Post-earnings recap
Reported
Tue, May 12, 2026
EPS actual
$-0.05
EPS est.
$-0.10
EPS surprise
+50.00%
1-day move
-6.99%
D-Wave Quantum Inc. reported a narrower loss than expected, which is a positive sign for investors. However, the stock reaction remained unchanged at 0.0%, indicating that investors may be cautious or waiting for more information. The lack of revenue reporting and guidance may have contributed to the muted response.
| Metric | Actual | Expected | Surprise |
|---|---|---|---|
| EPS | $-0.05 | $-0.08 | +50.00% |
| Revenue | $— | $4M | — |
No transcript is on record, and the analysis is based on numerical results only.
D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is an emerging field that promises to solve complex problems much faster than traditional computers. As a player in the information technology sector, D-Wave is at the forefront of innovation, focusing on applications that could revolutionize industries ranging from finance to logistics.
Last quarter
In Q4 2025, D-Wave reported an EPS of $-0.09, which was worse than expected, leading to a slight stock increase the following day. The company continues to face challenges in meeting revenue expectations.
EPS beat streak
0Q
EPS beat rate
50%
Avg EPS surprise
+2.27%
Avg 1-day reaction
+6.30%
Analysts expect D-Wave to report a loss of $-0.08 per share on $4 million in revenue for Q1 2026. The market is cautiously optimistic, given the company's potential in the quantum computing space.
Bull case
If D-Wave can exceed revenue expectations and show signs of improved demand for its products, it could signal a strong recovery and growth potential, leading to a positive stock reaction.
Bear case
Conversely, if the company fails to meet its revenue targets or reports a larger loss than expected, it may raise concerns about its viability in a competitive market, leading to a negative stock response.
Key metrics to watch
EPS
$-0.08Earnings per share is crucial for understanding the company's profitability and how it compares to analyst expectations.
Revenue
$4MRevenue figures will indicate the company's growth trajectory and market demand for its quantum computing solutions.
The print will turn on these.
Q1
Will D-Wave's revenue meet or exceed the $4 million consensus estimate?
Revenue performance is critical for assessing the company's growth and market acceptance of its quantum computing solutions.
Q2
What specific factors contributed to the expected EPS loss of $-0.08?
Understanding the reasons behind the expected loss will provide insights into the company's operational efficiency and future profitability.
—
Est. EPS
$-0.17
Est. Rev
$556M
Impl. Move
±11.3%
Why consensus could be wrong
The Street may be underestimating the potential for D-Wave to capitalize on increasing interest in quantum computing, which could lead to higher-than-expected revenue growth.
Supporting evidence
The options market is pricing a 13.19% move, indicating expectations for significant volatility that could reflect positive surprises.
D-Wave's recent performance has shown a tendency to exceed expectations, particularly in previous quarters.
Key risk
If revenue comes in above $4 million, it could shift sentiment dramatically and challenge the current bearish outlook.
Pre-commit to what would confirm each case.
This quarter's performance is pivotal as it will either validate the company's growth strategy or highlight ongoing challenges in the competitive landscape.
Bull confirmed if
Revenue exceeding $4 million with a clear path to profitability would support a bullish outlook.
Bear confirmed if
An EPS worse than $-0.10 could confirm bearish sentiment and raise concerns about the company's financial health.
What the market is pricing for the move.
Implied Move
±13.19%
Historical Avg
±13.1%
The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.
Options are pricing ±13.2% while QBTS has averaged ±13.1% over the last 8 prints — setup is roughly in line with history.
ATM IV
1.6%
30d HV
108.4%
Cross-company pattern from 23 similar setups.
Prior-quarter miss + options pricing in-line setup in Information Technology
Fade rate: 3 of 17 (18%)
This setup has occurred 23 times across Information Technology in the last 2 years. 14 of 17 (82%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 8.8%, with a raw directional average of +4.4% (modestly positive historical bias).
Smart-money positioning from the most recent 13F filings.
Institutional
54.43%
of float
Insider
2.21%
of float
Holders
702
institutions
Top Holders· as of Jun 2026
Blackrock Inc.
33,147,399 sh · $504.5M
9.04%
9.9%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If D-Wave beats expectations, history suggests a stock increase of around +15.06%, confirming a positive outlook for the company.
In line / cautious
If results are in line with expectations, the stock may react moderately, reflecting cautious sentiment from investors.
Miss
A miss could lead to a decline in stock price, with history indicating an average drop of +2.65% following such outcomes.
The lines on the call that would change the story.
Vanguard Portfolio Management LLC
22,021,534 sh · $335.2M
6.00%
5.9%
Vanguard Capital Management LLC
15,940,671 sh · $242.6M
4.35%
0.6%
UBS Group AG
11,645,700 sh · $177.2M
3.18%
18.0%
Geode Capital Management, LLC
9,270,389 sh · $141.1M
2.53%
2.5%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.