New York, February 27, 2026, 07:59 EST — Premarket
- QBTS barely budged in premarket trading after releasing its fourth-quarter numbers.
- D-Wave pointed to a notable jump in bookings from the prior period, and highlighted its cash-heavy balance sheet.
- Price targets came down at Roth and Needham, with both pointing to rising costs and worries about execution risk.
D-Wave Quantum Inc shares held flat in premarket trade Friday, with the quantum-computing company’s latest results and contract announcements steering attention toward its order pipeline over immediate revenue figures.
Investors are pressing for signs that demand for quantum computing is turning into a reliable business. The big question: will “bookings”—those customer orders meant to convert into future revenue—begin to hit reported sales more quickly?
D-Wave’s update drops just as high-beta tech stays jittery, with traders eyeing next week’s macro data and bracing for another burst of month-end positioning.
Shares finished Thursday at $20.14, picking up 2.49%. The price bounced around, hitting lows of $19.72 and climbing as high as $21.70. 1
D-Wave posted a 19% jump in fourth-quarter revenue, reaching $2.8 million, while trimming its net loss to $42.3 million, or 12 cents per share. For the year, revenue came in at $24.6 million. Cash and marketable securities stood at $884.5 million as of year-end. 2
The company reported $13.4 million in bookings for the quarter, a surge of 471% over the previous period. That total reflects a €10 million booking for capacity on its Advantage2 annealing quantum computer, earmarked for a site in Lombardy, Italy. 2
The company, in its regulatory filing, also revealed post-quarter deals: Florida Atlantic University agreed to buy a $20 million system, and a Fortune 100 client signed on for a $10 million, two-year “Quantum Computing as a Service” license—essentially paid cloud access. 3
During the earnings call, Chief Executive Alan Baratz told listeners that D-Wave’s cloud service offered “plenty of capacity” and described the company’s machines as “very capital efficient.” 4
Roth Capital has trimmed its price target on D-Wave to $30, down from $40, but maintained its buy rating. The move comes as the firm points to increased operating expenses following D-Wave’s Quantum Circuits acquisition. 5
Needham & Company lowered its price target on the stock to $40, down from $48, but kept a buy rating in place, MarketBeat reported. 6
Still, the figures remain modest, and what happens next for the stock could depend on how fast those bookings actually turn into revenue. D-Wave is dealing with the added costs of an acquisition and making a bigger push into government contracts—before either starts to show up on the top line.
Eyes are on QBTS when markets open Friday, as traders look to see if the stock can sustain its gains after earnings. After that, attention shifts to the U.S. February payrolls data, set for release on March 6 at 8:30 a.m. ET. 7
