D-Wave Quantum Inc

D-Wave Quantum delivered a decidedly mixed fourth quarter, missing on both the top and bottom lines even as the company's broader 2025 story remained compelling. Q4 revenue came in at $2.75 million, up 19.2% year-over-year but falling 27.63% short of the $3.80 million consensus, while the loss per share of $-0.12 came in nearly double the $-0.0619 analysts had expected — a 93.86% miss — as the softest quarter of the year followed a first half buoyed by a large quantum system sale. Still, investors appeared willing to look past the Q4 softness given what surrounded it: full-year 2025 revenue surged 179% to $24.59 million, Q4 bookings spiked 471% sequentially to $13.40 million anchored by a €10 million Advantage2 contract in Italy, and the company closed the year with a record $884.50 million in cash. <a href="https://247wallst.com/investing/2026/02/23/ionq-d-wave-fall-more-than-5-last-week-while-rigetti-leads-quantum-stocks/">despite recent sector weakness</a>, D-Wave's stock rose on the print, with management pointing to $32.80 million in Q1 2026 year-to-date bookings and a dual-platform roadmap targeting gate-model general availability in 2026 as the real narrative heading forward.