D-Wave Quantum (QBTS +5.39%) has experienced a momentary surge in valuation. The company reports a 179% increase in revenue for the past year, and a corresponding uptick in pre-orders. This, naturally, has stirred a degree of enthusiasm amongst those inclined to speculate on unproven technologies. It is worth remembering that enthusiasm, in such matters, is rarely based on sound accounting.
The share price rose by over 10% following the release of its latest financial report, though a portion of this gain has since dissipated. As of this writing, the stock remains approximately 4.7% higher than its opening price. Such volatility is typical of companies operating in the realm of theoretical physics and dependent on the continued influx of capital.
The Illusion of Bookings
The current fascination with quantum computing stocks remains, for the time being, detached from any demonstrable profitability. D-Wave continues to operate at a loss, a fact conveniently obscured by the headline figure of 179% revenue growth. This growth, while substantial, originates from a negligible base. The company’s first full year of sales followed a single quantum computer system order at the end of the previous year – a statistic that should encourage caution, not celebration.
The pronouncements of Dr. Alan Baratz, D-Wave’s CEO, regarding “meaningful growth” and “transformative years” should be regarded with skepticism. Such language is the stock-in-trade of those attempting to attract investment in ventures with uncertain prospects. The company reports over $30 million in orders for January, coinciding with the acquisition of Quantum Circuits. It is important to note that acquisitions, while potentially beneficial, often serve to mask underlying weaknesses.
A recent $20 million order from Florida Atlantic University for D-Wave’s Advantage2TM annealing quantum computer is presented as evidence of growing demand. However, one institutional purchase does not constitute a trend. The fact that the share price has fallen by over 20% year-to-date, and that these recent bookings have merely reduced the level of speculation, suggests that the market, at least, remains unconvinced. Investors, lured by the promise of technological revolution, are, as always, taking a considerable risk.
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2026-02-26 18:33