D-Wave Quantum's Q4 Bookings Fall Y/Y: How Does the Year Ahead Look?

D-Wave Quantum QBTS reported bookings of $13.4 million in the fourth quarter of 2025, down 27% compared to the prior-year period, which benefited from an eight-figure system sale. On a sequential basis, bookings jumped 471% from $2.4 million in the preceding third quarter, making it the second-highest quarterly bookings in the company's history.

The quarter-over-quarter increase was mainly due to the previously announced €10 million booking tied to a multi-year, 50% capacity commitment for an Advantage2 annealing quantum computing system, intended to support the development of a state-of-the-art quantum computing and research facility in Lombardy, Italy.

D-Wave has entered fiscal 2026 on a solid note, with bookings to date already exceeding the company’s historical annual total. In January, it closed a $20 million agreement with Florida Atlantic University to purchase and install an Advantage2 annealing quantum computer at its Boca Raton campus. D-Wave also signed a two-year, $10 million enterprise Quantum Compute as a Service (QCaaS) agreement with a Fortune 100 company, marking one of the largest enterprise QCaaS deals identified to date in the quantum computing industry.

Given the time required for site preparation, installation and other key steps, which may take several months or quarters, D-Wave records system sales revenues under a percentage-of-completion approach. The €10 million booking in Italy will be recognized ratably over a five-year period following system installation, which is anticipated in the second half of this year. Management expects revenue growth to improve in the back half of 2026 compared to the first half.

Updates From QBTS’ Peers

IonQ IONQ became the first public quantum company in history with more than $100 million in GAAP revenues in 2025. Recently, its subsidiary, ID Quantique (IDQ), earned the ISO 14001 Environmental Management System certification, affirming that the company has implemented rigorous practices across its operations to reduce waste, optimize energy efficiency and ensure compliance with various regulations. With this recognition, IonQ becomes the first pure-play quantum company to secure ISO 14001, ISO 9001 and ISO 27001 certifications, underscoring its commitment to delivering enterprise-grade quantum solutions that meet global standards for quality, security and responsible resource use.

Rigetti Computing, Inc. RGTI subsidiary, Rigetti Computing India P L, has received an $8.4 million purchase order to deliver a 108-qubit quantum computer to the Centre for Development of Advanced Computing (C-DAC), the nation’s premier R&D organization of the Ministry of Electronics and Information Technology. The system includes Rigetti’s proprietary chiplet-based architecture, which is the foundation of the company’s path to scaling to extremely high qubit count systems required for error correction and fault-tolerant quantum computing.

The Zacks Rundown for QBTS

Over the past year, QBTS shares have surged 242.1%, far outpacing the industry’s 10% decline.

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In terms of valuation, D-Wave is trading at a forward 12-month Price/Sales (P/S) of 138.57X, far above its industry average. It carries a Value Score of F.

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See how the Zacks Consensus Estimate for QBTS’ earnings has been revised over the past 90 days.

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D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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