Focus: Spotlight on US Stocks Q3 2026 Earnings. Shares in the quantum sector diverged on Wednesday after D-Wave Quantum Inc. (QBTS) and Rigetti Computing (RGTI) reported third-quarter results.
After Tuesday's close, Rigetti shares fell as its results missed expectations, compounded by market worries over its heavy capital spending. The company posted an adjusted loss of $0.06 per share, versus expectations of a $0.05 loss.
D-Wave also fell short of the analyst consensus, reporting an adjusted loss of $0.13 per share against expectations of a $0.10 loss. But investors appeared willing to focus on the positive signals in D-Wave's report: the company generated $4.5 million in revenue, up 21% year over year, while bookings surged 611% year over year, a standout performance.
By contrast, Rigetti's quarterly revenue came in at just $1.4 million, well below the analyst consensus of about $3.5 million. In early trading on Wednesday, D-Wave Quantum Inc. (QBTS) shares rose more than 2%, while Rigetti Computing (RGTI) shares dropped more than 4%. Other quantum-related names, such as IonQ (IONQ), Infleqtion (INFQ) and Quantinuum (QNT), briefly moved higher at the open before swinging in early trading.
In September, both D-Wave and Rigetti shares were boosted by favorable news: the US Commerce Department signed funding agreements worth up to $100 million with the two companies under the Chips Act. But that money will only be disbursed to the two companies after specified milestones are met and various conditions are satisfied.
Rigetti President and Chief Executive Subodh Kulkarni said the two quantum companies noted on earlier earnings calls this year that they had signed letters of intent with the US Commerce Department to "advance research and development in three key areas for scaling superconducting quantum computing and address real system bottlenecks."
Both stocks have come under considerable downward pressure this year: to date, Rigetti Computing (RGTI) is down nearly 47% year to date, while D-Wave Quantum Inc. (QBTS) is down 59%. After the quarterly results were released, Rosenblatt analyst John McPeake cut his price target on D-Wave Quantum Inc. (QBTS), citing the timing of hardware revenue recognition and a more gradual ramp in the quantum computing as a service (QCaaS) business than expected.
Comments