Reading QBTS? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track QBTS free→Reading QBTS? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track QBTS free→NYSEInformation TechnologyComputer HardwareSnapshot 2026-06-16
Recent financial performance sits well below its industry cohort — worth keeping an eye on, though it has not freshly broken.
Recent financial performance is weak, and management's recent track record has been unsteady, with frequent disruptive corporate changes. The company was unprofitable over the past year, so its earnings quality can't be assessed. Risk is high, and the sector backdrop is a tailwind, which may help the company. Peer multiples imply a price about X% below where it trades; the read is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 0 valuation methods, at three horizons. Current price $26.30. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $23, QBTS's earnings are too small for P/E to mean much; on sales it trades at 292× p/s (58.1× the 5× p/s peer median). At a normal multiple the price implies ~818% near-term growth vs our ~-56% forecast. That gap is an optionality premium a financial-multiple model can't price — our $2.55 fair value covers only the as-is business, low confidence. Analysts: $22–$41. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The market is pricing in roughly 818% near-term growth, well above our forecast of about -56%. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
Flags: expensive valuation, a turbulent sector regime (Heating).
For similar setups historically (n=2,301): about 43% saw a 20%+ drawdown, and roughly 77% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 0 of the last 3 quarter-over-quarter moves. Historically, Information Technology names rated weak grew net income 63% of the time over the next year (vs 62% for the rest of the cohort, n=2777).
Over the trailing year it converted 0.27x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $-0.09 → $-0.09 (-6.1% / 30d). 2 raised, 7 cut, 14 covering analysts.
0 upgrades, 0 downgrades / 30d, 5 maintained. 87% of analysts rate Buy.
2 PT revisions / 30d. Avg target 34.9% above current price.
0 positive, 0 negative / 30d.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$374.
How much price usually moves either way.
On a bad day, this stock has moved -$942.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $7,101.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
The valuation label changed. It moved from "expensive" to "None." Risk remained high. The sector backdrop showed a tailwind.
as of 2026-06-16
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: A drop in sector revenue growth could impact D-Wave's performance and outlook.
Confirms:Sector revenue growth falls below its median.
Disproves:Sector revenue growth remains above median.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for QBTS yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
No upside scenarios in the latest snapshot.
No downside scenarios in the latest snapshot.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Results of Operations and Financial Condition. On May 12, 2026 , D-Wave Quantum Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026, and other recent developments. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. In addition, on May 12, 2026 , the Company posted on its website an investor presentation, which includes supplemental information relating to the Company’s fina…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
$22.00 – $41.00 (median $32.00) · 4 analysts · as of 2026-06-02
Looks more expensive than peers.
Self-history needs ~20 months of data.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Technology Hardware, Storage & Peripherals.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
QBTS D-Wave Quantum, Inc. | Typical Show detailsSector percentile: 38 of 100 | — | high |
AAPL Apple Inc | Above typical Show detailsSector percentile: 74 of 100 | expensive | moderate |
SNDK Sandisk | Above typical Show detailsSector percentile: 77 of 100 | expensive | elevated |
DELL Dell Technologies | Above typical Show detailsSector percentile: 88 of 100 | full | elevated |
STX Seagate Technology | Typical Show detailsSector percentile: 63 of 100 | expensive | elevated |
21 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Information Technology names rated volatile grew net income 58% of the time over the next year (vs 61% for the rest of the cohort, n=793).
Not investment advice. As of 2026-06-16.
via XLK
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-16.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Utilize $100 million from the CHIPS Act to accelerate development and scaling of quantum systems.
Newly stated in 2026-Q2. D-Wave announced a $100 million funding under the U.S. CHIPS and Science Act to accelerate development and scaling of its quantum systems. This funding is expected to support the company's growth initiatives, but financial impact is yet to be realized.
“D-Wave announced a $100 million funding under the U.S. CHIPS and Science Act.”
Form strategic partnerships to advance quantum computing applications and enterprise adoption.
Stated in 2 of last 2 quarters. D-Wave announced partnerships with Florida Atlantic University and a Fortune 100 company, aiming to advance quantum computing applications. Despite these announcements, revenue remained relatively flat, growing from $2.75M in 2025-Q4 to $2.86M in 2026-Q1, indicating limited immediate financial impact.
“D-Wave announced partnerships with Florida Atlantic University and a Fortune 100 company.”
Focus on improving financial performance through strategic initiatives and partnerships.
Newly stated in 2026-Q1. D-Wave reported an earnings beat for Q1 2026, with revenue growing from $2.75M in 2025-Q4 to $2.86M in 2026-Q1. Despite the earnings beat, the company's net income remained negative at -$18.36M, indicating ongoing financial challenges.
Other Events. On May 21, 2026, D-Wave Quantum Inc. (the “ Company ” or “ D-Wave ”) issued a press release announcing that it has signed a Letter of Intent (the “ LOI ”) for $100 million of proposed funding under the U.S. CHIPS and Science Act, which is administered by the U.S. Department of Commerce (the “ Department ”). This funding would accelerate development and scaling of D-Wave’s annealing and gate-model quantum systems, including at its forthcoming research and development (R&D) facili…
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Amended Chief Executive Officer Employment Agreement On April 30, 2026, D-Wave Quantum Inc. (the “ Company ”) and its subsidiary, D-Wave Commercial Inc., entered into the Third Amendment (the “ Third Amendment ”) to the Amended and Restated Employment Agreement, dated as of January 1, 2020, with the Company’s President and Chief Executive Officer,…
Results of Operations and Financial Condition. On February 26, 2026 , D-Wave Quantum Inc. (the “Company” or “D-Wave”) issued a press release announcing its financial results for the fiscal fourth quarter and full year ended December 31, 2025, and other recent developments. The Company's reported financial results include revenue of $24.6 million for the fiscal year ended December 31, 2025, representing an increase of $15.8 million, or 179%, from revenue of $8.8 million reported for fiscal yea…
Regulation FD Disclosure. On February 26, 2026 , the Company issued a press release announcing its financial results for the fiscal fourth quarter and full year ended December 31, 2025, and other recent developments, including: • A $20 million system purchase by Florida Atlantic University, with deployment expected by the end of 2026, and a $10 million, two-year enterprise license Quantum Computing as a Service agreement with a Fortune 100 company. • The completion of the acquisition of Quant…
“D-Wave joined the Southeastern Quantum Collaborative as an inaugural member.”
“D-Wave reported an earnings beat for Q1 2026.”