D-Wave: Ice-Thin Adoption And A Billion-Dollar Runway Still Look Like A Science Project In Disguise [Seeking Alpha]
D-Wave Quantum Inc. Common Shares (QBTS)
Company Research
Source: Seeking Alpha
QBTS's Q3 revenue growth is driven by a few large system deals, not diversified enterprise uptake; bookings growth remains tepid. Significant opex increases, especially in R&D for the gate-model program, have widened losses and signal a costly, long-term pivot with uncertain payoff. Despite a strengthened cash position from warrant exercises and dilution, I maintain a 'Sell' rating until QBTS demonstrates diversified demand and tangible gate-model progress. Andrii Lutsyk/ Ascent Xmedia/DigitalVision via Getty Images Niche Annealer With Big-Gate Ambitions My last look at D-Wave Quantum ( QBTS ) followed its Q2 2025 earnings report. The company sells Advantage2, a 6th-generation quantum annealing system, and provides a "quantum-computing-as-a-service," or QCaaS, via a cloud platform. This article was written by Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions with
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QBTS
News
- D-Wave Quantum (NYSE:QBTS) was upgraded by analysts at Evercore ISI to a "strong-buy" rating.MarketBeat
- How Low Can QBTS Stock Go? [Forbes]Forbes
- D-Wave Quantum's Rich Monetization & Hefty Balance Sheet Meet Overstretched Valuations [Seeking Alpha]Seeking Alpha
- Down 49%, Should You Buy the Dip on D-Wave Quantum? [Yahoo! Finance]Yahoo! Finance
- D-Wave Quantum (QBTS) Forms U.S. Government Business Unit Led by Jack Sears Jr. [Yahoo! Finance]Yahoo! Finance
QBTS
Earnings
- 11/6/25 - Beat
QBTS
Sec Filings
- 12/5/25 - Form 4
- 12/5/25 - Form 4
- 12/3/25 - Form 144
- QBTS's page on the SEC website