Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 28 Apr, 26 | QBTS | Buy | USD 18.1 | USD 19.01 | USD 20.0 | 2 days | Closed |
10.86%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community. It also provides D-Wave Launch, a quantum professional service that guides enterprises from problem discovery through production implementation. The company's quantum solutions are used in logistics, financial services, drug discovery, materials sciences, scheduling, fault detection, mobility, and supply chain management. It serves financial services, manufacturing/logistics, mobility, and life sciences/pharmaceuticals industries. D-Wave Quantum Inc. was founded in 1999 and is headquartered in Burnaby, Canada.
Expansion in Gross Profit: USD 20.3 Mn in FY25 vs USD 5.6 Mn in FY24
Revenue Growth: USD 24.6 Mn in FY25 vs USD 8.8 Mn in FY24
Decline in Bookings: USD 18.7 Mn in FY25 vs USD 23.9 Mn in FY24
Increase in Net Loss: USD 355.0 Mn in FY25 vs USD 143.9 Mn in FY24
The company faces significant execution risk due to high operating losses and reliance on continued commercialization of emerging quantum computing technologies amid an evolving and competitive industry landscape
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 18.1 | 16.3 | 19.01 | 20.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strong Revenue Growth Reflecting Commercial Momentum: D-Wave Quantum delivered a significant financial turnaround in FY2025, with total revenue increasing to USD 24.6 million from USD 8.8 million in FY2024, representing a 179% year-over-year growth. This expansion was largely driven by higher system sales revenue, alongside contributions from quantum computing-as-a-service (QCaaS) subscriptions and professional services. The company’s ability to generate revenue purely from quantum computing offerings highlights its differentiated commercial positioning in an industry still largely reliant on research-based funding.
Improvement in Profitability Metrics and Margins: The company demonstrated substantial improvement in profitability at the gross level, with GAAP gross profit rising to USD 20.3 million in FY2025 from USD 5.6 million in FY2024. Gross margins expanded meaningfully to 82.6% from 63.0% in the prior year, supported by the sale of higher-margin quantum systems. Non-GAAP gross margin also improved to 86%, indicating strong scalability and pricing power within its product offerings.
Expanding Customer Base and Deal Sizes: Operationally, D-Wave continued to strengthen its commercial footprint, serving over 135 customers, including more than 70 commercial clients and several Forbes Global 2000 enterprises. The company reported a 20% increase in average revenue per commercial customer and a 90% increase in average deal size among large enterprise clients. These trends reflect growing enterprise adoption and validation of quantum computing use cases across industries.
Bookings Volatility but Strong Forward Momentum: Despite strong revenue growth, FY2025 bookings declined to USD 18.7 million from USD 23.9 million in FY2024, primarily due to the absence of a large one-time system sale recorded in the prior year. However, momentum into FY2026 remains robust, with bookings already exceeding prior annual levels early in the year, supported by large contracts such as a USD 20 million system sale and a USD 10 million enterprise QCaaS agreement.
Rising Losses Driven by Non-Cash Adjustments and Investments: The company reported a net loss of USD 355 million in FY2025 compared to USD 143.9 million in FY2024, largely due to non-cash warrant-related charges. On an adjusted basis, net loss widened moderately to USD 84.5 million from USD 75.6 million. Additionally, adjusted EBITDA loss increased to USD 71.8 million, reflecting higher operating expenses as the company continues to invest aggressively in R&D, talent expansion, and infrastructure.
Strengthened Liquidity Position Supporting Growth Strategy: D-Wave significantly improved its liquidity position, ending FY2025 with USD 884.5 million in cash and marketable securities compared to USD 178 million in FY2024. This increase was driven by equity issuances and warrant exercises, providing the company with substantial financial flexibility to fund its long-term innovation roadmap, including advancements in both annealing and gate-model quantum technologies.
Technological Leadership and Strategic Positioning: From an operational standpoint, FY2025 marked a pivotal year, with D-Wave advancing its dual-platform quantum computing strategy. The company achieved key milestones such as demonstrating quantum supremacy on a real-world problem, launching the Advantage2 system, and acquiring Quantum Circuits to strengthen its gate-model capabilities. These developments position D-Wave as a leading player with both near-term commercialization potential and long-term technological scalability.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to D-Wave Quantum, Inc. (NYSE: QBTS) at the closing market price of USD 18.10, as on 28 April,2026 at 8:20 am PDT
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Computer Hardware
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| QBTS D-Wave Quantum Inc. |
-0.01 0.06% | 16.72 | - | - | 18.23 | 17.09 | 17.52 | -1.9689 |
| DELL Dell Technologies Inc |
-14.46 3.65% | 381.88 | 24.44 | 15.65 | 1.22 | 4.39 | 1.34 | 12.81 |
| ANET Arista Networks |
0.74 0.44% | 169.35 | 39.49 | 31.45 | 13.08 | 11.15 | 12.18 | 31.54 |
| SMCI Super Micro Computer Inc |
-0.35 1.45% | 23.83 | 49.25 | 28.90 | 5.69 | 17.11 | 5.65 | 57.68 |
| HPQ HP Inc |
-0.62 2.50% | 24.22 | 9.33 | 8.67 | 0.56 | - | 0.70 | 7.42 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on April 28, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2026 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
Australia