D-Wave Quantum Inc.

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D-Wave Quantum Inc. stock analysis QBTS overview
Somewhat Bearish -25

QBTS Stock Trims Early Gains: D-Wave Quantum’s Q4 Revenue Misses Estimates - Stocktwits

📉 D-Wave Quantum (QBTS) shares traded down 3% after Q4 revenue of $2.8 million missed Wall Street estimates of $3.74 million.

💰 Net loss narrowed to $42.3 million compared to last year's $86.1 million loss, though adjusted net loss widened to $0.09 per share versus expected $0.06 loss.

📉 Bookings fell 27% year-over-year to $13.4 million due to absence of a major quantum computer system sale present in the prior period.

💰 As of December 31, 2025, QBTS held $884.5 million in cash and marketable securities, up 397% from a year earlier.

📝 CFO John Markovich stated revenue growth is expected to be higher in the second half of the year than the first half due to multi-year service terms.

⚠️ The recently announced $10 million enterprise Shkas agreement includes components to be recognized over a two-year timeframe commencing in the current quarter.

📉 Year-to-date, QBTS stock has declined 25% despite recent retail sentiment shifting from bearish to bullish on Stocktwits.

🏛️ Aurinia Pharmaceuticals (AUPH) shares gained nearly 4% after posting Q4 adjusted EPS of $1.53 and revenue of $77.1 million, both beating estimates.

💊 LUPKYNIS sales rose 29% year-over-year to $74.2 million in Q4, accounting for approximately 96% of AUPH's total revenue in that quarter.

📉 Aurinia's 2026 revenue guidance fell short of Wall Street expectations at $315-$325 million versus a consensus estimate of $326.8 million.

💰 AUPH shares are down 10% year-to-date but have risen 80% over the past 12 months.

🚀 American Bitcoin Corp (ABTC) shares jumped as much as 10% in pre-market trade after reporting Q4 revenue of $185.2 million, more than double analyst estimates.

📉 ABTC reported a net loss of $153.2 million versus an expected profit of $44 million due to a $227.1 million non-cash mark-to-market Bitcoin loss.

💰 Removing the paper Bitcoin losses would reveal a net profit of $73.9 million for American Bitcoin.

📊 ABTC holds over 6,000 Bitcoin valued at around $400 per coin during early morning trade on Thursday.

Bullish Signals
  • D-Wave Quantum Inc (QBTS) reported a 19% year-on-year increase in revenue to $2.8 million, demonstrating continued growth despite missing Wall Street estimates.
  • The company's net loss narrowed significantly to $42.3 million from a loss of $86.1 million last year, indicating improving profitability.
  • CFO John Markovich stated that the company anticipates higher revenue growth in the second half of the year compared to the first half.
  • D-Wave expects incrementally higher revenue growth in the second half of this year when compared to the first half, driven by multi-year service and maintenance components.
  • As of December 31, 2025, D-Wave held $884.5 million in cash and marketable securities, representing a strong 397% increase from a year earlier.
  • The company raised $63.7 million in the fourth quarter through warrant exercises, bolstering its financial position.
  • Retail sentiment on Stocktwits shifted to 'bullish' from 'bearish', with high message volumes indicating growing investor interest.
  • Analyst expectations for losses were adjusted downward relative to recent performance, suggesting market reassessment of QBTS fundamentals.
Risk Factors
  • QBTS stock lost most of its early gains and traded down 3% after reporting fourth-quarter revenue of $2.8 million, which significantly missed Wall Street estimates of $3.74 million.
  • Adjusted net loss widened to $31.8 million per share of $0.09 compared to analyst expectations of a $0.06 loss, despite the overall net loss narrowing from $86.1 million.
  • Bookings fell sharply by 27% to $13.4 million compared to $18.3 million last year, indicating potential weakness in future sales momentum.
  • Year-to-date, QBTS stock has declined 25%, highlighting ongoing investor concern despite the recent revenue beat from other peers.
  • The company expects higher revenue growth in the second half of this year due to multiyear service and maintenance components that will be recognized over a two-year timeframe, which delays immediate revenue recognition.
Full Analysis
Shares of D-Wave Quantum Inc (QBTS) retreated from early morning gains on Thursday, settling with a 3% decline following the release of fourth-quarter earnings that missed Wall Street expectations. While the company reported a 19% year-over-year revenue increase to $2.8 million, analysts had estimated revenue at $3.74 million per data from Fiscal.ai. D-Wave's net loss narrowed significantly to $42.3 million compared to $86.1 million in the prior year, yet its adjusted net loss widened to $31.8 million per share against an analyst expectation of a $0.06 loss. Additionally, bookings fell 27% to $13.4 million from last year's $18.3 million, which included revenue from a major system sale not expected to recur at the same scale this period. On the call with analysts, CFO John Markovich explained that most system sales now involve multi-year service components and hinted at revenue recognition from a recently announced $10 million enterprise Shkal agreement over a two-year timeframe, leading the company to anticipate stronger revenue growth in the second half of the year relative to the first. Despite the financial miss, D-Wave maintains a robust balance sheet with $884.5 million in cash and marketable securities as of December 31, 2025, representing a 397% increase from the previous year after raising an additional $63.7 million through warrant exercises in Q4. Market sentiment on Stocktwits shifted from 'bearish' to 'bullish' overnight despite the miss, with some users suggesting the stock performed well given the context and expecting a breakout above its $22 resistance level. The company's stock has declined 25% year-to-date, but traders remain engaged with high message volumes surrounding the earnings release. The article also briefly covers other recent market movers for context, including Aurinia Pharmaceuticals Inc (AUPH) which gained nearly 4% in pre-market trade after a Q4 beat in adjusted EPS of $1.53 versus an expected $0.22, and American Bitcoin Corp (ABTC), which saw its stock jump up to 10% on Thursday morning after reporting revenue of $185.2 million, more than double the $80 million Wall Street estimate. However, this summary focuses primarily on D-Wave Quantum as per the user's specific request regarding "qbts".