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QBTS or QUBT: Which Quantum Stock is a Buy Ahead of Q2 Earnings?
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Key Takeaways
D-Wave Quantum enters Q2 with strong bookings, RPO and expectations for higher sequential revenues.
QBTS gained 75.1% in April-June, outperforming QUBT's 46.1% rise before Q2 earnings.
D-Wave Quantum reaffirmed plans to deliver at least two quantum systems in 2026.
D-Wave Quantum (QBTS - Free Report) and Quantum Computing Inc. (QUBT - Free Report) or QCi are set to report second-quarter 2026 results in the first half of August. Investors’ focus is currently on whether the momentum has continued through the April-to-June period despite all macroeconomic hurdles.
Both companies exceeded expectations in the first quarter. D-Wave entered the second quarter with bookings of $33.4 million, a rapidly expanding sales pipeline, $42.4 million in remaining performance obligations (RPO) and expectations for higher second-quarter revenues as system deliveries and cloud subscriptions progress. Management also reaffirmed plans to deliver at least two quantum systems in 2026.
Meanwhile, QCi benefited from a full quarter of contributions from its Luminar Semiconductor and NuCrypt acquisitions, alongside continued expansion of its photonics manufacturing capabilities and commercial activities.
During the April-June period, shares of QBTS gained 75.1% compared with a 46.1% rise in QUBT stock.
April to June Stock Comparison
Image Source: Zacks Investment Research
Investors are currently monitoring whether these catalysts translated into stronger revenue growth, improving margins and solid execution in the June quarter.
D-Wave's Q2 Preview: Key Metrics to Watch
D-Wave Quantum's second-quarter results are expected to reflect continued commercial execution following a strong first quarter. The company indicated that second-quarter revenues would increase sequentially, supported by revenue recognition from the Florida Atlantic University Advantage2 system sale, continued cloud subscription growth and professional services revenues. The company exited the first quarter with record bookings of $33.4 million and $42.4 million in remaining performance obligations (RPO), providing solid revenue visibility.
Management also reaffirmed expectations to deliver at least two quantum systems in 2026, with one additional system sale already included in backlog and another expected to close during the year. Any revenues recognized from these system deliveries during the April-June period could provide an incremental boost to second-quarter results.
The company ended the first quarter with approximately $304 million in cash, providing sufficient liquidity to support product development and commercial expansion. Updates on enterprise customer adoption, bookings conversion and the commercialization of the Advantage2 platform will be key factors influencing the June-quarter performance.
What to Expect From QCi's Q2 2026 Results
Quantum Computing's second-quarter results are expected to benefit from the first full-quarter contribution of its Luminar Semiconductor (LSI) and NuCrypt acquisitions, which significantly expanded the company's photonics manufacturing, packaging and quantum communications capabilities. Management also pointed to improving business development activity following the acquisitions, noting that customer response had been positive and that the combined platform was creating opportunities to pursue larger commercial and government contracts. The company ended the first quarter with a $16 million contract backlog, while continued progress at its Fab 1 facility and early foundry revenues could provide incremental support to the top line.
On the bottom line, the company indicated that first-quarter margins were weighed down by underutilized manufacturing capacity and acquisition-related expenses, while expecting gross margins to gradually improve as production volumes increase. As the Luminar Semiconductor and NuCrypt acquisitions contributed for a full quarter and manufacturing utilization potentially improved with higher production volumes, these headwinds might have eased during the second quarter.
Further, with approximately $1.4 billion in cash, cash equivalents and investments at the end of the first quarter, QCi entered the second quarter well capitalized to execute its commercialization strategy, including the planned expansion toward a larger Fab 2 manufacturing facility.
Q2 Earnings Expectation: QBTS Vs. QUBT
The Zacks Consensus Estimate for QBTS’ second-quarter EPS is pegged at a loss of 8 cents. This suggests an improvement from a 55-cent loss in the year-ago quarter. QCi is expected to report a loss of 5 cents per share. It had incurred a 6-cent loss a year earlier. Notably, consensus EPS estimates for both companies have remained unchanged over the past 60 days, indicating stable analyst expectations.
QBTS Estimate Revision Trend
Image Source: Zacks Investment Research
QUBT Estimate Revision Trend
Image Source: Zacks Investment Research
Technical Analysis Ahead of Q2 Release: QBTS vs. QUBT
The 50-day and 200-day simple moving average (SMA) charts suggest that both QBTS and QUBT have remained under near-term technical pressure ahead of their August earnings releases, with their share prices trading below both moving averages. However, QBTS continues to trade closer to its long-term trend than QUBT, indicating relatively stronger technical resilience despite the recent sector-wide pullback.
QBTS 50-And-200 Day SMA
Image Source: Zacks Investment Research
QBTS 50-And-200 Day SMA
Image Source: Zacks Investment Research
Our Take
Ahead of the second-quarter earnings releases, D-Wave Quantum appears better positioned. Its strong bookings, robust RPO, expected sequential revenue growth, improving EPS outlook and healthy liquidity provide greater visibility into near-term execution. Coupled with a Zacks Rank #2 (Buy), QBTS offers a more compelling risk-reward profile. Quantum Computing or QCi remains a promising long-term story, backed by a strong balance sheet and expanding photonics platform, but investors may prefer to wait for clearer evidence of sustained margin improvement and acquisition integration before becoming more constructive. Its Zacks Rank #3 (Hold) supports a wait-and-see approach. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
View the Zacks #1 Rank List
Image: Bigstock
QBTS or QUBT: Which Quantum Stock is a Buy Ahead of Q2 Earnings?
Key Takeaways
D-Wave Quantum (QBTS - Free Report) and Quantum Computing Inc. (QUBT - Free Report) or QCi are set to report second-quarter 2026 results in the first half of August. Investors’ focus is currently on whether the momentum has continued through the April-to-June period despite all macroeconomic hurdles.
Both companies exceeded expectations in the first quarter. D-Wave entered the second quarter with bookings of $33.4 million, a rapidly expanding sales pipeline, $42.4 million in remaining performance obligations (RPO) and expectations for higher second-quarter revenues as system deliveries and cloud subscriptions progress. Management also reaffirmed plans to deliver at least two quantum systems in 2026.
Meanwhile, QCi benefited from a full quarter of contributions from its Luminar Semiconductor and NuCrypt acquisitions, alongside continued expansion of its photonics manufacturing capabilities and commercial activities.
During the April-June period, shares of QBTS gained 75.1% compared with a 46.1% rise in QUBT stock.
April to June Stock Comparison
Image Source: Zacks Investment Research
Investors are currently monitoring whether these catalysts translated into stronger revenue growth, improving margins and solid execution in the June quarter.
D-Wave's Q2 Preview: Key Metrics to Watch
D-Wave Quantum's second-quarter results are expected to reflect continued commercial execution following a strong first quarter. The company indicated that second-quarter revenues would increase sequentially, supported by revenue recognition from the Florida Atlantic University Advantage2 system sale, continued cloud subscription growth and professional services revenues. The company exited the first quarter with record bookings of $33.4 million and $42.4 million in remaining performance obligations (RPO), providing solid revenue visibility.
Management also reaffirmed expectations to deliver at least two quantum systems in 2026, with one additional system sale already included in backlog and another expected to close during the year. Any revenues recognized from these system deliveries during the April-June period could provide an incremental boost to second-quarter results.
The company ended the first quarter with approximately $304 million in cash, providing sufficient liquidity to support product development and commercial expansion. Updates on enterprise customer adoption, bookings conversion and the commercialization of the Advantage2 platform will be key factors influencing the June-quarter performance.
What to Expect From QCi's Q2 2026 Results
Quantum Computing's second-quarter results are expected to benefit from the first full-quarter contribution of its Luminar Semiconductor (LSI) and NuCrypt acquisitions, which significantly expanded the company's photonics manufacturing, packaging and quantum communications capabilities. Management also pointed to improving business development activity following the acquisitions, noting that customer response had been positive and that the combined platform was creating opportunities to pursue larger commercial and government contracts. The company ended the first quarter with a $16 million contract backlog, while continued progress at its Fab 1 facility and early foundry revenues could provide incremental support to the top line.
On the bottom line, the company indicated that first-quarter margins were weighed down by underutilized manufacturing capacity and acquisition-related expenses, while expecting gross margins to gradually improve as production volumes increase. As the Luminar Semiconductor and NuCrypt acquisitions contributed for a full quarter and manufacturing utilization potentially improved with higher production volumes, these headwinds might have eased during the second quarter.
Further, with approximately $1.4 billion in cash, cash equivalents and investments at the end of the first quarter, QCi entered the second quarter well capitalized to execute its commercialization strategy, including the planned expansion toward a larger Fab 2 manufacturing facility.
Q2 Earnings Expectation: QBTS Vs. QUBT
The Zacks Consensus Estimate for QBTS’ second-quarter EPS is pegged at a loss of 8 cents. This suggests an improvement from a 55-cent loss in the year-ago quarter. QCi is expected to report a loss of 5 cents per share. It had incurred a 6-cent loss a year earlier. Notably, consensus EPS estimates for both companies have remained unchanged over the past 60 days, indicating stable analyst expectations.
QBTS Estimate Revision Trend
Image Source: Zacks Investment Research
QUBT Estimate Revision Trend
Image Source: Zacks Investment Research
Technical Analysis Ahead of Q2 Release: QBTS vs. QUBT
The 50-day and 200-day simple moving average (SMA) charts suggest that both QBTS and QUBT have remained under near-term technical pressure ahead of their August earnings releases, with their share prices trading below both moving averages. However, QBTS continues to trade closer to its long-term trend than QUBT, indicating relatively stronger technical resilience despite the recent sector-wide pullback.
QBTS 50-And-200 Day SMA
Image Source: Zacks Investment Research
QBTS 50-And-200 Day SMA
Image Source: Zacks Investment Research
Our Take
Ahead of the second-quarter earnings releases, D-Wave Quantum appears better positioned. Its strong bookings, robust RPO, expected sequential revenue growth, improving EPS outlook and healthy liquidity provide greater visibility into near-term execution. Coupled with a Zacks Rank #2 (Buy), QBTS offers a more compelling risk-reward profile. Quantum Computing or QCi remains a promising long-term story, backed by a strong balance sheet and expanding photonics platform, but investors may prefer to wait for clearer evidence of sustained margin improvement and acquisition integration before becoming more constructive. Its Zacks Rank #3 (Hold) supports a wait-and-see approach. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.