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This Week's Bonus Story Despite a Double Miss, D-Wave's Earnings Could Fuel a New RallyAuthored by Nathan Reiff. Posted: 2/27/2026. 
Key Points - Despite quarterly losses and revenue that failed to meet analyst expectations, D-Wave Quantum's Q4 earnings report showed many promising signs of growth.
- One highlight was the company's bookings momentum, which surged by 471% on a sequential basis—and January 2026 bookings have only continued to accelerate.
- D-Wave also maintains a strong cash position with about $885 million on hand, giving it ample room to fund its aggressive R&D plans in 2026.
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After weeks of anticipation—and amid a share price decline of nearly 29% year-to-date (YTD)—D-Wave Quantum Inc. (NYSE: QBTS) reported Q4 and full-year 2025 earnings, and the results were mixed. What's likely to make headlines is that the company missed analyst expectations on both top- and bottom-line performance for the final quarter, even though it showed year-over-year (YOY) improvements in both areas. Looked at more closely, however, there are several reasons investors might be optimistic about D-Wave's prospects after this report. The company delivered notable gains across multiple metrics, including quarterly bookings, cash on hand, full-year revenue and gross profit. Those wins, together with the pivotal acquisition of Quantum Circuits earlier this year and a strategic repositioning as a dual-focus gate model and annealing quantum tech company, could help cement D-Wave as one of the leading names in the space going forward. D-Wave's Earnings Come Up Short—But Also Impress in Important Ways Dr. Skousen: "Only 500 people today get the access code"
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I'm sharingan "access code" to grab a pre-IPO stake. But only with the first 500 people today. Click Here to See how to Get Your "SpaceX Access Code" On the downside, D-Wave's adjusted quarterly loss of $0.09 per share was wider than the $0.05 analysts expected, and reported revenue of $2.75 million missed estimates by roughly $1 million, despite being about 22% higher than the year-ago quarter. The revenue result underscores that D-Wave remains a speculative investment at this stage—the quantum market is still nascent, and broad commercial opportunities are limited while other sectors develop market-ready products. Still, the company reported several encouraging trends. Full-year 2025 revenue rose to $24.6 million, an increase of roughly 179% YOY, and full-year gross profit improved by about 265% YOY. Those gains were driven in part by a surge in bookings. Q4 bookings reached $13.4 million, a sequential increase of 471%. Management also highlighted that January 2026 bookings exceeded $30 million, already surpassing the total bookings for all of 2025. It is important to note these bookings were concentrated in a small number of large Advantage2 system sales, and D-Wave still needs to penetrate smaller customers. Nevertheless, the momentum in high-value deals could meaningfully boost future revenue and, ultimately, profitability. D-Wave's Cash Position Remains Healthy Even after paying $550 million in cash and stock for Quantum Circuits—and filing shelf registrations totaling $330 million early in the year that could dilute shareholders further—D-Wave ended the year with a surprisingly strong balance sheet. The company reported nearly $885 million in cash and marketable securities, and that figure reflects a $250 million cash outlay associated with the acquisition. Management says this cash runway is sufficient to fund D-Wave's planned path to profitability. Investors remain cautious, as shown by the stock's decline so far this year, particularly given the company's expectation of aggressive R&D and go-to-market spending that could make bookings and revenue lumpy in the near term. Nonetheless, the sizable cash reserve should provide a buffer while D-Wave invests in product development and sales capacity. Whether it will be enough to weather a potentially spend-heavy transition period remains an open question. The Market Reacts Positively Shares jumped above $21.30 in the hours after the earnings release before settling back below $20. Despite the recent pullback, the stock is still up roughly 224% over the last 12 months following a large rally in 2025, though it remains down materially YTD. Analysts continue to favor D-Wave, with a Moderate Buy rating based on 14 Buys, 1 Sell and 1 Hold. Needham & Co. was the first major firm to update its view after the release, keeping a Buy rating but trimming its price target by $8 to $40. QBTS's consensus price target is $37.64, roughly 89% above the current trading price.
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