QBTS Stock Forecast & Price Target

D-Wave Quantum Inc. has demonstrated a robust growth potential with projected revenues of approximately $10 million for 1Q25, largely attributed to its first system sale, indicating a successful entry into hardware sales. The company has achieved significant milestones, including a sevenfold increase in bookings for its Advantage2 quantum computer, which highlights strong demand and positions D-Wave as a leader in the commercial quantum computing market. With a healthy gross margin of 73% and an expectation of increased efficiency from a revamped go-to-market strategy, D-Wave is well-positioned for ongoing revenue growth and customer adoption in the evolving landscape of practical quantum applications.

The analysis indicates a negative outlook on D-Wave Quantum Inc.'s stock primarily due to persistent losses projected over several years, which raises concerns about potential shareholder dilution through secondary offerings. Additionally, the company has experienced declining year-over-year revenue, despite a marginal quarter-over-quarter increase, underscoring challenges in scaling its quantum computing technology amid slower market adoption. Lastly, the updated non-GAAP EBITDA loss projections reveal wider losses than previously anticipated, reflecting operational challenges that may hinder future financial performance.