Post-Earnings, How Does D-Wave Stack Up Against Quantum Rivals?

Rising quantum computing star D-Wave Quantum Inc. (NYSE: QBTS) posted mixed earnings results in early August 2025, as revenue growth surpassed analyst predictions but losses came in wider than expected.

Though not the unqualified positive signal some bullish investors were likely hoping for, D-Wave's earnings did not dent the short-term stock performance; shares remain up almost 20% in the last month.

Given the emerging nature of the industry, each new earnings cycle drives new speculation among investors about which quantum firm or firms may be best positioned to take the lead. Investors are likely wondering how D-Wave stacks up against competitors like IonQ Inc. (NYSE: IONQ) and Quantum Computing Inc. (NASDAQ: QUBT) in light of the latest financial information.

Where D-Wave Stands Mid-Year

With a 42% year-over-year (YOY) surge in revenue and bookings nearly doubling to $1.3 million over the same period, D-Wave may have eased concerns about marketability in this latest earnings round. With its Advantage2 system now generally available, the company is looking forward to additional sales, as well as a series of upgrades of earlier systems already operational for multiple customers.

Additionally, D-Wave's marketability proposition is further strengthened by the company's announcements surrounding major partnerships with an unnamed large aerospace and defense firm as well as law enforcement in North Wales. The more use cases of D-Wave's technology that emerge, the more likely it seems that the company will be able to draw additional interest across industries.

Finally, D-Wave's advantageous cash position remains a boon. The company ended the quarter with an incredible $819 in cash reserves, positioning it well to continue to advance its technological developments—such as cryogenic packaging, which could be key to unlocking advances in gate-model tech, so far a gap for the firm—and to put forward an M&A strategy.

IonQ Also Has Mixed Earnings, Other Factors Fueling Interest

Among D-Wave's competitors, one of the most direct comparisons is IonQ, which also reported second-quarter earnings in the same week. This rival is more than double the size of D-Wave by market cap, and its revenue is quite a bit higher as well. What's more, IonQ revenue increased YOY at roughly double the pace of D-Wave's—81.6% for IonQ compared to 40.9% for D-Wave. This brought IonQ to a tidy $3.5 million revenue surprise and a total of $20.7 million in revenue for the quarter, driven by new and expanding business in Japan, South Korea, and elsewhere.

IonQ's growing global footprint should concern D-Wave investors, although the latter firm is also making aggressive moves to establish an international presence. However, IonQ shares D-Wave's profitability woes: losses per share of 70 cents widened significantly YOY and missed expectations by an eye-opening 57 cents.

Investors did not react negatively to this news, though, and IonQ shares remain up more than 9% in the last month. Perhaps one reason for this is that the widening losses are mostly attributable to operating expenses which tripled YOY as the firm boosted its R&D spending by 231%. Spending heavily to advance technology may be a worthwhile trade-off, even if it means bigger losses in the short term.

Finally, IonQ is gaining attention from major tech firms, an update that could boost the company's prospects significantly. Amazon.com Inc. (NASDAQ: AMZN) recently bought an equity stake in IonQ worth about $37 million. Though not a huge purchase, it could signal the e-commerce giant's interest in partnering with IonQ on a range of services going forward. Additionally, IonQ's hardware is available through Microsoft's Azure cloud computing platform, despite the fact that the larger firm is also building its own quantum tech. All of these could give IonQ a critical leg up on D-Wave.

Monitor Quantum Computing for Updates

Firms like Quantum Computing report earnings on a different schedule—this firm is slated to report its second-quarter fiscal 2025 results in early October. Still, there are some noteworthy aspects of Quantum Computing's recent activity to keep in mind, and these warrant investor attention when it does post earnings updates as well.

Quantum Computing posted positive earnings of 13 cents per share in its last report, although revenue was weak and below analyst predictions. The company's new foundry in Arizona is now operational, though, and that should accelerate revenue growth in future quarters, particularly into 2026.

Quantum Computing also has made significant moves to increase its presence through partnerships with Sloan Kettering, NASA, Delft University of Technology, and others. Despite its smaller size compared to D-Wave and IonQ, it is a worthy rival in the race toward quantum dominance.

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The article "Post-Earnings, How Does D-Wave Stack Up Against Quantum Rivals?" first appeared on MarketBeat.