D-Wave Quantum (QBTS) opened Q1 2026 reporting Q4 2025 revenue of US$2.8 million, a basic EPS loss of US$0.12, and a net loss of US$42.3 million. This provides a clear snapshot of where the business currently stands on growth versus profitability. The company reported quarterly revenue of US$2.3 million in Q4 2024 and US$2.8 million in Q4 2025, while basic EPS and net income remained in loss territory across the reported periods. This keeps the focus on how fast revenue can scale relative to the level of losses. For investors, the key question this quarter is how quickly improving top line potential might begin to relieve pressure on margins and clarify the path toward healthier unit economics.

See our full analysis for D-Wave Quantum.

With the latest numbers reported, the next step is to see how these results align with the key bullish and bearish narratives that have been shaping views on D-Wave Quantum over the past year.

US$24.6m trailing revenue versus deepening losses

• Over the last twelve months to Q4 2025, D-Wave Quantum generated US$24.6 million in revenue but reported a total net loss of US$355.1 million and a trailing basic EPS loss of US$1.11.
• Analysts' consensus narrative focuses on strong revenue growth expectations, with forecast revenue growth of about 71.8% per year. However, the trailing loss profile and the forecast that the company stays unprofitable over the next three years highlight how much needs to change for those growth assumptions to translate into earnings.

Five year loss growth of 55.1% challenges bullish case

• Losses have grown at an annualized rate of 55.1% over the past five years, and the latest twelve month net loss of US$355.1 million sits far above the quarterly Q4 2025 net loss of US$42.3 million, underlining how heavy the cumulative loss base has become.
• Bulls point to forecast revenue growth of roughly 95.4% per year and over 100 revenue generating customers as reasons the business could eventually scale into its cost base. At the same time, the very large current loss level and the forecast that the company remains unprofitable for at least three more years both make it clear that the bullish view depends on a significant shift in how revenue growth converts into margins and earnings.

Bulls argue that rapid revenue expansion could eventually outweigh heavy R&D and operating spend, but the current loss profile means you need to be comfortable backing that long term story to side with them 🐂 D-Wave Quantum Bull Case

Premium 9.7x P/B and recent dilution support bearish worries

• The stock is trading on a P/B of 9.7x compared with 2.7x for the US Software industry average, and shareholders also saw dilution over the past year alongside a trailing twelve month net loss of US$355.1 million.
• Bears emphasize that this combination of a high 9.7x P/B multiple, forecast revenue growth closer to 61.8% per year and continued unprofitability raises the risk that the current valuation could be hard to support, especially if further dilution is required or if revenue growth does not translate into better net margins from the current trailing loss of US$355.1 million.

Skeptics warn that paying a premium multiple while losses remain large and shares have already been diluted may leave little margin for error if the story takes longer to play out 🐻 D-Wave Quantum Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for D-Wave Quantum on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With mixed signals across growth, losses, and valuation, it makes sense to look closely at the underlying data and decide where you stand. To move from headlines to a clear personal view, start with the company's 1 key reward and 3 important warning signs.

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D-Wave Quantum combines a large trailing net loss of US$355.1 million with a premium 9.7x P/B multiple and expectations of continued unprofitability.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.