Quantum Computing Inc. (QUBT) and D-Wave Quantum (QBTS) have both underperformed the broader market following their second-quarter 2026 earnings releases in early August.
Since August 6, QUBT stock has lost 7.1% while QBTS has declined 12.4%, compared to a modest 0.1% dip in the S&P 500.
Higher Treasury yields and renewed rate-hike concerns are adding additional pressure on high-beta growth stocks even as broader AI and technology momentum remains strong.
QUBT reported second-quarter revenues of $5.6 million, a dramatic jump from just $61,000 in the same quarter a year earlier, signaling rapid commercial expansion.
The company ended the quarter with $1.3 billion in cash, cash equivalents and investments, alongside $42.5 million in contract backlog, reflecting substantial financial firepower.
However, operating expenses surged 114% year over year to $21.8 million, and a second-quarter gross loss of $1.2 million highlights that profitability remains elusive for now.
QCi sold, delivered and installed its DIRAC-3 quantum optimization system at a global consulting firm, and its NeuraWave platform reached deployment readiness during the quarter.
A framework agreement with Planck Dynamics provides for potential deployment of multiple dozens of systems as customer milestones are achieved, expanding QCi’s commercial pipeline meaningfully.
The NHanced acquisition expanded advanced-packaging and manufacturing capabilities through the launch of Fab 2, though the company spent approximately $180 million on three acquisitions during the first half.
QCi expects gross margins to improve if production volumes recover, as it attributed the gross loss primarily to under-absorption of fixed costs from lower production volumes.
QBTS posted second-quarter revenues of $3.1 million, essentially flat year over year, but first-half bookings surged more than 1,120%, including a notable $20 million system sale.
Remaining performance obligations rose 668%, with approximately 57% expected to be recognized within the next 12 months, suggesting near-term revenue conversion could accelerate.
Commercial customers represented 62.4% of second-quarter revenues for D-Wave, up from 45.1% a year earlier, while production applications accounted for 37.3% of first-half QCaaS revenues versus 9.8% in the prior-year period.
Management expects to deliver a 17-qubit dual-rail gate-model system by year-end and outlined longer-term milestones toward fault-tolerant computing, providing a clearer technology roadmap.
Despite those positives, QBTS missed the Zacks Consensus Estimate on second-quarter revenues, and its adjusted EBITDA loss widened to $37.1 million with GAAP operating expenses rising 93% year over year.
D-Wave ended June with $546.2 million in cash and marketable securities, down 33% year over year, largely reflecting the Quantum Circuits acquisition weighing on its balance sheet.
On valuation, QUBT trades at a forward one-year price-to-sales multiple of 36.16X, well below its historical median, while QBTS trades at a loftier 93.84X, also below its own median.
QUBT carries a Zacks Rank of 3 (Hold), suggesting investors should wait for clearer evidence of improving margins and scalable revenue growth before committing new capital.
QBTS carries a Zacks Rank of 4 (Sell), and its combination of higher valuation, weak revenue growth and widening losses leads to a recommendation to sell or book profits now.
Investors evaluating both names should monitor whether each company can convert its commercial pipeline into sustained, scalable revenues through the remainder of 2026.
