Will QNTM's Q4 earnings surprise investors this year?

**Quantum BioPharma Ltd (QNTM) is not expected to surprise investors with its Q4 earnings.** Here's why:

1. **Analyst Expectations**: According to the available data, analysts estimate QNTM's revenue for Q1 2025 to be $2.17 million. This suggests a conservative outlook for the upcoming earnings report.
2. **Recent Performance**: Quantum BioPharma Ltd has been experiencing a decline in revenue. For instance, in Q1 2025, the company's revenue was $71.3 million, which is a significant decrease from the $92.5 million reported in the same quarter of the previous year. This trend indicates potential challenges for the company, which may affect investor expectations.
3. **Financial Projections Stability**: The mean earnings estimate of analysts for QNTM has remained unchanged in the last three months. This stability in projections suggests that analysts do not anticipate any significant surprises in the upcoming earnings report.
4. **Market Sentiment**: Despite the expected negative earnings, the analyst rating for QNTM shares is "strong buy". This indicates that some investors may still have a positive outlook on the stock, potentially expecting improvements or a turnaround in the company's fortunes.

In conclusion, while there may be some optimism among investors, the current analyst projections and the company's recent performance suggest that QNTM's Q4 earnings are not likely to surprise investors with a significant positive or negative deviation from expectations.