Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$8.7B

May12Tue

Post-Earnings Recap

ReportedQ1-2026Pre-Market7:00 AM EDT

D-Wave Quantum Inc. Beats on EPS, Stock Up 0.0%

Metric	Actual	Expected	Surprise
EPS	$-0.05	$-0.08	+50.00%
Revenue	$—	$4M	—

management commentary, guidance changes, and full analysis available with Pro.

D-Wave Quantum Inc. Beats on EPS, Stock Up 0.0%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$-0.05	$-0.08	+50.00%
Revenue	$—	$4M	—

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

D-Wave Quantum Inc. reported a narrower loss than expected, which is a positive sign for investors. However, the stock reaction remained unchanged at 0.0%, indicating that investors may be cautious or waiting for more information. The lack of revenue reporting and guidance may have contributed to the muted response.

Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is an emerging field that promises to solve complex problems much faster than traditional computers....

Key Metrics to Watch

EPS

Earnings per share is crucial for understanding the company's profitability and how it compares to analyst expectations.

$-0.08

Revenue

Revenue figures will indicate the company's growth trajectory and market demand for its quantum computing solutions.

$4M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is an emerging field that promises to solve complex problems much faster than traditional computers. As a player in the information technology sector, D-Wave is at the forefront of innovation, focusing on applications that could revolutionize industries ranging from finance to logistics.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+3.90%

Avg Stock Reaction

+7.31%

Last Quarter Recap

In Q4 2025, D-Wave reported an EPS of $-0.09, which was worse than expected, leading to a slight stock increase the following day. The company continues to face challenges in meeting revenue expectations.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect D-Wave to report a loss of $-0.08 per share on $4 million in revenue for Q1 2026. The market is cautiously optimistic, given the company's potential in the quantum computing space.

Bull Case

If D-Wave can exceed revenue expectations and show signs of improved demand for its products, it could signal a strong recovery and growth potential, leading to a positive stock reaction.

Bear Case

Conversely, if the company fails to meet its revenue targets or reports a larger loss than expected, it may raise concerns about its viability in a competitive market, leading to a negative stock response.

Key Metrics to Watch

EPS

$-0.08

Earnings per share is crucial for understanding the company's profitability and how it compares to analyst expectations.

Revenue

$4M

Revenue figures will indicate the company's growth trajectory and market demand for its quantum computing solutions.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will D-Wave's revenue meet or exceed the $4 million consensus estimate?

Revenue performance is critical for assessing the company's growth and market acceptance of its quantum computing solutions.

What specific factors contributed to the expected EPS loss of $-0.08?

Understanding the reasons behind the expected loss will provide insights into the company's operational efficiency and future profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for D-Wave to capitalize on increasing interest in quantum computing, which could lead to higher-than-expected revenue growth.

Supporting Evidence

The options market is pricing a 13.19% move, indicating expectations for significant volatility that could reflect positive surprises.

D-Wave's recent performance has shown a tendency to exceed expectations, particularly in previous quarters.

Key Risk

If revenue comes in above $4 million, it could shift sentiment dramatically and challenge the current bearish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as it will either validate the company's growth strategy or highlight ongoing challenges in the competitive landscape.

Bull Confirmed If

Revenue exceeding $4 million with a clear path to profitability would support a bullish outlook.

Bear Confirmed If

An EPS worse than $-0.10 could confirm bearish sentiment and raise concerns about the company's financial health.

Pre-Earnings Positioning

Options Market

Implied Move

±13.19%

Historical Avg

±12.1%

In line with history

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±13.2% while QBTS has averaged ±12.1% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

1.6%

30d HV

108.4%

Calls (3.0M)P/C Ratio: 0.40Puts (731K)

Edge

Historical Setup Match

Cross-company pattern from 23 similar setups.

Prior-quarter miss + options pricing in-line setup in Information Technology

n=23

Fade rate: 3 of 17 (18%)

This setup has occurred 23 times across Information Technology in the last 2 years. 14 of 17 (82%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 8.8%, with a raw directional average of +4.4% (modestly positive historical bias).

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$65,548.49

3,070 sh

1 insider

Net

$65,548.49

Net selling

Most Active Insiders· 1 open-market trade

Exec. Vice President & CHROAMES SOPHIE C
$65,548.49

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests a stock increase of around +15.06%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line with expectations, the stock may react moderately, reflecting cautious sentiment from investors.

Miss

A miss could lead to a decline in stock price, with history indicating an average drop of +2.65% following such outcomes.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on customer adoption rates for D-Wave's quantum computing solutions.
2Details on new partnerships or collaborations that could enhance revenue streams.
3Insights into operational efficiencies that may improve profitability.
4Management's outlook on the competitive landscape in quantum computing.
5Any commentary on future product developments or technological advancements.

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Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is an emerging field that promises to solve complex problems much faster than traditional computers....

Key Metrics to Watch

EPS

Earnings per share is crucial for understanding the company's profitability and how it compares to analyst expectations.

$-0.08

Revenue

Revenue figures will indicate the company's growth trajectory and market demand for its quantum computing solutions.

$4M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+3.90%

Avg Stock Reaction

+7.31%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect D-Wave to report a loss of $-0.08 per share on $4 million in revenue for Q1 2026. The market is cautiously optimistic, given the company's potential in the quantum computing space.

Bull Case

If D-Wave can exceed revenue expectations and show signs of improved demand for its products, it could signal a strong recovery and growth potential, leading to a positive stock reaction.

Bear Case

Key Metrics to Watch

EPS

$-0.08

Earnings per share is crucial for understanding the company's profitability and how it compares to analyst expectations.

Revenue

$4M

Revenue figures will indicate the company's growth trajectory and market demand for its quantum computing solutions.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will D-Wave's revenue meet or exceed the $4 million consensus estimate?

Revenue performance is critical for assessing the company's growth and market acceptance of its quantum computing solutions.

What specific factors contributed to the expected EPS loss of $-0.08?

Understanding the reasons behind the expected loss will provide insights into the company's operational efficiency and future profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for D-Wave to capitalize on increasing interest in quantum computing, which could lead to higher-than-expected revenue growth.

Supporting Evidence

The options market is pricing a 13.19% move, indicating expectations for significant volatility that could reflect positive surprises.

D-Wave's recent performance has shown a tendency to exceed expectations, particularly in previous quarters.

Key Risk

If revenue comes in above $4 million, it could shift sentiment dramatically and challenge the current bearish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as it will either validate the company's growth strategy or highlight ongoing challenges in the competitive landscape.

Bull Confirmed If

Revenue exceeding $4 million with a clear path to profitability would support a bullish outlook.

Bear Confirmed If

An EPS worse than $-0.10 could confirm bearish sentiment and raise concerns about the company's financial health.

Pre-Earnings Positioning

Options Market

Implied Move

±13.19%

Historical Avg

±12.1%

In line with history

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±13.2% while QBTS has averaged ±12.1% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

1.6%

30d HV

108.4%

Calls (3.0M)P/C Ratio: 0.40Puts (731K)

Edge

Historical Setup Match

Cross-company pattern from 23 similar setups.

Prior-quarter miss + options pricing in-line setup in Information Technology

n=23

Fade rate: 3 of 17 (18%)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$65,548.49

3,070 sh

1 insider

Net

$65,548.49

Net selling

Most Active Insiders· 1 open-market trade

Exec. Vice President & CHROAMES SOPHIE C
$65,548.49

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests a stock increase of around +15.06%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line with expectations, the stock may react moderately, reflecting cautious sentiment from investors.

Miss

A miss could lead to a decline in stock price, with history indicating an average drop of +2.65% following such outcomes.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on customer adoption rates for D-Wave's quantum computing solutions.
2Details on new partnerships or collaborations that could enhance revenue streams.
3Insights into operational efficiencies that may improve profitability.
4Management's outlook on the competitive landscape in quantum computing.
5Any commentary on future product developments or technological advancements.