D-Wave Quantum Stock Is Sliding Friday: What’s Driving The Action?

by | Feb 27, 2026 | General

D-Wave Quantum Inc (NYSE:QBTS) shares are trading lower Friday morning as Wall Street recalibrated expectations following the company’s latest earnings report. Here’s what investors need to know.

Analysts Cut QBTS Price Targets

Evercore ISI trimmed its price target on the quantum-computing stock to $42 from $44, while Roth Capital reduced its target to $30 from $40. The cuts come a day after D-Wave reported fourth-quarter and full-year 2025 results.

On Thursday, D-Wave posted an adjusted fourth-quarter loss of 9 cents per share, missing analyst expectations for a 7-cent loss, on revenue of $2.75 million versus estimates of $3.75 million.

However, bookings surged to $13.4 million, up 471% from the prior quarter, and the company ended the year with a record $884.5 million in cash and marketable securities after significant warrant exercises.

D-Wave Revenue Surges 179% In 2025

For 2025, revenue jumped 179% year over year to $24.6 million. CEO Alan Baratz called 2025 “one of the most successful and transformative years” in the company’s history, citing more than $30 million in bookings in January 2026, the acquisition of gate-model specialist Quantum Circuits and a new eight-figure enterprise QCaaS contract.

Even with accelerating customer activity and a strengthened balance sheet, D-Wave remains unprofitable, posting an adjusted net loss of $84.5 million and adjusted EBITDA loss of $71.8 million for 2025.

Stock Falls Below Key Averages

QBTS shares swung sharply over the past year, climbing from around $5 to a peak near $44.78 in late 2025 before retreating into the high-teens/low-$20s by February 2026.

Shorter-term moving averages (20- and 50-day) have rolled over, with the stock now trading below them, while the longer-term 200-day average continues trending higher — signaling a shift from prior upside momentum to a developing near-term downtrend.

QBTS Shares Drop 11% Friday

QBTS Price Action: D-Wave Quantum shares were down 11.07% at $17.91 at the time of publication on Friday, according to Benzinga Pro data.

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