QBTS Soars 332% in a Year: Quantum Revenue Growth to Continue in 2026?

Over the course of 2025, D-Wave Quantum QBTS moved noticeably from purely research-oriented results toward measurable revenue traction as its quantum systems began generating meaningful top-line figures. In the first quarter of 2025, revenues jumped 509% year over year, driven by the sale of an Advantage2 quantum system, a key transition from services to high-value system sales. Gross margins expanded sharply as a result.The subsequent 2025 quarters showed that total revenues continued to rise. In the last-reported third-quarter 2025 alone, revenues increased 100% year over year and gross profit expanded significantly, even as the company maintained elevated R&D investment to sustain technological progress.D-Wave also confirmed strong commercial momentum heading into the fourth quarter, including €10 million in bookings for 50% capacity of an Advantage2 system in Italy that will contribute to future revenue recognition once operational.In 2026, QBTS is clearly showing a transition toward commercial momentum, supported by strong balance-sheet cash positions, expanding enterprise and government customer engagements and a growing services pipeline expected to contribute to recurring revenues.Going by the Zacks Consensus Estimate, the company is expected to report earnings growth of 86.5% on revenue growth of 79.1% in the fourth quarter of 2025. In 2026, QBTS is projected to report earnings growth of 7% on revenue growth of 61.1%.Image Source: Zacks Investment ResearchPeer UpdateIonQ IONQ: The company showed notable commercial and technical momentum through 2025. For the third quarter, IonQ reported $39.9 million in revenues, exceeding guidance and prompting the company to raise its full-year 2025 outlook to $106-$110 million. The third quarter also reflected key technical progress, including a 99.99% two-qubit gate fidelity milestone, strengthening IonQ’s execution on scalability and performance. With $3.5 billion in pro-forma cash following a $2 billion equity raise at third-quarter 2025 end, the company is well capitalized to fund continued R&D, expand partnerships and support a growing commercial pipeline in 2026.Rigetti RGTI: The company, in the first three quarters of 2025, reported modest and uneven revenues due largely to contract timing. Operationally, the company continued advancing its chiplet-based superconducting roadmap, demonstrating multi-chip systems and targeting 150+ qubit platforms by late 2026, with further scaling goals beyond that. With over $600 million in cash and no debt, Rigetti has sufficient runway, but ongoing operating losses and limited revenue scale indicate that near-term performance remains closely tied to technical milestones and government or enterprise contract wins rather than broad commercial adoption.QBTS' Price PerformanceIn the past year, QBTS shares have risen 331.9% against the broader Internet Software industry’s 6.8% decline. The stock also far outpaced the S&P 500’s 13.6% gain.One-Year Price ComparisonImage Source: Zacks Investment ResearchQBTS' Expensive ValuationQBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 208.34X compared with the industry average of 4.34X.Image Source: Zacks Investment ResearchQBTS stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report IonQ, Inc. (IONQ): Free Stock Analysis Report Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report D-Wave Quantum Inc. (QBTS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks