Key Takeaways
- D-Wave Quantum shares fell 9% in the week to Oct. 30, closing at a new 52-week low, mostly in that day’s tech selloff.
- D-Wave had no bad news of its own, and a non-binding LG CNS deal didn’t help.
- Revenue has missed estimates three quarters running, so the Nov. 10 report has to show real commercial traction.
- D-Wave’s forward price/sales multiple is far below its three-year average, but the Nov. 10 report is the better signal.
D-Wave Quantum (QBTS) stock fell 9% in the week ended Oct. 30, closing Friday at $10.65, a new 52-week low. About 90% of that drop came on Friday, when disappointing results from Intel and Amazon set off a tech selloff.
Friday’s tech rout did the damage
The Nasdaq Composite fell 2.9% on Oct. 30, its worst day since June 5, on worries about how much companies are spending on AI. D-Wave fell 7.9% that day.
Investors dump the stocks furthest from a profit first, and analysts don’t expect D-Wave’s EBITDA to turn positive until 2030. Other quantum stocks fell too: Rigetti dropped 6.7% and IonQ 5.3%.
A non-binding deal won’t move this stock
Before the open on Oct. 28, D-Wave announced a non-binding memorandum of understanding with LG CNS to win enterprise customers in South Korea and abroad. It came with no dollar figure and no commitment, and the stock fell 3% that day anyway.
Nov. 10 is the real test
D-Wave reports third-quarter results on Nov. 10, after three straight quarters of revenue below analysts’ estimates. First-half revenue was $5.9 million. To hit the $42.5 million analysts expect for 2026, the second half needs $36.5 million, and management expects both of this year’s system deliveries in the fourth quarter.
That delivery outlook is also at the center of a pending securities class action, which alleges D-Wave overstated its system delivery prospects. The allegations are unproven.
Consensus has revenue nearly doubling in 2027, to $80.6 million, and reaching $255 million by 2029:
Analysts have no reason to change those numbers on this week’s news.
The number to watch is cloud revenue, which was $1.86 million in the second quarter. Without one $10 million enterprise license, D-Wave’s cloud and consulting revenue would have shrunk from a year before.
TIKR tracks 17 analysts on D-Wave Quantum. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on D-Wave Quantum, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See D-Wave Quantum’s Analyst Ratings
Is D-Wave a buy at a 52-week low?
D-Wave traded at 66x forward sales on Oct. 29. Its three-year average is 152x, and it peaked at 839x in October 2025:
After Friday’s drop, the multiple is even lower. D-Wave also had $546.2 million of cash and marketable securities at June 30 to fund its losses.
Even so, Nov. 10 is the better time to decide. If cloud revenue grows past that one license and both deliveries stay on track, the multiple has room to recover. A fourth straight miss would make even today’s multiple look expensive.
So what is D-Wave stock actually worth?
TIKR lets you forecast the future price of any stock in less than a minute. Just enter a few assumptions into TIKR’s valuation model and see what D-Wave could be worth. Start from Wall Street consensus estimates, or adjust the inputs to reflect your own view of the business. It’s free to use.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
