Shares of quantum computing firm D-Wave Quantum Inc. NYSE: QBTS seem to be cooling, despite a third-quarter earnings report that was notably strong on multiple fronts. The stock has plunged by more than 38% in the last month, essentially reversing all gains achieved since mid-September 2025.
QBTS posts triple-digit Q3 top-line growth and strong liquidity, but stretched valuations suggest caution despite long-term promise.
QBTS advances hybrid computing and R&D efficiency in Q3, underscoring a focused path toward scalable quantum solutions.
One of the most-hyped earnings reports of the quantum industry this season ended not with a rally, but a retreat. Shares of D-Wave Quantum Inc. NYSE: QBTS fell by nearly 22% in the first full week of trading in November 2025, closing the week under $30 per share.
D-Wave Quantum Inc. ( QBTS ) Q3 2025 Earnings Call November 6, 2025 8:00 AM EST Company Participants Kevin Hunt Alan Baratz - President, CEO & Director John Markovich - Chief Financial Officer Conference Call Participants Harsh Kumar - Piper Sandler & Co., Research Division Troy Jensen - Cantor Fitzgerald & Co., Research Division David Williams - The Benchmark Company, LLC, Research Division Quinn Bolton - Needham & Company, LLC, Research Division William Kingsley Crane - Canaccord Genuity Corp., Research Division Craig Ellis - B. Riley Securities, Inc., Research Division Sujeeva De Silva - ROTH Capital Partners, LLC, Research Division Tyler Perry Anderson - Craig-Hallum Capital Group LLC, Research Division Presentation Operator Good day, and welcome to the D-Wave Third Quarter 2025 Earnings Call.
D-Wave Quantum posts a wider Q3 loss but double revenues year over year, lifts margins sharply and gains on strong customer momentum.
Shares of quantum computing firm D-Wave Quantum Inc. NYSE: QBTS skyrocketed by 244% so far in 2025 on a great deal of hype and an even heftier volume of speculation. Though shares have cooled in the last month, dropping by about 5.5% in the 30 days leading to Nov. 3, investors have still jumped at hints of success for the firm—including rumors that the federal government may be considering taking equity positions in D-Wave and other quantum firms, for example, or news that the company made an important sale in Europe.
D-Wave Quantum (NYSE:QBTS ) has been on a rally that exceeded bullish expectations several times over.
D-Wave's record cash, rising revenues and Advantage2 rollout give it the edge over QUBT ahead of Q3 earnings.
Both QuantumScape and D-Wave Quantum have captivated investor interest with their innovative technologies and impressive 2025 returns of approximately 200% year-to-date. But if you were to select just one for the upcoming phase of the tech revolution, which would you choose?
D-Wave Quantum witnesses a 66.7% stock surge and major commercial wins, but its lofty valuation raises caution ahead of Q3 earnings.
D-Wave Quantum Inc. NYSE: QBTS experienced an unusually volatile week in mid-October 2025, even relative to other turbulent periods in the quantum computing star's recent history. Shares plummeted from close to $40 to under $27 each before partially reversing course late in the week, leaving the firm with a five-day return of -17.6%.