D-Wave Quantum Inc (NYSE:QBTS) stock is down 3.1% to trade at $23.26, after the quantum computing company reported first-quarter revenue of $2.86 million, drastically short of the $4.2 million projection. That 81% drop in revenue is overshadowing a loss of five cents per share, which topped the 8 cent estimate, and $33.4 million in bookings, up year-over-year. Quantum computing sector peers IonQ (IONQ) and Rigetti Computing (RGTI) are higher in response to that portion of the report, up 3% and 0.6%, respectively.
QBTS is now down 11% in 2026, but is still 116% higher in the last 12 months. The shares are testing their 320-day moving average today, a trendline that was cleared last week for the first time all year.
If the quantum computing sector starts to sputter, a shift in analyst sentiment could weigh. Of the 15 brokerages covering QBTS, 13 maintain "buy" or better ratings even after today's report, with zero "sells" on the books.
Options traders aren't fazed. In just the first hour of trading, 10,000 calls have changed hands, volume that's double the average intraday amount and nearly five times the number of puts traded. The May 25 call is the most popular, while the 23- and 24-strikes in the same standard series expiring this week are also seeing notable attention.
