D-Wave Quantum Inc. (NYSE:QBTS) reported mixed first-quarter results on Tuesday.

D-Wave reported a loss of 5 cents per share, beating the consensus estimate of a 9 cent-loss. In addition, it reported revenue of $2.85 million, missing the consensus estimate of $4.13 million and representing an 81% decrease from the prior-year first-quarter.

D-Wave also reported first-quarter bookings of $33.4 million, up 1,994% year-over-year from $1.6 million in the first quarter of 2025 and up 149% from $13.4 million in the fourth quarter of 2025.

“D-Wave’s first quarter performance highlights what sets this company apart: strong execution, expanding commercial adoption, and differentiated technology leadership across both annealing and gate model quantum computing,” said Dr. Alan Baratz, CEO of D-Wave.

D-Wave shares fell 3% to trade at $21.68 on Wednesday.

These analysts made changes to their price targets on D-Wave following earnings announcement.

  • Mizuho analyst Vijay Rakesh maintained the stock with an Outperform rating and lowered the price target from $31 to $29.
  • Canaccord Genuity analyst Kingsley Crane maintained D-Wave Quantum with a Buy and cut the price target from $43 to $41.

Considering buying QBTS stock? Here’s what analysts think:

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