D-Wave Quantum (QBTS 5.10%) is at an inflection point, and the next 12 months could be crucial.
The bull case
For bullish investors, D-Wave has a few significant advantages in the quantum computing race, most importantly, the company has transitioned from research and development to enterprise sales. Most of D-Wave's competitors have yet to reach commercial viability. D-Wave, however, is booking sales and growing revenue.
NYSE: QBTS
Key Data Points
D-Wave is also a first mover in quantum annealing. However, its commercial-ready Advantage2 system needs to prove it's widely useful to silence critics who claim the scope for quantum computing products is narrow, and the market is smaller than the hype.
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If the company can continue growing its impressive list of customers -- it already touts Volkswagen, Pattison Food Group, and Denso Corporation among them -- revenue should continue catching up to operating expenses.
I'm also optimistic as D-Wave recently announced the creation of a U.S. government business unit that will work to secure potentially lucrative government contracts.
The bear case
Now let's look at the bear case. If the real-world uses for quantum computing fall short of expectations, this would be disastrous for D-Wave. Also, D-Wave's revenue is growing, but perhaps not fast enough. In Q3 2025, D-Wave reported nine-month revenue growth of 235%, but expenses were also up 38% to $84.1 million. This resulted in a net loss of $312.7 million through the first nine months of the year.
D-Wave's stock is up nearly 500% in the past 12 months, but the hype surrounding quantum computing overshadows the company's financial performance. Heavy operating losses and future profitability remain a concern.
What's in store in the next 12 months?
If D-Wave can continue growing revenue consistently, shareholders should benefit. D-Wave can achieve this through government contracts and testimonials from existing customers showing Advantage2 is transformational. Quantum computing is a young, fast-changing industry, but there's potential for D-Wave stock to soar in the next year.
