Does IonQ's Standout Earnings Give It an Advantage Over D-Wave?

Key Points

• IonQ is down about 18% year-to-date (YTD), while D-Wave shares have shed roughly a third of their value.
• This is despite both companies issuing earnings reports with many positive signals, including growing bookings and revenue (D-Wave) and expectation-beating revenue and guidance (IonQ).
• While both firms face profitability challenges, IonQ appears to have an advantage over its smaller rival in many ways.

Despite having shed a third of its share price so far this year, quantum computing giant D-Wave Quantum Inc. NYSE: QBTS seems intent on building its reputation as the leading firm in a hotly contested space. One of the main catalysts behind this assertion is D-Wave's recent acquisition of Quantum Circuits, a move that quickly and dramatically expanded its reach, making it the largest quantum firm with a dual focus on both quantum annealing and gate-model technology.

Still, D-Wave's competition is fierce, with several lesser-known firms threatening to gain a dominant position. One of these competitors is IonQ Inc. NYSE: IONQ, which is nearly twice D-Wave's market capitalization. While IonQ has also declined this year, it has fallen at close to half the rate that D-Wave has, only losing 18% of its share value year-to-date (YTD).

Both companies have recently offered a valuable window into recent operations and successes via their earnings reports. While D-Wave posted a miss on both earnings and revenue, there were also positive signals that could indicate potential for continued growth in the future. IonQ's earnings report was notably strong, bringing it into position to vie for the attention of quantum investors.

Is D-Wave's Earnings Success Enough to Support Ambitious Plans?

D-Wave's latest earnings report was marred by slower-than-expected improvements in losses per share and revenue, though both represented solid steps forward on a year-over-year (YOY) basis. On the other hand, bookings grew rapidly through the end of 2025 and even into the start of 2026, as the company highlighted multiple eight-figure bookings in January alone.

D-Wave has positioned itself as the cash leader among pure-play quantum tech companies, and this remains the case even after the firm handed over $550 million in cash and stock to buy Quantum Circuits. After accounting for the cash component of the purchase, D-Wave still ended the quarter with close to $900 million in cash and equivalents.

The big question for investors—and a lingering concern across the industry—is how D-Wave might turn the growing interest in its products into more significant revenue gains and, eventually, consistent profitability.

The fact that both remain elusive may be one of the biggest reasons investors have cooled on D-Wave shares this year.

IonQ Could Be a New Industry Standout

Compared to D-Wave's mixed earnings report, IonQ's latest earnings were particularly impressive. While D-Wave's revenue remains relatively low, IonQ's is substantially larger—the firm posted revenue of nearly $62 million, a full 55% above its own guidance midpoint and a massive 429% up YOY.

Perhaps even more exciting was IonQ's full-year 2026 guidance, which increased to a range of $225 million to $245 million. This is well above prior analyst estimates and suggests that annual revenue could almost double in the current year, after tripling last year.

Back-to-back years of substantial revenue growth are impressive in any industry, but in the burgeoning quantum space, it would be especially notable. There is clearly a demand for IonQ's technology among government and commercial customers. 

The company is clearly generating substantial revenue already, a feat that D-Wave cannot yet claim in the same way.

Yes, IonQ is also burning through cash, with an expected adjusted loss of up to $310 million in 2026, and it is not yet profitable. However, its cash and equivalents as of the end of 2025 dwarf those of D-Wave: IonQ ended the year with $3.3 billion liquid. This means that, unlike many rivals (including D-Wave), IonQ is unlikely to need to sell new shares to raise capital in the foreseeable future, thereby avoiding dilution. Those cash reserves also open up a host of growth options, including acquisitions, building up supply chain infrastructure, investing heavily in R&D, and more.

D-Wave Vs. IonQ

It's not immediately clear that there is a single company dominating the quantum tech space. Even prominent players like D-Wave and IonQ continue to face the profitability hurdle, despite advantageous cash positions and growing revenue. Analysts still expect that mass-market quantum tech is still many years away, and major tech firms with a growing interest in quantum have a number of advantages. Still, in the crowded quantum field, investors are increasingly taking note of these two names.