D-Wave Quantum on Thursday reported a smaller-than-expected first quarter loss while revenue topped views as investors focus on the near-term growth outlook for quantum computing stocks. D-Wave stock surged on the news.
For the March quarter, D-Wave reported a 2-cent loss on an adjusted basis versus an 11-cent loss a year earlier. Revenue rose 509% to $15 million.
Wall Street analysts had forecast a 4-cent loss on revenue of $10.5 million.
Q1 bookings fell 64% to $1.6 million, the company said.
Further, D-Wave in February won a big deal in Germany. The Jülich Supercomputing Centre bought one of D-Wave's quantum systems.
D-Wave had a record $304 million in cash on its balance sheet as of March 30.
"We believe that D-Wave has the opportunity to be the first independent, publicly held quantum computing company to achieve sustained profitability and to achieve this milestone potentially with less funding than required by any other independent, publicly held quantum computing company," said Chief Executive Alan Baratz on the D-Wave earnings call with Wall Street analysts.
The company also commented on a new quantum project underway with Davidson Technologies in Huntsville, Alabama.
On the stock market today, D-Wave stock surged over 50% to 10.39 in afternoon trading. Heading into the earnings report, D-Wave stock had retreated nearly 20% in 2025.
Late Wednesday, IonQ reported an in-line loss and flat revenue. IonQ also announced two more acquisitions as it builds a quantum platform. IONQ climbed 5% on Thursday.
Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Further, Quantum computing's ultimate benefit is that it aims to solve problems too complex for today's classical computers.
Meanwhile, quantum computing stocks have been volatile in 2025 amid controversy involving Nvidia over how soon commercially viable quantum technology will be available.
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