Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players

Key Points

• After IonQ's strong showing in Q1 2026—including 755% in year-over-year revenue growth—other firms have an opportunity to distinguish themselves.
• D-Wave and Rigetti both post results the second full week of May, although both firms face challenges and have dwindling share prices so far this year.
• Investors may watch for D-Wave's cash base and its capacity to build revenue, while also looking at whether Rigetti can convince commercial customers to buy in.

Quantum computing earnings season is well underway, with IonQ Inc. NYSE: IONQ kicking things off with a Q1 2026 report that surpassed expectations in many ways. This firm set the bar fairly high, particularly with its 755% year-over-year (YOY) revenue growth and notable upward revision to its full-year 2026 guidance.

There was at least one major issue with IonQ's first quarter of the new year, however: profitability. Adjusted losses per share widened considerably, proving that even one of the most established quantum computing companies in a fast-growing field still has plenty of work to do to demonstrate the sustainability of its model.

Next up will be two other major players in the space: D-Wave Quantum Inc. NYSE: QBTS and Rigetti Computing NASDAQ: RGTI, both of which report earnings the second full week of May 2026. Below is a brief rundown of what investors might want to watch for as these companies share out their results.

Can D-Wave Break Out of Its Stock Price Slump With Promising Results?

Like other quantum firms, D-Wave started 2026 with a pronounced share price decline after rallying in the fall of 2025. In recent weeks, though, the company appeared poised to reverse course and resume its upward trajectory. Some of the impetus for this bump was likely external, as it coincided with an announcement from NVIDIA Corp. NASDAQ: NVDA about the launch of new AI tools to aid in the development of quantum tech.

It seems that D-Wave has reached a limit of how far investor excitement can take shares without more fundamental wins to back up this performance.

Despite strong commercial momentum last year, including revenue that nearly tripled and fast-growing bookings, D-Wave remains a low-sales firm with only about $25 million generated across 2025.

Notably, D-Wave has been able to maintain a strong cash base, which not only provides it security while it is working to build up its top and bottom lines, but also has permitted it the flexibility to make key purchases like its acquisition of Quantum Circuits, which dramatically expands its technical reach.

At a minimum, investors watching the company's May 12 earnings will want to see D-Wave maintain strong cash reserves at the end of the latest quarter. Ideally, however, the company will be able to accelerate its revenue growth and show signs of moving toward profitability.

Rigetti Faces the Challenge of Convincing Investors of Its Commercial Viability

If D-Wave has an uphill battle, Rigetti may have more of a mountain to climb with its earnings results. The company showed weak commercial traction in its Q4 2025 earnings, as revenue fell YOY to $1.9 million from $2.3 million in the prior-year quarter. Gross margin also declined YOY by a sizable 9% to 35%, and operating losses widened.

For Rigetti, the product may not be the major concern. The company has seen impressive two-qubit gate fidelity in some of its latest prototypes, which could signal excellent viability for future superconducting endeavors. It also has on-premise orders that are growing, and a healthy manufacturing advantage, which should help it to scale production on some of its most promising hardware.

Rather, Rigetti must convince customers—and investors—that its products' usefulness extends beyond government and major institution applications. IonQ has been able to do this to a greater extent, noting in its last earnings report that about 60% of its revenue for the period came from commercial customers. Investors will surely want to see similar signs of progress from Rigetti in its May 11 earnings. This could help the firm get out of its share price slump as well (it is down over 15% YTD).

Will Earnings Make or Break Investor Patience?

Wall Street analysts either remain fairly steadfast in their support of both QBTS and RGTI shares or have yet to adjust ratings: QBTS continues to be a Moderate Buy with 14 Buy ratings and only three Sell and Hold ratings, while RGTI has is also a Moderate Buy, with eight Buys and five combined Sell or Hold ratings. Analysts expect both stocks to still see considerable upside.

The real question is whether Q1 earnings will change the tide—by showing strong momentum in revenue, a shift toward profitability, growing commercial appeal, and so on—or if they might once again ask investors to wait. If the latter, it remains to be seen how patient investors are willing to be with these companies, but the downward trend early in 2026 suggests there may be a limit to this patience.