To The Moon

Both $D-Wave Quantum Inc.(QBTS)$ and $Rigetti Computing(RGTI)$ have handed in their latest quarterly earnings reports.

Here is how they stacked up against each other.

Q3 Earnings Comparisons.

(1) QBTS.

D-Wave Quantum (QBTS)

• Revenue: came in at $3.7 million vs analysts’ consensus of $2.4 million vs Q3 2024’s $1.9 million; that’s a +94.74% YoY gain. Slower revenue growth compared to RGTI.

• Loss per share (adjusted): was -$0.05 vs market consensus of -$0.70 vs Q3 2024’s -$0.12; that’s a +58.3% YoY improvement.

• Consolidated cash balance: was $836 million vs Q3 2024’s $29.3 million; that’s a +2700% YoY gain. Digging deeper revealed that public warrants redemption by 19 Nov 2025 accounted for the ‘sudden’ pop. Questions remained whether warrants redemption could dilute the values of existing shares.

(2) RGTI.

Rigetti Computing (RGTI)

• Revenue: came in at $1.9 million vs market consensus of xx vs Q3 2024’s $2.4 million; that’s a -20.8% YoY decline.

• Loss per share (adjusted) : was -$0.03 vs market consensus of -$0.05 vs Q3 2024’s of -$0.07; that’s a +57.14% YoY gain, where narrower losses signal better cost control.

• Consolidated cash balance: was $26.13 million vs Q3 2024’s $20.29 million; that’s a +28.72% YoY gain.

Insiders’ Buying & Selling.

QBTS

• On 15 Sep 2025, Director John Dilullo sold 8,000 shares at $17.93.

• On 14 Oct 2025, CEO Alan Baratz sold 31,369 shares at $43.74.

• On 14 Oct 2025, CFO John M. Markovich sold 7,994 shares at $43.74.

• With that, insiders still own about 3.2% of QBTS shares.

• There were no insider buying registered.

RGTI.

In September 2025, 5 directors sold their RGTI shares:

• On 12/9 - Non-Exec chairman Thomas J Iannotti sold 100,000 shares at $19.50.

• On 12/9 , Director Ray O Johnson sold 126,295 shares at $20.00.

• On 12/9 , Director Michael S Clifton sold 75,000 shares at $19.00.

• On 12/9 , Director Helene Gail Sandford sold 25,000 at $18.54.

• On 15/9, Director Helene Gail Sandford sold 17,635 shares at $24.75.

On 17 Oct 2025, again Director Helene Gail Sandford sold 62,000 shares at $44.89.

There were no insider buying registered.

The heavy selling by RGTI’s board of directors may suggest a view of overvaluation.

Analysts’ Price Targets.

Overall, the top 3 price targets by various financial institutions were varied, implying (a) uncertainty or (b) disagreement over a company's future prospects and valuation.

QBTS

• Rosenblatt Securities -

  John McPeake has a “Buy” rating and boost price target to $40 from $30.

• Cantor Fritzgerald -

  Troy Jensen has a “Overweight” rating and boost price target to $40 from $20.

• Benchmark -

  David Williams has a “Buy” rating and boost price target to $35 from $20.

RGTI:

• B. Riley -

  Craig Ellis has a “Buy - Neutral” rating and reiterated price target to $42 from $35.

• Williams Trading -

  David William did not rate RGTI but set price target to $50.

• Benchmark -

  David Williams has a “Buy” and boost price target to $50.

Latest Developments.

As we head into Q4 2025, any news from these pure play quantum companies provide ‘possible’ insight into the companies quantum momentum and hopefully shed some lights on its commercial ventures; that guarantees investors’ confidence.

QBTS

• In early November, QBTS has installed a new Advantage2 system at Davidson Technologies, in Alabama to accelerate domestic government adoption and not limited to exploring quantum applications in cybersecurity.

• Winning Fast Company's "Next Big Things in Tech" awards underscore QBTS’s technological leadership in the evolving quantum sector.

• International Expansion: The company announced a €10 million booking for 50% capacity of its Advantage2™ annealing quantum computer, supporting a new state-of-the-art quantum computing facility in Lombardy, Italy.

• Technology Advancement: D-Wave successfully completed the fabrication of fluxonium and superconducting control chips, which is a major technical step toward the development of their first scalable gate model system with cryogenic control.

• Commercial Wins: Signed a number of new and renewing customer engagements for commercial and research applications, including one of the largest US-based international airlines and the pharmaceutical division of Japan Tobacco.

RGTI.

• On 24 Oct 2025, it was reported that RGTI secured a $5.8 million contract with the US Air Force for quantum networking, demonstrating continued government interest and securing long-term revenue.

• On 9 Nov 2025, RGTI announced its collaboration with $NVIDIA(NVDA)$ to support its NVQLink, enabling integration of AI supercomputing with quantum processors, showcasing this partnership at Nvidia GTC conference.

• Rigetti announced a partnership with a major cloud provider to integrate its quantum systems into hybrid cloud platforms.

• Technology Roadmaps: Provided updated technology roadmaps for 2026 and 2027, giving investors visibility into future qubit expansion and commercialization efforts.

Performances - YTD.

QBTS

As of 10 Nov 2025

QBTS has shown strong YTD performance, with a YTD return of approximately +205.62% (as of 10 Nov 2025).

Its technical indicators of moving averages and RSI, suggest a bullish trend:

• The 20-day, 50-day, and 200-day moving averages are all trending upward, with the 50-day MA at $28.12 and the 200-day MA at $15.78, indicating a clear golden cross and sustained momentum.​

• The RSI (14-day) is currently around 46, which is neutral and suggests the stock is neither overbought nor oversold, leaving room for further upside.​

• Recent price action shows consolidation near the $29–$30 range, with little resistance above, and the technical rating is bullish with a score of 9/10.

QBTS is likely to remain in a bullish channel for the remainder of 2025, with potential for continued upward movement if the momentum is sustained and no major negative catalysts emerge.

RGTI

As of 10 Nov 2025

Similarly, RGTI has delivered a strong YTD performance, with a YTD return of approximately +65.4% as of 10 Nov 2025. (see above)

RGTI's technical indicators suggest a bullish trend, supported by its moving averages and RSI readings:​

• The 50-day moving average is at $33.14, closely tracking current price of $33.08, while the 200-day moving average is at $17.12, indicating a significant upward trend over the past year.​

• The RSI (14-day) is neutral reading of 42.89, suggesting the stock is neither overbought nor oversold, which leaves room for further upside if momentum continues.

• Recent price action shows consolidation near the $33–$34 range, with little resistance above, and the technical outlook remains positive for the remainder of 2025.​

Given the above, RGTI is likely to maintain its bullish momentum for the remaining months of 2025, with potential for further gains if the company's technology roadmap and commercial developments continue to drive investor interest.​

The Better Buy ?

QBTS is a better buy than RGTI because it has (a) stronger revenue growth and (b) real-world commercial adoption.

QBTS has also demonstrated clearer near-term business value with its quantum annealing technology, compared to RGTI's longer-term focus on universal quantum systems.

I agree (for now) as there's no clear winner yet. In the future, the top quantum companies might be like chip providers (NVDA, AMD, INTC): not just one leader, but maybe a top three ?

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• Do you think QBTS is a better quantum stock than RGTI ’?

• Do you think quantum computing will be like chips & cloud providers, more than one ?

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