Shares of D-Wave Quantum Inc. closed higher on Thursday, February 26, 2026, and extended gains in after-hours trading following the release of the company's 2025 financial results and a robust forward-looking bookings report. The stock finished the regular session up 2.4% at $20.13, trading between $19.72 and $21.70 on heavy volume exceeding 37 million shares.
Bookings Momentum Signals Enterprise Demand
The focal point for investors was D-Wave's disclosed bookings, which serve as a critical indicator of future revenue and tangible enterprise demand in the emerging quantum computing sector. The company reported that year-to-date bookings for fiscal 2026 had already reached over $32.8 million as of February 25. This figure was bolstered by a $20 million system sale to Florida Atlantic University and a $10 million, two-year Quantum Computing as a Service (QCaaS) enterprise license sold to an unnamed Fortune 100 company.
For the fourth quarter of 2025, bookings jumped sharply to $13.4 million, up from the prior quarter. CEO Alan Baratz stated, "We are entering 2026 with exceptional momentum," also highlighting customer activity with firms like LG CNS, Sharp, and Italy's CINECA through both new contracts and renewals.
Financial Performance and Balance Sheet
D-Wave's revenue for the fourth quarter was $2.75 million, an increase from $2.31 million in the same period a year earlier. Full-year 2025 revenue totaled $24.59 million, a substantial rise from $8.83 million in 2024. The company's net loss for the quarter was $42.33 million, widening to a full-year net loss of $355.06 million. This annual loss was significantly impacted by $270.54 million in non-cash expenses related to changes in the fair value of warrant liabilities.
The company maintains a strong liquidity position. According to its latest SEC filing, D-Wave held a combined $884.5 million in cash, cash equivalents, and marketable investment securities at year-end, comprising $635.35 million in cash and $249.13 million in marketable securities.
Strategic Developments and Sector-Wide Movement
Beyond the financials, D-Wave noted the completion of its Quantum Circuits acquisition, the launch of a dedicated U.S. government business unit led by Jack Sears Jr., and partnerships with Davidson Technologies and Anduril Industries on hybrid quantum-classical projects for defense applications.
The positive sentiment was not confined to D-Wave. The broader quantum computing sector experienced notable gains. IonQ shares surged over 20% on the day, while Rigetti Computing and Quantum Computing Inc. also traded higher, indicating sustained investor interest in the thematic group.
Risks and Future Outlook
Despite the optimistic bookings data, risks persist for D-Wave and the sector. Bookings can be volatile, contracts may face delays, and corporate spending on experimental quantum technology could contract rapidly if perceived returns appear too distant. D-Wave continues to report substantial GAAP losses as it invests in growth.
The key question for traders is whether the early 2026 bookings momentum can translate into recognized revenue swiftly enough to justify and sustain the stock's recent advance. Market participants will be closely watching D-Wave's stock in the Friday, February 27 session to gauge if the post-earnings enthusiasm holds.
The company's performance underscores a broader narrative in quantum computing: the market is increasingly scrutinizing concrete commercial progress and signed deals over speculative research, making metrics like bookings a vital barometer for the industry's near-term trajectory.
