Quantum Stocks Surge What Was in the Reports?

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Shai Gal is a highly experienced financial journalist with expertise in the tech industry and dividend growth stocks. He has a strong track record of producing insightful content that helps investors make informed decisions. Shai is skilled in conducting in-depth research and analysis to identify trends and opportunities in the market.
 

•  26 Feb 2026
 

•   IONQ  
   
  +2.58%
•   QBTS  
   
  -0.44%

$IONQ IonQ and $QBTS D-Wave Quantum published their fourth-quarter results and presented contrasting data: IonQ beat revenue expectations but deepened its losses, while D-Wave missed on revenue yet significantly reduced its operating loss and reported a sharp increase in bookings.

IonQ reported fourth-quarter revenue of $61.9 million, above analysts’ expectations of approximately $40.4 million. For comparison, third-quarter revenue totaled $39.9 million, and revenue in the same quarter last year was only $11.7 million. Alongside the revenue growth, losses widened. The company posted an adjusted EBITDA loss of $67.4 million, compared to $48.9 million in the previous quarter and $32.8 million in the same quarter last year. Operating loss expanded to approximately $229 million, versus $77.5 million a year earlier.

Operating and general expenses surged to more than $290 million, compared to $89.2 million in the corresponding period of 2024. On the bottom line, IonQ ended the quarter with a net loss of $753 million, compared to $202 million a year earlier.

The company provided a 2026 revenue forecast of $235 million, above market expectations of roughly $191 million. CEO Niccolo de Masi, who assumed the role last year, stated that the company exceeded the midpoint of its quarterly revenue guidance by about 55%. IonQ shares jumped approximately 20% in response to the results. However, since the beginning of the year the stock has lost about a quarter of its value, partly following an acquisition announcement at the end of January and the publication of a short report alleging revenue inflation and the use of acquisitions to accelerate growth.

IonQ rejected the allegations, calling them baseless, but did not provide a detailed response regarding criticism of its government relationships and operating model. Since the report was published in early February, the stock had fallen more than 12% through the eve of the earnings release.

Government relationships carry significant weight in the company’s operations. Recently, IonQ announced that it won a contract under the U.S. Missile Defense Agency, with a ceiling value of $151 billion. Federal contracts represent a central revenue source for companies in the sector. IonQ continues to expand through acquisitions. Among other moves, it acquired the UK startup Oxford Ionics, a step that enabled it to demonstrate improved quantum performance. The company also announced the acquisition of SkyWater Technologies, a deal expected to close in the second half of 2026 and intended to strengthen its chip manufacturing capabilities.

IonQ also reported growth in its future order backlog, which reached $370 million at the end of 2025 a fivefold increase compared to the previous year. These represent contractual commitments not yet recognized as revenue and reflect activity expected over the coming years.

D-Wave reported fourth-quarter revenue of $2.75 million, below expectations of $3.49 million. Despite this, the stock rose following the report. The primary reason was a sharp improvement in profitability metrics. Operating loss narrowed to $42.3 million, compared to nearly $144 million in the same quarter last year. Adjusted net loss declined to $31.8 million, compared to $75.6 million a year earlier.

Another notable figure was the surge in bookings: D-Wave secured $13.4 million in orders during the quarter, a 471% increase compared to the previous quarter. This included a €10 million order for the allocation of 50% of a quantum computer’s capacity to establish a research facility in Lombardy, Italy. The company noted that after the end of the quarter it signed additional agreements, including a $20 million system sale to Florida Atlantic University and a two-year, $10 million software licensing agreement with an enterprise customer. These transactions were not included in the quarterly results.

D-Wave ended 2025 with liquidity exceeding $884 million the highest level in its history. Alongside the financial improvement, the company reported technological progress, including reducing the amount of hardware required to control a large number of qubits and developing gate-based systems in addition to the annealing architecture traditionally associated with the company.

Both companies operate in an industry that remains unprofitable, where large-scale commercial applications have yet to mature. Against this backdrop, the market reacts strongly to any change in growth rate, booking volume, or the ability to reduce losses as demonstrated by the latest earnings reports.

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