D-Wave Quantum, Inc. (QBTS)
NYSEInformation TechnologyComputer HardwareSnapshot 2026-09-04
$16.58-1.43%
Close 2026-09-04 · 1-day change
NYSEInformation TechnologyComputer HardwareSnapshot 2026-09-04
Warn: Primary pillar under pressure — Reduce net losses and improve EPS trajectory: Q2 FY26 GAAP EPS -0.13 vs target -0.31.
D-Wave has secured $100M in CHIPS Act funding to speed development. Revenue grew slightly from $2.75M to $2.86M in Q1 2026. Strategic partnerships are expanding, supporting future growth. The company is advancing quantum computing despite losses.
Revenue is expected to decline sharply by 60% next year. The company remains loss-making with negative EPS and free cash flow. Recent earnings beat came with ongoing net losses. Market sentiment is weak and the stock is under pressure.
The price is about 36% below our fair value of $35, reflecting a stretched valuation. Analysts expect about 60% revenue decline, which is more pessimistic than our view of stabilization and gradual growth.
Breaks if: Funding utilization stalls or is materially delayed in FY26
Breaks if: No new partnerships formed or announced in FY26
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a speculative growth opportunity in the quantum computing sector. The current thesis state reflects uncertainty due to recent earnings misses and volatile management performance.
The market appears to be pricing in a low expectations gap, suggesting that investors are not overly optimistic about QBTS's near-term prospects. The valuation indicates a significant premium compared to peers, reflecting the optionality associated with its technology.
Fundamentals are likely to remain weak in the near term, given the company's loss-making status and recent financial performance. However, management's focus on accelerating quantum computing development and expanding partnerships could provide some momentum.
The long-term thesis hinges on management's ability to execute on their priorities, particularly in securing government funding and achieving commercial adoption. Additionally, external factors like Federal Reserve rate cuts and performance of sector leaders could influence QBTS's trajectory.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The company secured government funding for R&D. This supports its growth strategy. However, it missed earnings expectations recently. This raises concerns about revenue growth. The CFO shift may also change its strategic direction.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: EPS loss worsens beyond -$0.31 in FY26 or FY27
Breaks if: Revenue falls below $30M in FY26
In the next 1 to 3 years, QBTS's success will depend on its execution and external market conditions. Not investment advice.