QBTS vs. QUBT Ahead of Q3 Earnings: Which Quantum Stock Leads?

With quantum computing still in its early innings, the space remains high-risk yet packed with long-term potential. At this point of time, D-Wave Quantum Inc. QBTS and Quantum Computing Inc. QUBT present compelling narratives ahead of the third-quarter 2025 earnings release and beyond.

Let's dive deeper.

D-Wave recorded a 42% year-over-year increase in second-quarter 2025 revenues and its highest-ever cash balance of over $819 million, as it rolls out its Advantage2 system and secures enterprise engagements with names like GE Vernova and Nikon Corporation.

Meanwhile, Quantum Computing, popularly known as QCi, has made several noteworthy moves, including a commercial order for its quantum photonic vibrometer from Delft University of Technology, the shipment of its first entangled photon source to a research institution in South Korea and the inauguration of its thin-film lithium-niobate chip foundry in Tempe, AZ. The company reported approximately $349 million in cash as of the end of the last-reported quarter, backing its growth ambitions.

QBTS, QUBT YTD Stock Comparison

QBTS: Liquidity Drives Acceleration in Q3 and Likely Through 2025

After ending the second quarter of 2025 with a massive $819.3 million cash position, fueled by its ATM equity program and warrant exercises, D-Wave is supposed to have entered Q3 with robust financial strength for an early-stage quantum company. This balance sheet strength now gives the company flexibility to move faster on its roadmap, push Advantage2 adoption and continue building toward its long-stated goal of scaling to 100,000-qubit hardware.

Through the rest of 2025, investors may see D-Wave lean further into strategic areas it has already telegraphed, including gate-model development, quantum-AI work and advanced cryogenic packaging partnerships.

If execution stays on track as we presume, the third quarter could serve as an early indicator of whether D-Wave can convert deep liquidity into accelerated adoption and move closer to its goal of becoming the first profitable pure-play quantum computing company.

QUBT: Liquidity Positioned to Drive Commercial Breakout Efforts in Q3 and 2025

Quantum Computing entered the third quarter with a strengthened financial foundation. It had closed the second quarter with roughly $349 million in cash, a sharp jump from year-end levels, thanks to its recent private placement. With over $426 million in assets against only $30 million in liabilities, QUBT now has the balance-sheet runway to pursue aggressive scaling without near-term funding pressure.

With significant cash at the end of the second quarter, the company now has the capital base to scale manufacturing at its new Arizona thin-film photonic chip facility, support initial system deployments and deepen government and enterprise partnerships. After early system shipments, including an entangled-photon unit delivered internationally and a quantum sensing system adopted by a major research lab, QUBT’s next milestones through the rest of 2025 may center around proving repeatability and commercial demand beyond pilot wins.

With partnerships ranging from NASA to Delft University and early traction with a top-tier U.S. bank, QUBT’s next phase will likely focus on turning prototype wins into repeatable revenue streams. If momentum builds, late 2025 could mark the transition from technology validation to scalable monetization.

Average Target Price 

Based on short-term price targets offered by three analysts, QUBT’s average price target represents an increase of 69.7% from the last closing price of $15.52.

Based on short-term price targets offered by nine analysts, QBTS’ average price target represents a decline of 24.4% from the last closing price of $34.26.

Final Take

As QUBT and QBTS head into their third-quarter 2025 earnings reporting cycle, both remain high-risk quantum plays, but current momentum appears to favor D-Wave. With a larger cash position, accelerating revenue growth and increasing enterprise adoption tied to Advantage2 and hybrid quantum-AI initiatives, D-Wave enters the back half of 2025 with greater near-term visibility. QUBT, while holding promise with its room-temperature photonic technology, new chip foundry and early institutional wins, is still in the early stage of converting pilots into recurring revenues. Although both stocks currently carry a Zacks Rank #3 (Hold), QBTS appears better positioned for near-term execution. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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