum carries a Zacks Rank #5 (Strong Sell), reflecting weaker revenue visibility, back-end loaded growth for 2026 and continued losses amid rising expenses.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.