QBTS Stock Q4 Earnings Tomorrow – Here’s What to Expect

2026-02-25 05:21:09

Quantum computing firm D-Wave Quantum QBTS +3.38% ▲ will release its fourth-quarter fiscal 2025 results tomorrow, February 26. Analysts expect a smaller loss compared to last year and a meaningful jump in quarterly sales, driven by new commercial/government contracts and the successful launch of its Advantage2 annealing quantum platform. Investors will seek updates on gate fidelity milestones and annealing bookings growth.

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Year-to-date, QBTS stock has declined 28.6% amid a broader tech sector selloff tied to AI fears, interest rate uncertainty, and geopolitical tensions. D-Wave’s key contracts include a $20 million Advantage2 installation at Florida Atlantic University, a $10 million two-year QCaaS deal with a Fortune 100 company, a €10 million Italy hub, a U.S. defense pact for Advantage2, and a new federal business unit for defense and logistics.

Expectations from QBTS

The Street expects D-Wave to report an adjusted loss of $0.06 per share, lower than the prior-year period’s loss of $0.08 per share. Sales are forecast to surge nearly 55% year-over-year to $3.58 million. It is worth noting that QBTS has surpassed earnings expectations in five of the past eight quarters.

According to TipRanks’ Options Traders Tool, options traders expect about a 12.86% move in either direction for QBTS stock in reaction to Q4 results. This implied move is lower than the stock’s average post-earnings move (in absolute terms) of 14.78% over the past four quarters.

Analysts’ Views Ahead of Earnings

Wedbush analyst Michael Piccolo reiterated his Buy rating and $40 price target, implying 114.4% upside potential. He had recently raised his price target from $35, citing deals adding about $30 million in revenue. Piccolo believes that D-Wave could see positive market response from technological or financial developments addressed during the Q4 earnings call.

TD Cowen analyst Krish Sankar initiated coverage of QBTS with a Buy rating, both refrained from assigning a price target. His bullish stance stems from D-Wave’s leadership in quantum annealing technology and early commercial revenues. He believes that the recent acquisition of Quantum Circuits Inc. (QCI) for $550 million accelerates QBTS’ superconducting gate-model quantum tech by 2-3 years. Sankar projects over 70% revenue CAGR from 2025-2028, driven by annealing customer demand, while gate tech from QCI adds significant upside potential.

Is QBTS Worth Buying?

Analysts remain highly optimistic about D-Wave’s long-term prospects. On TipRanks, QBTS stock has a Strong Buy consensus rating based on 13 unanimous Buys. The average D-Wave Quantum price target of $41.25 implies 121% upside potential from current levels.

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