Key Points
Despite the recent dip in its share price, D-Wave's stock is up 245% in the past 12 months.
The cash position and bookings for this quantum computing company are at all-time highs.
D-WaveQuantum(NYSE: QBTS) certainly had an extraordinary run over the past couple of years. For investors who didn't have the opportunity to invest when the stock traded below $1, the recent dip may offer another chance to enter the quantum computing race.
D-Wave's financials are somewhat mixed. On the positive side, in 2025, D-Wave's revenue increased 179% and gross profit grew 265%. The company ended the year with the highest liquidity position in its history, with over $884 million on the balance sheet.
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The real bullish sign for D-Wave is in its bookings momentum. In 2025, D-Wave saw its bookings (or customer contracts) increase 471%. Already through the first quarter of 2026, bookings exceeded $32 million, which is nearly $8 million more than all of last year's revenue.
Image source: Getty Images.
On the negative side, D-Wave isn't close to profitability yet. For the 2025 fiscal year, the quantum computing innovator ended with a net loss of $355 million.
D-Wave has plenty of confidence about its trajectory. The company's CEO, Alan Baratz, made headlines this week with a warning for graphics processing unit competitors like Nvidia, implying the chipmaker should be nervous about the capabilities of quantum computing.
Overall, Wall Street sees significant upside for D-Wave over the long term. The stock still trades at a heavy premium, with an enterprise-value-to-revenue ratio near 280. The risk is still very real across the quantum computing industry, but for patient investors, D-Wave's recent drop presents a compelling entry point for a company gaining commercial traction.
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Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
