D-Wave Quantum Inc. (NYSE: QBTS) has delivered a wild ride for investors, with shares up 24% over the past year but down by the same amount year-to-date.
The company reported its second quarter earnings on August 6th, and shares closed the session 9% lower in response to the results.
CNBC’s Jim Cramer addressed the market reaction, questioning whether investors were finally applying more scrutiny to speculative names like QBTS.
Cramer said: “What’s incredible is that we never cared about earnings before, for this, for NuScale. And suddenly we care, I don’t get it.”
He added: “I just think again, once again, there’s kind of a realism sinking in. Let’s, a lot of these guys have had such big moves. They’re not based on anything.”
Cramer concluded: “Or, let’s just take some profits. I think the Situational mindset is going to be with us for a long time.”
Despite the share price drop, D-Wave’s earnings report contained figures that could support a bullish case for the stock going forward.
The company’s first-half 2026 bookings surged by 1,120% to $35.5 million, driven by agreements with Florida University and a Fortune 100 company.
Commercial customers accounted for 62% of D-Wave’s second quarter revenue of $3.1 million, while remaining performance obligations jumped 668% year over year.
On the negative side, second quarter revenue dipped 0.6% annually, and first quarter revenue had already dropped 81% to $2.9 million due to revenue recognition procedures.
The company’s EBITDA loss widened to $37 million from $20 million, as operational, R&D, acquisition, and other spending accelerated significantly during the period.
First-half operating expenses reached $111.5 million, more than doubling the year-ago figure of $53.6 million, raising concerns about spending discipline relative to revenue growth.
The lack of top-line growth suggests that the strong bookings figures are not yet translating into recognized sales, which remains a critical challenge for the business.
D-Wave’s price-to-sales ratio sits at 610.97, a stretched valuation that leaves the stock with very little margin for error if results disappoint.
Short interest as a percentage of float stood at 19.98% as of the end of July, reflecting significant skepticism among traders about the stock’s near-term prospects.
Hedge fund interest has been growing, with 26 funds tracked by Insider Monkey holding a stake in QBTS during Q1 2026, up from 22 funds in Q4 2025.
