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IonQ's Superion 256 platform and SkyWater integration strengthen its technology roadmap.
IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) are heading into their third-quarter earnings announcements. IonQ has a substantial lead in reported revenues, having generated $80.1 million in the second quarter, up 287% year over year. D-Wave, by comparison, reported just $3.1 million as second-quarter revenues, but its first-half bookings surged to $35.5 million from $2.9 million a year earlier.
Investors meanwhile await to see if IonQ can continue with its rapid revenue growth momentum, while D-Wave needs to show that its solid bookings pipeline is translating into actual sales. Let’s find out.
IONQ-QBTS: July-September Share Price Performance
From July through September 2026, IonQ shares fell 14.7%, considerably less than D-Wave's 29.5% decline. Both also lagged the Computer-Integrated Systems industry, which gained 3.5% over the same period.
July-Sept. Stock Comparison
Image Source: Zacks Investment Research
The technology strategies offer another point of contrast. IonQ is pushing ahead with its Superion 256 platform and SkyWater manufacturing integration, targeting initial customer deployments in early 2027. D-Wave, meanwhile, is building on its established annealing business while advancing its gate-model technology, with commercial deployments involving AT&T, Optum and NTT DOCOMO providing evidence of customer adoption.
With IonQ reporting on Nov. 5 and D-Wave on Nov. 10, the question is whether IonQ's revenue scale and technological ambitions justify its relative outperformance, or whether D-Wave's accelerating bookings and commercial traction make QBTS the more compelling quantum computing stock.
The Case for IonQ Ahead of Q3 Earnings
Revenue and Guidance: In the second quarter of 2026, the company reported year-over-year growth of 287%. Revenues exceeded the midpoint of management's previous guidance range by 20%. International, commercial and multi-product revenues accounted for approximately 50%, 60% and 25% of total quarterly revenues, respectively.
Following the second-quarter performance, the company raised its full-year 2026 revenue guidance to $280-$290 million and reiterated its confidence in achieving 100% organic revenue growth for the year. Remaining performance obligations also increased 297% year over year, providing greater visibility into future contracted revenues.
Superion 256 and the SkyWater Advantage: IonQ's Sept. 8, 2026 Investor Day provided another important development ahead of the earnings announcement. The company unveiled Superion 256, its sixth-generation quantum computing platform. IonQ announced that its first fully integrated 256-qubit quantum processing units had been fabricated at SkyWater and that ions had been trapped in its prototype system.
The Investor Day also highlighted IonQ's Electronic Qubit Control architecture, which is designed to replace complex optical laser-control systems with chip-integrated classical electronics. Management believes this approach can simplify manufacturing and improve scalability. Another significant development was the company's Walking Cat architecture, which provides a detailed roadmap for fault-tolerant quantum computing.
These developments strengthen IonQ's technological positioning.
Financial Resources and Profitability: IonQ's expansion strategy requires considerable investment. The company reported $3.0 billion in cash, cash equivalents and investments as of June 30, 2026. Following the SkyWater acquisition, its pro forma liquidity was approximately $2.0 billion.
However, adjusted EBITDA loss reached $120.3 million in the second quarter. Excluding SkyWater-related spending, the adjusted EBITDA loss would have been $95.6 million.
The combination of rapid revenue growth and substantial operating losses makes cash utilization, acquisition integration and operating leverage important considerations for the to-be-reported quarter.
The Case for D-Wave Quantum Ahead of Q3 Earnings
Commercial Momentum and Growing Bookings: In the second quarter of 2026, D-Wave reported revenues of $3.1 million, essentially flat year over year. While recognized revenues remained modest, the company's bookings and remaining performance obligations indicated stronger underlying commercial activity.
Bookings for the first half of 2026 reached $35.5 million, compared with $2.9 million in the first half of 2025, representing an increase of more than 1,120%.
Remaining performance obligations reached $40.7 million as of June 30, 2026, increasing 668% year over year. The company expects approximately 57% of this balance to be recognized as revenues over the following 12 months.
The company also reported that 67.7% of first-half revenues came from commercial customers, compared with 16% in the year-ago period.
Dual-Platform Strategy: One of D-Wave's most important competitive advantages is its dual-platform approach. Its quantum annealing systems are designed to address optimization problems, while its expanding gate-model program targets more complex computational applications.
There have been several customer developments during the third-quarter months. AT&T expanded its engagement with D-Wave to explore optimization applications involving network planning and traffic management. Optum, a subsidiary of UnitedHealth Group, moved an optimization application into production after evaluating D-Wave's technology. The initial application involved approximately 30,000 jobs by mid-June. NTT DOCOMO also expanded its production use of D-Wave technology, reporting improvements in paging-signal processing and network efficiency. All these are expected to make a positive contribution to the company’s third-quarter results.
System Deliveries, Losses and Liquidity: D-Wave's financial performance nevertheless remains a significant consideration.
The company reported a second-quarter net loss of 13 cents per share and an adjusted EBITDA loss of $37.1 million. Its gross margin was 55.4% in the second quarter, down from 63.8% in the year-ago period, primarily reflecting the lower gross margin associated with its system sale.
As of June 30, 2026, D-Wave held approximately $546.2 million in cash, cash equivalents and marketable investments.
QBTS also indicated that it expected to deliver two annealing quantum computers during the second half of 2026, with system installation and calibration extending into 2027.
Q3 Earnings Expectation: IONQ vs. QBTS
The Zacks Consensus Estimate for IonQ’s third-quarter bottom line is pegged at a loss of 30 cents per share, indicating an improvement from a $3.58 loss in the year-ago quarter. D-Wave is expected to report a loss of 9 cents per share, compared with a 41-cent loss a year earlier. Notably, consensus estimates for IONQ’s loss per share widened to 30 cents from 23 cents of loss over the past 30 days. Meanwhile, estimates for QBTS remained unchanged over the past 60 days, indicating stable analyst expectations.
IONQ Estimate Revision Trend
Image Source: Zacks Investment Research
QBTS Estimate Revision Trend
Image Source: Zacks Investment Research
Our Take
Ahead of the third-quarter 2026 earnings releases, IonQ appears relatively better positioned than D-Wave Quantum. While both companies carry a Zacks Rank #3 (Hold), IonQ has an advantage in revenue scale, exceptional top-line growth, substantial liquidity and a more resilient share-price performance during July-September. Its Superion 256 roadmap and SkyWater manufacturing integration also strengthen its longer-term growth prospects.
D-Wave, however, is making commercial progress, supported by a sharp increase in first-half bookings, a growing RPO balance and expanding enterprise deployments. Nevertheless, its ability to convert these bookings into recognized revenues remains a key near-term test. Ahead of the third-quarter earnings release, IonQ appears to be the relatively stronger pick. However, D-Wave's third-quarter results could provide evidence of improving commercial execution. You can see the complete list of today’s Zacks #1 Rank stocks here.
View the Zacks #1 Rank List
Image: Bigstock
IonQ vs. D-Wave: Which Quantum Stock to Buy Ahead of Q3 Earnings?
Key Takeaways
IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) are heading into their third-quarter earnings announcements. IonQ has a substantial lead in reported revenues, having generated $80.1 million in the second quarter, up 287% year over year. D-Wave, by comparison, reported just $3.1 million as second-quarter revenues, but its first-half bookings surged to $35.5 million from $2.9 million a year earlier.
Investors meanwhile await to see if IonQ can continue with its rapid revenue growth momentum, while D-Wave needs to show that its solid bookings pipeline is translating into actual sales. Let’s find out.
IONQ-QBTS: July-September Share Price Performance
From July through September 2026, IonQ shares fell 14.7%, considerably less than D-Wave's 29.5% decline. Both also lagged the Computer-Integrated Systems industry, which gained 3.5% over the same period.
July-Sept. Stock Comparison
Image Source: Zacks Investment Research
The technology strategies offer another point of contrast. IonQ is pushing ahead with its Superion 256 platform and SkyWater manufacturing integration, targeting initial customer deployments in early 2027. D-Wave, meanwhile, is building on its established annealing business while advancing its gate-model technology, with commercial deployments involving AT&T, Optum and NTT DOCOMO providing evidence of customer adoption.
With IonQ reporting on Nov. 5 and D-Wave on Nov. 10, the question is whether IonQ's revenue scale and technological ambitions justify its relative outperformance, or whether D-Wave's accelerating bookings and commercial traction make QBTS the more compelling quantum computing stock.
The Case for IonQ Ahead of Q3 Earnings
Revenue and Guidance: In the second quarter of 2026, the company reported year-over-year growth of 287%. Revenues exceeded the midpoint of management's previous guidance range by 20%. International, commercial and multi-product revenues accounted for approximately 50%, 60% and 25% of total quarterly revenues, respectively.
Following the second-quarter performance, the company raised its full-year 2026 revenue guidance to $280-$290 million and reiterated its confidence in achieving 100% organic revenue growth for the year. Remaining performance obligations also increased 297% year over year, providing greater visibility into future contracted revenues.
Superion 256 and the SkyWater Advantage: IonQ's Sept. 8, 2026 Investor Day provided another important development ahead of the earnings announcement. The company unveiled Superion 256, its sixth-generation quantum computing platform. IonQ announced that its first fully integrated 256-qubit quantum processing units had been fabricated at SkyWater and that ions had been trapped in its prototype system.
The Investor Day also highlighted IonQ's Electronic Qubit Control architecture, which is designed to replace complex optical laser-control systems with chip-integrated classical electronics. Management believes this approach can simplify manufacturing and improve scalability. Another significant development was the company's Walking Cat architecture, which provides a detailed roadmap for fault-tolerant quantum computing.
These developments strengthen IonQ's technological positioning.
Financial Resources and Profitability: IonQ's expansion strategy requires considerable investment. The company reported $3.0 billion in cash, cash equivalents and investments as of June 30, 2026. Following the SkyWater acquisition, its pro forma liquidity was approximately $2.0 billion.
However, adjusted EBITDA loss reached $120.3 million in the second quarter. Excluding SkyWater-related spending, the adjusted EBITDA loss would have been $95.6 million.
The combination of rapid revenue growth and substantial operating losses makes cash utilization, acquisition integration and operating leverage important considerations for the to-be-reported quarter.
The Case for D-Wave Quantum Ahead of Q3 Earnings
Commercial Momentum and Growing Bookings: In the second quarter of 2026, D-Wave reported revenues of $3.1 million, essentially flat year over year. While recognized revenues remained modest, the company's bookings and remaining performance obligations indicated stronger underlying commercial activity.
Bookings for the first half of 2026 reached $35.5 million, compared with $2.9 million in the first half of 2025, representing an increase of more than 1,120%.
Remaining performance obligations reached $40.7 million as of June 30, 2026, increasing 668% year over year. The company expects approximately 57% of this balance to be recognized as revenues over the following 12 months.
The company also reported that 67.7% of first-half revenues came from commercial customers, compared with 16% in the year-ago period.
Dual-Platform Strategy: One of D-Wave's most important competitive advantages is its dual-platform approach. Its quantum annealing systems are designed to address optimization problems, while its expanding gate-model program targets more complex computational applications.
There have been several customer developments during the third-quarter months. AT&T expanded its engagement with D-Wave to explore optimization applications involving network planning and traffic management. Optum, a subsidiary of UnitedHealth Group, moved an optimization application into production after evaluating D-Wave's technology. The initial application involved approximately 30,000 jobs by mid-June. NTT DOCOMO also expanded its production use of D-Wave technology, reporting improvements in paging-signal processing and network efficiency. All these are expected to make a positive contribution to the company’s third-quarter results.
System Deliveries, Losses and Liquidity: D-Wave's financial performance nevertheless remains a significant consideration.
The company reported a second-quarter net loss of 13 cents per share and an adjusted EBITDA loss of $37.1 million. Its gross margin was 55.4% in the second quarter, down from 63.8% in the year-ago period, primarily reflecting the lower gross margin associated with its system sale.
As of June 30, 2026, D-Wave held approximately $546.2 million in cash, cash equivalents and marketable investments.
QBTS also indicated that it expected to deliver two annealing quantum computers during the second half of 2026, with system installation and calibration extending into 2027.
Q3 Earnings Expectation: IONQ vs. QBTS
The Zacks Consensus Estimate for IonQ’s third-quarter bottom line is pegged at a loss of 30 cents per share, indicating an improvement from a $3.58 loss in the year-ago quarter. D-Wave is expected to report a loss of 9 cents per share, compared with a 41-cent loss a year earlier. Notably, consensus estimates for IONQ’s loss per share widened to 30 cents from 23 cents of loss over the past 30 days. Meanwhile, estimates for QBTS remained unchanged over the past 60 days, indicating stable analyst expectations.
IONQ Estimate Revision Trend
Image Source: Zacks Investment Research
QBTS Estimate Revision Trend
Image Source: Zacks Investment Research
Our Take
Ahead of the third-quarter 2026 earnings releases, IonQ appears relatively better positioned than D-Wave Quantum. While both companies carry a Zacks Rank #3 (Hold), IonQ has an advantage in revenue scale, exceptional top-line growth, substantial liquidity and a more resilient share-price performance during July-September. Its Superion 256 roadmap and SkyWater manufacturing integration also strengthen its longer-term growth prospects.
D-Wave, however, is making commercial progress, supported by a sharp increase in first-half bookings, a growing RPO balance and expanding enterprise deployments. Nevertheless, its ability to convert these bookings into recognized revenues remains a key near-term test. Ahead of the third-quarter earnings release, IonQ appears to be the relatively stronger pick. However, D-Wave's third-quarter results could provide evidence of improving commercial execution. You can see the complete list of today’s Zacks #1 Rank stocks here.