Shares of D-Wave Quantum (QBTS) were largely flat but in the green premarket on Thursday after the company’s fourth quarter results missed estimates.
For the fourth quarter ended Dec. 31, 2025, adjusted net loss per share was $0.09 compared to net loss per share of $0.08 in the fourth quarter of 2024. Meanwhile, revenue grew 19% year-over-year to $2.8M. Both top and bottom line numbers missed analysts’ estimates.
“Our 2025 results mark one of the most successful and transformative years in D-Wave’s history, with meaningful growth across every key business metric — revenue, Bookings, technical milestones, and scientific breakthroughs,” said D-Wave’s CEO Alan Baratz.
The company noted that it closed Bookings of $13.4M for the fourth quarter of fiscal 2025, up 471% from the immediately preceding third quarter bookings of $2.4M. The Booking includes the €10M agreement with Swiss Quantum Technology signed in October 2025.
D-Wave noted that it ended 2025 with the highest liquidity position in its history at over $884M.
“We are entering 2026 with exceptional momentum: generating over $30 million in Bookings in January alone, expanding our market leadership through the acquisition of gate-model quantum computing company Quantum Circuits, Inc., and securing an eight-figure enterprise QCaaS agreement that underscores growing customer confidence in our technology’s power to transform enterprise operations. 2026 is shaping up to be a defining year for D-Wave,” said Baratz.
Related stocks: Rigetti Computing (RGTI) jumped about 4%, while Quantum Computing (QUBT) and Arqit Quantum (ARQQ) each rose around 3% premarket on Thursday.