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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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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
Remaining performance obligations climbed 563% year over year to $42.4 million.
60% confidence
D-Wave has $588 million in liquidity.
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
QBTS currently carries a Zacks Rank #3 (Hold).
60% confidence
D-Wave's sales pipeline more than doubled sequentially during Q1 2026.
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
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
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
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 collaboration with Shionogi produced a tenfold increase in desirable drug-like molecules versus classical machine learning approaches.
60% confidence

Data points we hold from this source

D-Wave Quantum Inc. · market share	179.30 price_to_sales_ratio
D-Wave Quantum Inc. · cash	588 USD
D-Wave Quantum Inc. · backlog	33.4 USD