D-Wave Quantum (QBTS +4.46%)… the very name suggests a disturbance in the ether, a shivering of probabilities. Last year, it ascended, a gaudy balloon inflated by the hot air of speculation, rising 211%. But ah, 2026. A cruel mistress, she has already dispatched it downwards by 25% as of the thirteenth of February. One begins to suspect the hand of fate, or perhaps merely a particularly shrewd accountant.
The company prepares to unveil its fourth-quarter and full-year 2025 earnings on the twenty-sixth of February, before the sun deigns to rise. A popular pastime, this “earnings play,” especially with a stock prone to fits and tremors. Yet, I advise caution. To expect a miracle from D-Wave is akin to expecting a rational argument from a babushka arguing over a cabbage.
Consider the past. After the first and second quarters of 2025, the stock experienced a modest, almost apologetic, rise of 6%. A pleasant enough blip. But the third quarter… ah, the third quarter. Revenue and gross profits leaped by 235% and 353%, respectively. A veritable explosion of numbers! And what did the market do? It plummeted 18%. It is as if the very act of success offends it. One imagines the shareholders, a collection of anxious gentlemen, clutching their hats and muttering darkly about conspiracies.
The climate, you see, is not conducive to such…enthusiasm. The entire technological realm suffers from a peculiar malady – a feverish obsession with artificial intelligence. Wall Street, that den of calculating souls, grows increasingly concerned with the colossal expenditures being committed to these digital phantoms. Investors, once bold and reckless, now cling to their coin purses, exhibiting a prudence rarely seen outside of a monastery. This does not bode well for a company dedicated to quantum computing, a field still distant from profitability and weighed down by valuations that reach for the heavens.
D-Wave, alas, fits this description perfectly. It trades at over 200 times trailing sales – a number so extravagant it makes one suspect the accountants are employing a different system of mathematics altogether. And the losses! Over the first three quarters of 2025, a net loss of $313 million. One pictures the money disappearing into a black hole, or perhaps being diverted to fund a secret society of mathematicians.
I confess, I am not enamored with these “pure plays” at present. I prefer to invest in larger, more established entities – companies like Alphabet (GOOG 1.08%)(GOOGL 1.06%), which dabble in quantum computing as a mere side project, like a nobleman collecting exotic butterflies. Even after its recent dip, D-Wave remains expensive, a glittering bauble. And I suspect, with a weary sigh, that it may continue its descent throughout the year. A fascinating spectacle, perhaps, but a poor investment.
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2026-02-17 15:42