Shares of D-Wave Quantum Inc. (NYSE: QBTS) have dropped over 38% in the last month, erasing gains made since mid-September 2025. Despite strong third-quarter earnings, investors are disappointed in the company’s lack of marketable quantum technology. Rivals like Rigetti Computing (NASDAQ: RGTI) and IonQ Inc. (NYSE: IONQ) have also seen share prices decline.
IonQ’s revenue growth outpaced D-Wave’s in the latest quarter, with sales tripling year-over-year to nearly $40 million. Analysts upgraded IonQ following its earnings report, but concerns about profitability remain. Rigetti Computing saw narrower-than-expected losses per share, but experienced declines in revenue and gross margin, leading to a 45% drop in share value.
Investors may favor IonQ for revenue performance or D-Wave for a strong cash balance, but the quantum industry as a whole faces challenges in delivering affordable, marketable products. Legacy tech firms like IBM Corp. (NYSE: IBM) with quantum operations could have an advantage. Short-term stock performance for quantum companies may struggle as they work to address user needs.

Read more at Nasdaq: How Does D-Wave Stack Up to Quantum Rivals After Earnings Season?