D-Wave Quantum Inc.

🇺🇸New York Stock Exchange
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D-Wave Quantum Inc. stock analysis QBTS overview
Slightly Bullish +15

Rigetti Computing vs. D-Wave Quantum: Navigating Volatile Revenue Trends

📉 Rigetti Computing currently generates less revenue than D-Wave Quantum, which saw a notable jump in its financial results last year.

📈 Both companies have exhibited volatile quarter-over-quarter revenue patterns over the past eight quarters.

⏳ Investors need to monitor if these firms can establish consistent revenue growth or if extreme volatility persists.

🌐 Quantum computing remains in early development but offers potential explosive returns for those who select the right stocks.

📈 Rigetti stock has risen 135% over the past year, though D-Wave has outperformed with a 237% return.

💸 Both companies are currently reporting losses, prioritizing scaling speed and growth over profitability.

🔬 Rigetti earns revenue through superconducting quantum computers integrated into public or private cloud networks via proprietary software.

📝 Rigetti secured international purchase agreements and faced delayed system releases while reporting a $18 million net loss in Q4 2025.

☁️ D-Wave generates income by providing global access to systems, open-source tools, and onboarding services through its cloud network.

🤝 D-Wave recently acquired an industry peer and signed enterprise agreements, reporting a $42 million net loss for Q4 2025.

💰 D-Wave generated $24 million in revenue last year compared to Rigetti's $7 million, though the technology is still early-stage.

🚀 D-Wave reported a 179% jump in revenue in 2025 driven largely by a $15 million spike in Q1 2025.

📊 Rigetti focuses on deploying its 108-qubit system, while D-Wave concentrates on gate-model systems attracting customer interest.

⚠️ The Motley Fool's Stock Advisor analyst team identified ten best stocks for investors, excluding Rigetti Computing from the list.

📈 Stock Advisor boasts a total average return of 994% over its existence compared to 199% for the S&P 500.

⚖️ Neither company can guarantee competition with other industry leaders, potentially leading to further revenue volatility.

Bullish Signals
  • Quantum computing is an early-stage industry with explosive return potential for investors who select the right stocks.
  • D-Wave Quantum's stock (NYSE:QBTS) achieved a 237% return over the past year, significantly outperforming Rigetti Computing's 135% gain.
  • D-Wave saw a 179% jump in revenue in 2025 over 2024, demonstrating strong growth momentum in the sector.
  • D-Wave signed enterprise commercial agreements and recently acquired an industry peer, positioning it for continued expansion.
  • The company's focus on gate-model systems is attracting significant customer interest from the market.
  • Rigetti Computing deployed its 108-qubit system, showcasing technical progress despite current financial challenges.
  • Both companies operate within a volatile but high-potential technology space where no clear winners or losers have emerged yet.
  • The Motley Fool Stock Advisor has historically produced monster returns on recommendations, such as Netflix and Nvidia picks that vastly outperformed the S&P 500.
Risk Factors
  • Rigetti Computing reported a net loss of $18 million for the quarter ended Dec. 31, 2025.
  • D-Wave Quantum is significantly outperforming Rigetti, with revenue last year of $24 million compared to Rigetti's $7 million.
  • Rigetti Computing stock has trailed D-Wave Quantum returns, with RGTI up 135% versus QBTS at 237% over the past year.
  • Both companies have displayed volatile quarter-over-quarter revenue patterns over the last eight quarters, raising concerns about financial stability.
  • Quantum computing is described as an early-stage technology with no clear winners yet, creating significant execution risk for investors.
  • Rigetti Computing was not included in The Motley Fool Stock Advisor's top 10 stocks list, suggesting analysts see better alternatives.
  • D-Wave Quantum reported a large $42 million net loss for the quarter ended Dec. 31, 2025, indicating high burn rates despite growth.
  • Rigetti Computing revenue dropped from $3.1 million in Q1 2024 to just $1.9 million in Q4 2025, showing a declining trend over the last eight quarters.
Full Analysis
The article contrasts Rigetti Computing and D-Wave Quantum as competing players in the nascent quantum computing sector, highlighting significant differences in their recent financial performance despite both companies operating at a loss. While Rigetti Computing stock has gained 135% over the past year, it has trailed D-Wave Quantum, which saw a 237% return during the same period. D-Wave reported stronger revenue last year with $24 million compared to Rigetti's $7 million, though both firms have exhibited volatile quarter-over-quarter revenue trends over the last eight quarters. The analysis emphasizes that for investors in this early-stage technology sector, scalability and consistent growth are more critical than current profitability, as both companies continue to report substantial net losses—Rigetti posted a net loss of $18 million for the quarter ended Dec. 31, 2025, while D-Wave reported a net loss of approximately $42 million for the same period. A detailed breakdown of quarterly revenue from Q1 2024 through Q4 2025 reveals a stark divergence in trajectory between the two companies. Rigetti's revenue generally declined from a high of $3.1 million in Q1 and Q2 2024 to $1.9 million by Q4 2025. In contrast, D-Wave experienced a dramatic surge starting in Q1 2025, where revenue jumped to $15.0 million before normalizing slightly but remaining significantly higher than Rigetti's figures throughout the period. By December 2025, D-Wave generated $24 million in annual revenue compared to Rigetti's $7 million. The article attributes some of D-Wave's recent performance to a specific $15 million spike in the first quarter of 2025, as well as acquisitions and new enterprise commercial agreements, whereas Rigetti is focused on deploying its 108-qubit system after facing a delayed system release. The investment outlook suggests that while quantum computing offers potential for explosive returns, identifying the leader capable of scaling fastest over the next five years remains challenging given the lack of clear winners in the industry. Investors are advised to monitor whether these companies can move beyond volatile financial patterns to establish consistent revenue growth. The piece concludes with a recommendation from The Motley Fool Stock Advisor, which recently identified ten preferred stocks for investors but notably excluded Rigetti Computing from its list. While the article cites historical performance of Stock Advisor recommendations like Netflix and Nvidia to illustrate potential gains, it cautions that neither Rigetti nor D-Wave are guaranteed winners and further revenue volatility may indicate an inability to compete with broader industry leaders.