**D-Wave Quantum Inc. (QBTS)** has seen a modest increase of just 0.6% since its second-quarter earnings report on August 6. In stark contrast, competitors such as IonQ (IONQ) and Rigetti (RGTI), along with the S&P 500, have shown stronger performance. For Q2, D-Wave reported nearly flat revenues year-over-year, significantly missing the Zacks Consensus Estimate by 19.5%, with an adjusted EBITDA loss ballooning to $37.1 million. Bookings for the quarter were only $2.1 million, a sharp decline from $33.4 million in the prior quarter, although first-half bookings increased dramatically by 1,120% to $35.5 million.
Looking ahead, the Zacks Consensus Estimate for Q3 2026 indicates potential revenue growth to $3.95 million, up 5.7% year-over-year, alongside an expected loss per share narrowing to 7 cents. Full-year 2026 revenue is forecasted at $38.63 million, reflecting a 57.1% improvement over 2025. Despite the improved outlook, the company continues to trade at a high valuation with a Price/Sales ratio of 110.17X, far exceeding the approximately 5X ratio for the S&P 500.
D-Wave’s ability to convert its strong order backlog and projected system deliveries into recognized revenue remains crucial for investor sentiment, as they navigate a landscape characterized by substantial growth expectations and the risk of execution disappointments.
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