Quantum Computing Inc. (NASDAQ: QUBT) and D-Wave Quantum (NYSE: QBTS) have both materially underperformed the broader market following their second-quarter 2026 earnings releases in early August.
Since August 6, QUBT stock has lost 7.1% and QBTS has declined 12.4%, compared to a modest 0.1% dip in the S&P 500 over the same period.
Higher Treasury yields and renewed rate-hike concerns are adding pressure to high-beta growth stocks across the AI and technology sectors, compounding post-earnings weakness for both quantum names.
QUBT reported second-quarter revenues of $5.6 million, a dramatic jump from just $61,000 in the same quarter a year earlier and up from $3.7 million in the first quarter of 2026.
The company ended the April-June quarter with $42.5 million in contract backlog and $1.3 billion in cash, cash equivalents and investments, reflecting a substantial liquidity position.
QCi sold, delivered and installed its DIRAC-3 quantum optimization system at a global consulting firm, while its NeuraWave platform reached deployment readiness alongside a framework agreement with Planck Dynamics for potential deployment of multiple dozens of systems.
Despite the revenue surge, QUBT’s second-quarter gross loss came in at $1.2 million, with operating expenses rising 114% year over year to $21.8 million, as under-absorption of fixed costs from lower production volumes weighed on margins.
The company spent approximately $180 million, including transaction expenses, on three acquisitions during the first half, with the NHanced acquisition expanding its advanced-packaging and manufacturing capabilities through the launch of Fab 2.
D-Wave posted second-quarter revenues of $3.1 million, essentially flat year over year, but reported first-half bookings of $35.5 million, representing growth of more than 1,120% compared to the prior-year period, including a $20 million system sale.
Commercial customers represented 62.4% of QBTS second-quarter revenues versus 45.1% a year earlier, while production applications accounted for 37.3% of first-half QCaaS revenues compared to just 9.8% in the prior-year period.
D-Wave management expects to deliver a 17-qubit dual-rail gate-model system by year-end and outlined longer-term milestones toward fault-tolerant computing, signaling a potential bridge from quantum research toward commercial scale.
However, QBTS reported a widening adjusted EBITDA loss of $37.1 million, with GAAP operating expenses rising 93% year over year and second-quarter revenues missing the Zacks Consensus Estimate.
D-Wave ended June with $546.2 million in cash and marketable securities, down 33% year over year, largely reflecting the cost of the Quantum Circuits acquisition.
On valuation, QUBT currently trades at a forward one-year price-to-sales ratio of 36.16x, well below its historical median, while QBTS trades at a significantly higher 93.84x, also below its own median but far more stretched.
QUBT carries a Zacks Rank of 3 (Hold), suggesting investors should wait for clearer evidence of improving margins and scalable revenue conversion before adding to positions or booking profits.
QBTS holds a Zacks Rank of 4 (Sell), with analysts pointing to its higher valuation, weak revenue growth and widening losses as reasons to sell or book profits at current levels.
