Mar. 26 at 11:55 AM
$QBTS down 37% YTD and people are panicking. Meanwhile the fundamentals have never been stronger.
FY2025 revenue
$24.6M, up 179% year over year. Gross margins at 82.6%.
$840M cash on hand, no liquidity issues whatsoever. Over
$30M in bookings in January alone.
They acquired Quantum Circuits for
$550M and plan to deliver a dual-rail gate-model system this year. That makes D-Wave the only company running both annealing and gate-model quantum computers. Nobody else has that.
A Fortune 100 company just signed a
$10M two-year QCaaS deal. FAU is installing a
$20M Advantage2 system on campus. These aren't pilot projects anymore, these are real commercial deployments with real money behind them.
Analyst targets sit between
$30 and
$48. Stock is at
$16. The pullback is macro driven, not fundamental. This is quantum computing with actual revenue, actual customers, and actual cash in the bank.
