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Source document· May 25, 2026

D-Wave Stock Skyrockets 62% After Q1 Earnings: Time to Buy QBTS?

View original at nasdaq.com
D-Wave Stock Skyrockets 62% After Q1 Earnings: Time to Buy QBTS? Shares of D-Wave QuantumQBTS struggled from January to mid-May, falling 32.3% amid the uncertainty surrounding its pace of commercialization, uneven revenue recognition and rising competition across quantum computing…
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  • A substantial portion of 2026 revenues will be recognized in the second half of the year as large system deals progress toward delivery and installation.

    60% confidence

  • D-Wave's Advantage2 quantum system outperformed classical nodes in mining operations on the Postquant Labs blockchain testnet.

    60% confidence

  • D-Wave's forward 12-month P/S ratio of 179.30x is far above the sector average of 6.77x, above IonQ's 74.72x, but below Rigetti Computing's 244.38x.

    60% confidence

  • Q1 2026 bookings surged 1,994% year over year to a record $33.4 million, supported by a $20 million system sale to Florida Atlantic University and a $10 million two-year QCaaS agreement with a Fortune 100 company.

    60% confidence

  • D-Wave's sales pipeline more than doubled sequentially during Q1 2026.

    60% confidence

  • D-Wave's collaboration with Shionogi produced a tenfold increase in desirable drug-like molecules versus classical machine learning approaches.

    60% confidence

  • Remaining performance obligations climbed 563% year over year to $42.4 million.

    60% confidence

  • D-Wave faces execution risks tied to system-sale timing, backlog conversion, rising operating expenses from the Quantum Circuits acquisition, and intense competition with many commercial applications still emerging.

    60% confidence

  • D-Wave has $588 million in liquidity.

    60% confidence

  • D-Wave's roadmap targets approximately 175 physical qubits by 2028, 10 logical qubits by 2030, and 100 logical qubits by 2032.

    60% confidence

  • QBTS currently carries a Zacks Rank #3 (Hold).

    60% confidence

  • QBTS is projected to report 2026 earnings growth of 72.1% on revenue growth of 63.3% from the 2025 reported figure.

    60% confidence

Data points we hold from this source

D-Wave Quantum Inc. · market share179.30 price_to_sales_ratio
D-Wave Quantum Inc. · cash588 USD
D-Wave Quantum Inc. · backlog33.4 USD
What we know · the intelligence behind this page
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What we're seeing
Q4 2026 Biopharma Catalyst Cluster: Late-Stage Readouts and Regulatory Milestones
October 2026 brings a dense run of Phase 3 wins (ALOFT-IPF, RESTORE-3), new data presentations (Roche, Bayer, Lilly, Vertex, Galderma) and regulatory steps (FDA acceptance of Roche's vamikibart BLA, Scholar Rock's EMA resubmission). The next big catalyst is the ivonescimab FDA PDUFA date on 2026-11-14. Obesity combination studies (REDEFINE 4, TOGETHER-PsO) and the 2027 Maritime-1 completion point to more catalysts ahead. QAIAx's speculative AI-linked trial claims (the QIII pilot, targeted for 2027) are an unrelated micro-cap sideshow with weak evidence, and have little in common with the large-cap pipeline news.
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Signals we're tracking
EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
Patterns we're watching ›
Where sources disagree
ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
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D-Wave Stock Skyrockets 62% After Q1 Earnings: Time to Buy QBTS? — Source | Via News | ViaNews EU