D-Wave Quantum Shares Surge on Stellar Earnings and Upgraded Forecasts

D-Wave Quantum Inc. (QBTS) is experiencing a substantial rally following the release of its outstanding quarterly results, which prompted several financial institutions to significantly raise their price targets for the quantum computing specialist.

The financial community responded swiftly to the company's performance. Benchmark upgraded its price objective to $35 from $20, highlighting the company's "strong progress with sustained momentum" toward achieving commercialization and profitability. On November 7, Rosenblatt Securities followed by increasing its target to $40, up from $30. Cantor Fitzgerald presented the most bullish adjustment, doubling its price target from $20 to $40—a 100% increase.

The current consensus price target among analysts now stands at $36, with a high forecast of $48. The stock has received unanimous positive coverage, with ten analysts issuing "Buy" or "Strong Buy" recommendations and no "Sell" ratings in circulation.

Record-Breaking Quarterly Performance

On November 6, 2025, D-Wave Quantum disclosed financial results that substantially surpassed market expectations. The company reported quarterly revenue of $3.7 million, representing a 100% increase compared to the same period last year and exceeding estimates by a notable 22%. Even more impressive was the earnings performance, with a loss per share of just $0.05, beating the anticipated $0.07 loss.

Should investors sell immediately? Or is it worth buying D-Wave Quantum?

The company's gross margin witnessed explosive growth, surging by 156% year-over-year. Meanwhile, D-Wave's cash position expanded to a record $836.2 million, marking an increase of over 2,700% from the previous year. Order bookings also showed robust growth, climbing 80% sequentially from the prior quarter, indicating significantly rising demand for its quantum computing solutions.

Commercial Expansion and Technological Deployment

Beyond the financial metrics, D-Wave announced several substantial operational achievements. The company secured a €10 million contract covering 50% of the capacity of its Advantage2™ quantum computer for a facility located in Lombardy.

In the United States, a second annealing quantum computing system has become operational at Davidson Technologies in Huntsville, Alabama, with applications focused on national defense. The company's expanding commercial acceptance is further demonstrated through new customer partnerships with a major U.S. airline, SkyWater Semiconductor, Japan Tobacco, and Turkey's Yapi Kredi Bank.

With its record cash reserves exceeding $836 million, D-Wave maintains substantial financial flexibility to continue investing in research and development. The ongoing development of its Fluxonium qubit chips could potentially provide the next significant catalyst for the company's growth trajectory.