D-Wave Quantum Q4 Miss Spurs 11% Drop After 471% Booking Surge
D-Wave Quantum reported a Q4 adjusted loss of $0.09 per share on $2.75 million revenue versus $3.75 million expected, while Q4 bookings jumped 471% to $13.4 million and full-year 2025 revenue rose 179% to $24.6 million. Analysts cut price targets to $42 and $30 and shares dropped over 11% as the stock traded below its 20- and 50-day moving averages.
1. Q4 Earnings Results
D-Wave Quantum posted a fourth-quarter adjusted net loss of $0.09 per share on revenue of $2.75 million, missing expectations for $3.75 million, while bookings surged 471% sequentially to $13.4 million.
2. Full-Year 2025 Performance
For the full year 2025, revenue jumped 179% to $24.6 million and gross profit rose 265%, supported by strategic acquisitions such as Quantum Circuits and over $30 million in bookings through January 2026, with cash and securities ending at $884.5 million.
3. Analyst Reactions and Stock Movement
Evercore ISI trimmed its price target from $44 to $42 and Roth Capital cut theirs from $40 to $30, contributing to an over 11% share price decline, with D-Wave trading near $17.90 and down roughly 29% year-to-date.
4. Technical Indicators
Short-term moving averages (20- and 50-day) have rolled over and the stock is trading below these levels, while the 200-day average remains upward-sloping, indicating near-term momentum is cooling despite a longer-term uptrend.