New York, February 27, 2026, 07:59 EST — Premarket
- QBTS was little changed before the bell after posting fourth-quarter results
- D-Wave flagged a sharp sequential rise in bookings and a cash-heavy balance sheet
- Roth and Needham lowered price targets, citing higher costs and execution risk
D-Wave Quantum Inc shares were steady in premarket trading on Friday after the quantum-computing firm reported results and fresh contract wins that kept traders focused on its order pipeline rather than near-term revenue.
The key question now is whether “bookings” — customer orders expected to turn into future revenue — start showing up faster in reported sales, as investors push for proof that quantum computing demand is becoming repeatable.
D-Wave’s update also lands as high-beta tech remains twitchy ahead of next week’s macro data and another round of investor positioning into month-end.
The stock closed at $20.14 on Thursday, up 2.49%, after swinging between $19.72 and $21.70. 1
D-Wave said fourth-quarter revenue rose 19% to $2.8 million and its net loss narrowed to $42.3 million, or 12 cents a share. Full-year revenue rose to $24.6 million, and cash and marketable investment securities totaled $884.5 million at year-end. 2
Bookings for the quarter were $13.4 million, up 471% from the prior quarter, including a €10 million booking tied to capacity on its Advantage2 annealing quantum computer for a facility in Lombardy, Italy, the company said. 2
A regulatory filing said the company also disclosed, after quarter-end, a $20 million system purchase by Florida Atlantic University and a $10 million, two-year enterprise “Quantum Computing as a Service” deal — a paid cloud-access license — with a Fortune 100 customer. 3
On its earnings call, Chief Executive Alan Baratz said D-Wave had “plenty of capacity” in its cloud service and argued the firm’s machines were “very capital efficient.” 4
Roth Capital lowered its price target on D-Wave to $30 from $40 while keeping a buy rating, citing added operating expenses tied to the company’s Quantum Circuits acquisition. 5
Needham & Company cut its target to $40 from $48 and reiterated a buy rating, according to a MarketBeat report. 6
But the numbers are still small, and the stock’s next move may hinge on how quickly bookings convert into revenue. D-Wave is also absorbing an acquisition and pushing into government work, both of which can swell costs before they lift sales.
Traders will watch Friday’s open for whether QBTS can hold its post-results bounce, then turn to the next risk test: the U.S. February payrolls report due March 6 at 8:30 a.m. ET. 7
