D-Wave Q4 revenue misses estimates

D-Wave Quantum

26/02/2026 12:18

Overview

Quantum computing firm's Q4 revenue missed analyst expectations

Fiscal 2025 revenue grew 179% yr/yr, driven by higher margin quantum computer system sales

Company completed acquisition of Quantum Circuits, expanding technology capabilities

Outlook

D-Wave expects deployment of $20 mln system purchase by Florida Atlantic University by end of 2026

D-Wave plans to transition headquarters to Boca Raton, Florida by end of 2026

Result Drivers

BOOKINGS GROWTH - Q4 bookings surged 471% from the previous quarter, driven by major deals including a €10 million booking for a quantum computer in Italy

TECHNOLOGY ENHANCEMENT - Acquisition of Quantum Circuits expanded technological capabilities, enhancing competitive positioning

ANNEALING TECHNOLOGY ADVANCEMENTS - New solver capabilities and multicolor annealing strengthened dual-platform approach

Company press release: ID:nBw8MKHn7a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Miss
$2.75 mln
$3.77 mln (14 Analysts)
Q4 Net Income
-$42.33 mln
Q4 Gross Profit
$1.78 mln
Q4 Income From Operations
-$34.84 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the it services & consulting peer group is "buy"

Wall Street's median 12-month price target for D-Wave Quantum Inc is $40.00, about 103.6% above its February 25 closing price of $19.65

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)