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Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major PlayersAuthored by Nathan Reiff. Posted: 5/10/2026. 
Key Points
- After IonQ's strong showing in Q1 2026—including 755% in year-over-year revenue growth—other firms have an opportunity to distinguish themselves.
- D-Wave and Rigetti both post results the second full week of May, although both firms face challenges and have dwindling share prices so far this year.
- Investors may watch for D-Wave's cash base and its capacity to build revenue, while also looking at whether Rigetti can convince commercial customers to buy in.
- Special Report: Elon Musk already made me a “wealthy man”
Quantum computing earnings season is well underway, with IonQ Inc. (NYSE: IONQ) kicking things off with a Q1 2026 report that surpassed expectations in many ways. The company set a fairly high bar, particularly with 755% year-over-year (YOY) revenue growth and a notable upward revision to its full-year 2026 guidance. There was at least one major issue with IonQ's first quarter of the new year, however: profitability. Adjusted losses per share widened considerably, showing that even one of the more established quantum computing companies in a fast-growing field still has plenty of work to do to prove the sustainability of its model.
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Next up will be two other major players in the space: D-Wave Quantum Inc. (NYSE: QBTS) and Rigetti Computing (NASDAQ: RGTI), both of which report earnings in the second full week of May 2026. Below is a brief rundown of what investors may want to watch as these companies release their results. Can D-Wave Break Out of Its Stock Price Slump With Promising Results?Like other quantum firms, D-Wave started 2026 with a pronounced share price decline after rallying in the fall of 2025. In recent weeks, though, the company appeared poised to reverse course and resume its upward trajectory. Some of the impetus for this move was likely external, as it coincided with an announcement from NVIDIA Corp. (NASDAQ: NVDA) about the launch of new AI tools to aid in the development of quantum tech. Even so, it seems D-Wave has reached a point where investor excitement can only carry the shares so far without more fundamental progress to support the move. Despite strong commercial momentum last year, including revenue that nearly tripled and fast-growing bookings, D-Wave remains a low-sales firm with only about $25 million generated across 2025. Notably, D-Wave has been able to maintain a strong cash position. That not only gives it flexibility while it works to build its top and bottom lines, but also allows it to make strategic purchases such as its acquisition of Quantum Circuits, which significantly expands its technical reach. At a minimum, investors watching the company's May 12 earnings report will want to see D-Wave maintain strong cash reserves at the end of the latest quarter. Ideally, however, the company will accelerate revenue growth and show signs of moving toward profitability. Rigetti Faces the Challenge of Convincing Investors of Its Commercial ViabilityIf D-Wave has an uphill battle, Rigetti may have even more ground to cover with its earnings results. The company showed weak commercial traction in its Q4 2025 earnings, as revenue fell YOY to $1.9 million from $2.3 million in the prior-year quarter. Gross margin also declined by a sizable 9% YOY to 35%, and operating losses widened. For Rigetti, the product may not be the primary concern. The company has posted impressive two-qubit gate fidelity in some of its latest prototypes, which could signal strong viability for future superconducting efforts. It also has on-premises orders that are growing, along with a healthy manufacturing advantage that should help it scale production of some of its most promising hardware. Rather, Rigetti must convince customers—and investors—that its products' usefulness extends beyond government and major institutional applications. IonQ has been able to do this to a greater extent, noting in its last earnings report that about 60% of its revenue for the period came from commercial customers. Investors will surely want to see similar signs of progress from Rigetti in its May 11 earnings report. That could also help the company work its way out of its share price slump, as it is down over 15% YTD. Will Earnings Make or Break Investor Patience?Wall Street analysts either remain fairly steadfast in their support of both QBTS and RGTI shares or have yet to adjust ratings: QBTS continues to be a Moderate Buy with 14 Buy ratings and only three Sell and Hold ratings, while RGTI is also a Moderate Buy, with eight Buy ratings and five combined Sell or Hold ratings. Analysts expect both stocks to still see considerable upside. The real question is whether Q1 earnings will change the narrative by showing strong revenue momentum, a shift toward profitability, growing commercial appeal, and so on—or whether they will once again ask investors to wait. If it is the latter, it remains to be seen how patient investors will be with these companies, but the downward trend early in 2026 suggests there may be a limit to that patience. |
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