D-Wave Quantum: Wedbush Trims Q4 Revenue View to $22.3 Million While Keeping Its Outperform Call

Wedbush has cut its fourth-quarter 2026 revenue forecast for D-Wave Quantum to $22.3 million, down from an earlier projection of $30.3 million. The revision followed the quantum computing company's quarterly results and its bookings disclosure. Yet the brokerage left both its rating and its price target untouched, reaffirming an Outperform call and a $30 target.

The split between a softer top-line estimate and an unchanged recommendation captures the tension running through the D-Wave story right now. Near-term order momentum has cooled even as the longer-term trajectory looks considerably stronger.

A Quarterly Dip Beneath a Nine-Month Surge

Bookings for the latest quarter slipped 19% to $1.9 million, according to company figures. That decline sits in sharp contrast to the first nine months of 2026, when D-Wave booked $37.4 million in orders — a 611% jump over the prior-year period.

Revenue for the third quarter came in at $4.5 million, up 21% from the same quarter a year earlier. The bottom line was less encouraging. D-Wave posted a net loss of $48.2 million, equal to $0.13 per share. That was wider than the $0.10 loss analysts had penciled in.

Alongside the quarterly numbers, the company put its remaining performance obligations at $38.3 million.

Gartner Recognition Adds a Second Data Point

D-Wave also announced that Gartner had named it a "Market Shaper" among established quantum computing providers. The designation gives investors a fresh reference point on the technology side, though its economic value hinges on whether it translates into additional orders and improved results.

For the bulls, the case rests on whether D-Wave can sustain its strong multi-quarter bookings performance and carry that momentum into individual quarters. Until the shorter and longer time frames start pointing in the same direction, the growth story carries a measure of caution.

Market Response

The stock added 1.2% in today's session, a modest rebound after a 7.1% drop the previous day. Wedbush's decision to hold its $30 target despite the reduced revenue estimate suggests the firm sees the quarterly bookings softness as a timing issue rather than a structural one — a view the market appeared to partly echo in early trading.