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D-Wave and Rigetti Q3 Earnings Tomorrow: Buy the Dip or Stay Cautious?
Read MoreHide Full Article
Key Takeaways
QBTS plunged 29.4% in Q3, while strong bookings and commercial traction support its growth prospects.
Rigetti's revenue estimate signals 69% growth, but widening losses and execution risks warrant caution.
Funding, technology and customer deployments offer opportunities, but investors should await Q3 results.
D-Wave Quantum Inc. (QBTS - Free Report) and Rigetti Computing Inc. (RGTI - Free Report) are scheduled to report their third-quarter 2026 results tomorrow after a difficult July-September period. Both companies have announced technological advancements, customer deployments and government-backed initiatives. However, their shares have struggled amid reassessment of the gap between quantum computing's long-term potential and its near-term commercial opportunities.
From July through September, QBTS plunged 29.4%, while RGTI declined 15.7%. In comparison, the S&P 500 index gained 1.7%, while the Internet Software Market advanced 16.4%. This clearly depicts the extent of the correction in pure-play quantum stocks relative to the broader market and software industry.
July-Sept. Stock Comparison
Image Source: Zacks Investment Research
D-Wave earnings missed estimates in three of the trailing four quarters and topped on one occasion, the average negative surprise being 153.3%.
On the contrary, Rigetti earnings topped estimates in three of the trailing four quarters and missed on one occasion, with the average surprise being 8.3%.
How Are Q2 Estimates Poised for D-Wave and Rigetti?
QBTS: The Zacks Consensus Estimate for the third-quarter bottom line has widened by one cent to a loss of 10 cents per share over the past seven days. However, the estimated figure indicates a 75.6% improvement from the year-ago figure.
The consensus mark for third-quarter revenues is pegged at $3.95 million, indicating a 5.6% year-over-year increase.
Image Source: Zacks Investment Research
RGTI: The Zacks Consensus Estimate for the third-quarter bottom line has widened by 1 cent to a loss of 6 cents per share over the past seven days. The estimated figure indicates a 100% widening loss from the year-ago figure.
The consensus mark for third-quarter revenues is pegged at $3.3 million, indicating a 69% year-over-year increase.
Image Source: Zacks Investment Research
How Did QBTS and RGTI Perform in Q2?
D-Wave reported second-quarter 2026 revenues of $3.08 million, slipping 0.6% year over year and missing the Zacks Consensus Estimate by 19.5%. Its second-quarter adjusted loss of 10 cents per share was wider than the Zacks Consensus Estimate of a loss of 8 cents, while adjusted EBITDA loss was $37.1 million. Gross margin declined to 55.4% from 63.8% in the year-ago quarter.
However, first-half bookings reached $35.5 million, up 1,120% year over year, while remaining performance obligations increased to $40.7 million, up 668%. Commercial customers accounted for 67.7% of first-half revenues, compared with 16% in the first half of 2025.
Rigetti reported second-quarter revenues of $5.1 million, up 185.3% year over year. The top line surpassed the Zacks Consensus Estimate by 4.68%. Its second-quarter adjusted loss per share was 5 cents, wider than 4 cents in the prior-year quarter. The metric also missed the Zacks Consensus Estimate of earnings by 66.7%. Cash, cash equivalents and available-for-sale investments totaled $541.3 million at June 30, 2026.
The contrasting second-quarter performances show D-Wave's progress in commercial applications and Rigetti's revenue growth from system-related activities. However, both companies continue to incur substantial operating losses.
What to Expect From QBTS in Q3
D-Wave's July-September developments strengthened its commercial positioning. Its expanded engagement with AT&T demonstrated the potential of quantum optimization in network operations. NTT DOCOMO also deployed a second production application, reporting reductions in paging signals and location-registration signals.
D-Wave further announced advances in quantum error correction, with research published in Nature. Its September agreement with the U.S. Department of Commerce provided access to up to $100 million in CHIPS Act funding for quantum technology development. These are expected to make a positive contribution to the company’s third-quarter top line.
Nevertheless, it expected third-quarter revenues to be modestly below the second-quarter levels, with significantly higher revenues in the fourth quarter. Two annealing quantum computer deliveries were expected to shift into 2027.
What to Expect From RGTI in Q3
Rigetti continued advancing its superconducting quantum computing platform during the third quarter. Its expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center aims to integrate quantum computing into hybrid quantum-classical supercomputing applications.
The company also signed a definitive agreement with the U.S. Department of Commerce for up to $100 million in funding to advance its chiplet-based quantum computing architecture, fabrication capabilities and cryogenic infrastructure.
Earlier, the company noted Cepheus-1-108Q's approximately 99.1% median two-qubit gate fidelity and 99.9% median single-qubit gate fidelity. However, coherence time remains a key technical constraint. These developments are likely to impact third-quarter results.
What the Zacks Model Unveils for QBTS and RGTI Stocks
QBTS: Our proven model predicts an earnings beat for D-Wave this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here.
D-Wave has an Earnings ESP of +7.69%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
RGTI: Rigetti has an Earnings ESP of -16.67% and a Zacks Rank #3. This combination can't conclusively predict an earnings beat tomorrow.
Should Investors Buy QBTS and RGTI Ahead of Q3 Earnings?
The July-September selloff and AI-related market volatility have increased earnings risks for both QBTS and RGTI. Government funding and AI integration offer long-term opportunities, but commercialization and profitability remain challenges. D-Wave’s strong bookings and commercial traction are encouraging, but modest revenue expectations, downward EPS revisions and conservative third-quarter guidance favor waiting.
For Rigetti, technology advances, liquidity and government partnerships support its outlook. However, widening EPS estimates and execution risks warrant caution. Overall, investors should wait for the third-quarter results and assess revenue conversion, customer deployments and management guidance before initiating fresh positions in these volatile quantum stocks.
View the Zacks #1 Rank List
Image: Bigstock
D-Wave and Rigetti Q3 Earnings Tomorrow: Buy the Dip or Stay Cautious?
Key Takeaways
D-Wave Quantum Inc. (QBTS - Free Report) and Rigetti Computing Inc. (RGTI - Free Report) are scheduled to report their third-quarter 2026 results tomorrow after a difficult July-September period. Both companies have announced technological advancements, customer deployments and government-backed initiatives. However, their shares have struggled amid reassessment of the gap between quantum computing's long-term potential and its near-term commercial opportunities.
From July through September, QBTS plunged 29.4%, while RGTI declined 15.7%. In comparison, the S&P 500 index gained 1.7%, while the Internet Software Market advanced 16.4%. This clearly depicts the extent of the correction in pure-play quantum stocks relative to the broader market and software industry.
July-Sept. Stock Comparison
Image Source: Zacks Investment Research
D-Wave earnings missed estimates in three of the trailing four quarters and topped on one occasion, the average negative surprise being 153.3%.
On the contrary, Rigetti earnings topped estimates in three of the trailing four quarters and missed on one occasion, with the average surprise being 8.3%.
How Are Q2 Estimates Poised for D-Wave and Rigetti?
QBTS: The Zacks Consensus Estimate for the third-quarter bottom line has widened by one cent to a loss of 10 cents per share over the past seven days. However, the estimated figure indicates a 75.6% improvement from the year-ago figure.
The consensus mark for third-quarter revenues is pegged at $3.95 million, indicating a 5.6% year-over-year increase.
Image Source: Zacks Investment Research
RGTI: The Zacks Consensus Estimate for the third-quarter bottom line has widened by 1 cent to a loss of 6 cents per share over the past seven days. The estimated figure indicates a 100% widening loss from the year-ago figure.
The consensus mark for third-quarter revenues is pegged at $3.3 million, indicating a 69% year-over-year increase.
Image Source: Zacks Investment Research
How Did QBTS and RGTI Perform in Q2?
D-Wave reported second-quarter 2026 revenues of $3.08 million, slipping 0.6% year over year and missing the Zacks Consensus Estimate by 19.5%. Its second-quarter adjusted loss of 10 cents per share was wider than the Zacks Consensus Estimate of a loss of 8 cents, while adjusted EBITDA loss was $37.1 million. Gross margin declined to 55.4% from 63.8% in the year-ago quarter.
However, first-half bookings reached $35.5 million, up 1,120% year over year, while remaining performance obligations increased to $40.7 million, up 668%. Commercial customers accounted for 67.7% of first-half revenues, compared with 16% in the first half of 2025.
Rigetti reported second-quarter revenues of $5.1 million, up 185.3% year over year. The top line surpassed the Zacks Consensus Estimate by 4.68%. Its second-quarter adjusted loss per share was 5 cents, wider than 4 cents in the prior-year quarter. The metric also missed the Zacks Consensus Estimate of earnings by 66.7%. Cash, cash equivalents and available-for-sale investments totaled $541.3 million at June 30, 2026.
The contrasting second-quarter performances show D-Wave's progress in commercial applications and Rigetti's revenue growth from system-related activities. However, both companies continue to incur substantial operating losses.
What to Expect From QBTS in Q3
D-Wave's July-September developments strengthened its commercial positioning. Its expanded engagement with AT&T demonstrated the potential of quantum optimization in network operations. NTT DOCOMO also deployed a second production application, reporting reductions in paging signals and location-registration signals.
D-Wave further announced advances in quantum error correction, with research published in Nature. Its September agreement with the U.S. Department of Commerce provided access to up to $100 million in CHIPS Act funding for quantum technology development. These are expected to make a positive contribution to the company’s third-quarter top line.
Nevertheless, it expected third-quarter revenues to be modestly below the second-quarter levels, with significantly higher revenues in the fourth quarter. Two annealing quantum computer deliveries were expected to shift into 2027.
What to Expect From RGTI in Q3
Rigetti continued advancing its superconducting quantum computing platform during the third quarter. Its expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center aims to integrate quantum computing into hybrid quantum-classical supercomputing applications.
The company also signed a definitive agreement with the U.S. Department of Commerce for up to $100 million in funding to advance its chiplet-based quantum computing architecture, fabrication capabilities and cryogenic infrastructure.
Earlier, the company noted Cepheus-1-108Q's approximately 99.1% median two-qubit gate fidelity and 99.9% median single-qubit gate fidelity. However, coherence time remains a key technical constraint. These developments are likely to impact third-quarter results.
What the Zacks Model Unveils for QBTS and RGTI Stocks
QBTS: Our proven model predicts an earnings beat for D-Wave this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here.
D-Wave has an Earnings ESP of +7.69%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
RGTI: Rigetti has an Earnings ESP of -16.67% and a Zacks Rank #3. This combination can't conclusively predict an earnings beat tomorrow.
Should Investors Buy QBTS and RGTI Ahead of Q3 Earnings?
The July-September selloff and AI-related market volatility have increased earnings risks for both QBTS and RGTI. Government funding and AI integration offer long-term opportunities, but commercialization and profitability remain challenges. D-Wave’s strong bookings and commercial traction are encouraging, but modest revenue expectations, downward EPS revisions and conservative third-quarter guidance favor waiting.
For Rigetti, technology advances, liquidity and government partnerships support its outlook. However, widening EPS estimates and execution risks warrant caution. Overall, investors should wait for the third-quarter results and assess revenue conversion, customer deployments and management guidance before initiating fresh positions in these volatile quantum stocks.