|
|
|
|
|||||
|
|
|
We are in the middle of the third-quarter 2025 earnings season and investor attention is turning toward four key pure-play quantum names — IonQ IONQ, D-Wave Quantum QBTS, Rigetti Computing RGTI and Quantum Computing Inc. QUBT (also known as QCi) as their results are just around the corner. Over the past few quarters, these companies have delivered impressive top-line growth, even as bottom-line performance remains pressured, given all four are still in early-stage commercialization and continue to prioritize R&D investment.
With that backdrop, investors are watching closely to see how Q3 shapes up and whether momentum in revenues, customer adoption and technological progress can offset concerns around sustained losses and cash burn.
As stated earlier, in the recent quarters, a clear pattern has emerged across the four pure-play quantum computing firms. Revenue momentum is forming, yet profitability remains under significant pressure. IonQ reported revenues of $7.6 million in the first quarter of 2025 and delivered a sharp acceleration to $20.7 million in the second quarter. However, quarterly losses widened materially as the company scaled system development and deployment capacity. D-Wave posted one of the strongest industry revenue lifts in early 2025, generating approximately $15 million in the first quarter, before normalizing to $3.1 million in the second quarter as contract timing shifted and operating costs remained elevated.
Rigetti’s revenues improved sequentially from $1.5 million in the first quarter to $1.8 million in the second quarter, yet losses continued to deepen due to increased R&D and engineering spending. Meanwhile, QCi remained in an early commercialization phase, recording $39,000 in first-quarter revenues and $61,000 in the second quarter, with operating expenses significantly outweighing top-line contribution.
Collectively, these results highlight a consistent industry pattern-- building revenue pipelines and technical execution progress, but profitability remains distant amid heavy R&D and infrastructure investment.
IONQ: The company is scheduled to release third-quarter 2025 earnings on Nov. 5. The company emphasized new global partnerships (like with Japan’s AIST, South Korea’s KISTI) and a $22 million U.S. deal to build a quantum hub with EPB. All these have resulted in expanding geographies, turning R&D partnerships into paying customers and improving usage of its cloud-accessible quantum hardware and networking offerings.
In the third quarter, these factors are expected to have strongly contributed to the company’s top line. On the flip side, any slowing of deal growth or elongated conversion cycles would raise questions about how soon commercial quantum computing can truly scale.
The Zacks Consensus Estimate for IONQ’s third-quarter EPS has remained unchanged at a loss of 24 cents per share over the past 30 days. The estimated figure indicates no change from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $27.02 million, indicating 117.9% year-over-year growth. The stock carries a Zacks Rank #3 (Hold).
IonQ, Inc. price-eps-surprise | IonQ, Inc. Quote
QBTS: The company is scheduled to release earnings on Nov. 6. D-Wave sustained momentum through the months of 2025 with new customer wins across quantum sensing, cybersecurity and AI by shipping products to leading research institutions in Europe, Asia and the United States. Notable milestones include the first commercial sales of entangled photon sources for secure quantum communications and the Quantum Photonic Vibrometer to Delft University for advanced non-destructive testing. During the third quarter, QBTS secured a purchase order from a top 5 U.S. bank for quantum security, its first significant U.S. commercial sale in the cybersecurity segment. These developments are likely to have contributed strongly to the company’s third-quarter top line.
The Zacks Consensus Estimate for third-quarter EPS has remained unchanged at a loss of 7 cents per share over the past 30 days. The estimated figure indicates 36.4% improvement from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $3.12 million, indicating 66.8% year-over-year growth. D-Wave carries a Zacks Rank #4 (Sell).
D-Wave Quantum Inc. price-eps-surprise | D-Wave Quantum Inc. Quote
RGTI: The company is scheduled to release results on Nov. 10. On the technical front, Rigetti announced the successful rollout of the Cepheus-1-36Q, 36-qubit multi-chip system, built using four 9-qubit chiplets and achieved a median two-qubit gate fidelity of 99.5%, effectively reducing error rates compared to its prior Ankaa-3 architecture. As per the company, this achievement unlocks the path to a 100+ qubit chiplet-based system by the end of 2025. This progress is expected to be reflected in the company’s upcoming results.
The Zacks Consensus Estimate for third-quarter EPS has remained unchanged at a loss of 5 cents per share over the past 30 days. The estimated figure indicates a 37.5% improvement from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $2.39 million, indicating 0.4% year-over-year growth. Rigetti carries a Zacks Rank #3.
Rigetti Computing, Inc. price-eps-surprise | Rigetti Computing, Inc. Quote
QUBT: The company is scheduled to release earnings on Nov. 14. A major growth catalyst is QUBT’s new state-of-the-art photonic chip foundry in Tempe, AZ, which became fully operational earlier this year. The facility produces thin-film lithium niobate chips, crucial for next-generation communication, AI and quantum applications. Management, on the second-quarter earnings call, talked about meaningful revenue contribution from the foundry over the next 12-18 months, as preorders begin converting to shipments. This is likely to be reflected in the to-be-reported quarter’s results.
The Zacks Consensus Estimate for third-quarter EPS improved by a penny to a loss of 5 cents per share over the past 30 days. The estimated figure indicates 16.7% improvement from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $0.10 million, indicating no change from the year-ago figure. QUBT carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quantum Computing Inc. price-eps-surprise | Quantum Computing Inc. Quote
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).
| 1 hour | |
| 3 hours | |
| 3 hours | |
| 4 hours | |
| 5 hours | |
| 5 hours | |
| 6 hours | |
| 7 hours | |
| 8 hours | |
| 9 hours | |
| 9 hours | |
| 10 hours | |
| 10 hours | |
| 12 hours | |
| 12 hours |
Join thousands of traders who make more informed decisions with our premium features. Real-time quotes, advanced visualizations, backtesting, and much more.
Learn more about FINVIZ*Elite