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William Temple
Sat, March 14, 2026 astatine 4:40 PM CDT 4 min read
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D-Wave (QBTS) reported Q4 gross of $2.75M (missing statement by 27.6%) with FY2025 gross of $24.59M, up 179% year-over-year, portion Q4 bookings surged to $13.4M sequentially and January 2026 bookings exceeded $30M. IonQ (IONQ) delivered Q4 gross of $61.89M, beating statement by 53.7%, with FY2025 gross of $130.02M (up 202% year-over-year), becoming the archetypal nationalist quantum institution to transverse $100M successful yearly GAAP revenue, and issued 2026 guidance of $225M-$245M.
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D-Wave is monetizing near-term optimization solutions for endeavor customers contiguous portion expanding into gate-model computing, whereas IonQ is pursuing a full-stack level strategy by acquiring SkyWater Technology to power its ain spot foundry and gathering nationalist quantum networks globally.
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The expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks. Get them present FREE.
D-Wave Quantum (NYSE:QBTS) and IonQ (NYSE:IONQ) some conscionable reported earnings, revealing 2 precise antithetic bets connected however quantum computing reaches commercialized scale. D-Wave is selling solutions today. IonQ is gathering the level it believes volition predominate tomorrow.
D-Wave's Q4 was brushed connected header numbers. Revenue came successful astatine $2.75 million, missing statement by -27.63%, and full-year 2025 gross totaled $24.59 million, up 179% year-over-year. The maturation is real, but the basal is tiny. The bookings communicative matters more: Q4 bookings deed $13.4 million, up 471% sequentially, and January 2026 unsocial generated implicit $30 cardinal successful bookings. CEO Alan Baratz enactment it plainly:
"We are entering 2026 with exceptional momentum: generating implicit $30 cardinal successful Bookings successful January alone, expanding our marketplace enactment done the acquisition of gate-model quantum computing institution Quantum Circuits, Inc., and securing an eight-figure endeavor QCaaS statement that underscores increasing lawsuit assurance successful our technology's powerfulness to alteration endeavor operations."
READ: The expert who called NVIDIA successful 2010 just named his apical 10 AI stocks
Alan Baratz, CEO, D-Wave Quantum
IonQ's 4th looked antithetic successful scale. Q4 2025 gross reached $61.89 million, beating statement by 53.73% and increasing 428.5% year-over-year. Full-year 2025 gross deed $130.02 million, up 202%. IonQ became the archetypal nationalist quantum institution to transverse $100 cardinal successful yearly GAAP revenue, separating it from each assemblage peer.
| FY2025 Revenue | $24.6M | $130M |
| Q4 Revenue Beat/Miss | -27.6% miss | +53.7% beat |
| 2026 Revenue Guidance | Not provided | $225M-$245M |
| Cash Position | $635M | $1.03B |
| Market Cap | $6.4B | $11.7B |
D-Wave's thesis is that annealing quantum computers lick existent optimization problems now, for existent paying customers. The institution counts implicit 135 customers including 70+ commercialized enterprises and 2 twelve Forbes Global 2000 companies. Ford Otosan runs a hybrid-quantum conveyance manufacturing scheduling exertion successful accumulation -- not a pilot. D-Wave besides acquired Quantum Circuits to adhd gate-model capability, targeting a 17-qubit strategy successful 2026, scaling to 49 qubits successful 2027 and 181 successful 2028.
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