D-Wave Quantum Approaches Pivotal Earnings Report
23.02.2026 - 17:10:27 | boerse-global.de
The coming week represents a significant test for D-Wave Quantum Inc. (QBTS), as the quantum computing specialist prepares to release its fourth-quarter and full-year 2025 financial results on February 26. The stock enters this period under pressure, having recorded the most substantial decline among major quantum computing peers in the week ending February 20, falling 8.19% to close at $18.06. This contrasted with a 1.13% gain for the S&P 500 index over the same timeframe.
Sector-Wide Weakness Sets the Stage
A broader sell-off gripped the quantum computing sector in the third week of February. Competitors IonQ and Quantum Computing Inc. saw declines of 6.48% and 6.73%, respectively, while even industry giant IBM shed nearly 2%. Rigetti Computing proved relatively resilient, dipping just 1.06%. D-Wave's market capitalization currently stands at approximately $6.7 billion. Since the start of the year, its shares have lost roughly 31%, part of a wider sector correction that began after a peak in October 2025.
Financial Expectations and Upcoming Call
Market researchers anticipate the company will report a fourth-quarter loss of $0.05 per share on revenue of $3.74 million. Historically, D-Wave has surpassed earnings estimates once and missed them three times over the past four quarters. Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich are scheduled to present the results before the market opens on February 26, followed by a conference call at 8:00 a.m. Eastern Time.
Recent Deals and Strategic Acquisition
The company is not without positive momentum heading into the report. In late January, D-Wave secured a two-year, $10 million contract with a Fortune 100 corporation for its Quantum Computing as a Service offering. Additionally, Florida Atlantic University placed a $20 million order for an Advantage2 quantum computer.
January also saw the completion of D-Wave's acquisition of Quantum Circuits Inc. (QCI) for $550 million, paid in a combination of cash and stock. This strategic move adds gate-model technology to the company's portfolio, complementing its established quantum annealing platform.
Key Financial Metrics
| Metric | Value |
|---|---|
| Closing Price (Feb. 20) | $18.06 |
| Weekly Change | -8.19% |
| Market Capitalization | ~$6.7 Billion |
| 52-Week Range | $4.45 – $46.75 |
| Analyst Consensus Q4 EPS | ($0.05) |
| Analyst Consensus Q4 Revenue | $3.74 Million |
Defense-Focused Collaboration Announced
On February 19, D-Wave joined the Southeastern Quantum Collaborative (SQC). This initiative brings together the University of Alabama in Huntsville, Davidson Technologies, IBM, and Alabama A&M University. The collaborative aims to accelerate quantum computing applications in the southeastern United States, with a particular focus on defense infrastructure and workforce development. Notably, Davidson Technologies operates a D-Wave Advantage2 system at its headquarters in Huntsville, Alabama.
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Executive Stock Sales Tied to Compensation
Several D-Wave executives engaged in share sales during January, though these were mandated transactions related to compensation. CEO Alan Baratz disposed of 35,013 shares on January 14 for approximately $982,545 to cover tax obligations associated with the vesting of Restricted Stock Units (RSUs). These shares came from an allocation of 85,843 RSUs on January 13.
Executive Vice President and Chief Legal Officer Diane Nguyen sold 20,000 shares automatically pursuant to a Rule 10b5-1 trading plan established in August 2025. A further 4,519 shares were relinquished on January 14 for tax purposes, another obligatory transaction. CFO John Markovich also sold shares worth about $257,000 for the same reason.
A Defining Period for Quantum Computing
February 26 marks a critical date for D-Wave and the sector. Investors will scrutinize whether the recently announced $30 million in contracts and the integration of Quantum Circuits Inc. are translating into tangible revenue growth. The broader industry sentiment may also be tested a day earlier when IonQ reports its own results on February 25. With share prices down significantly from recent highs and valuations remaining elevated relative to current revenue streams, the focus has shifted decisively to operational execution and financial delivery.
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