D-Wave: Quantum's First Real Revenue Winner

Yiannis Zourmpanos13.82K FollowersFollow5ShareSavePlay(10min)Comment(1)SummaryD-Wave Quantum Inc. reported nearly 100% YoY revenue growth, reaching $3.74 million in Q3, signaling accelerating commercial quantum adoption.Over 100 organizations run production workloads, with clients achieving measurable ROI across manufacturing, logistics, public safety, and pharmaceuticals.D-Wave’s revenue model spans QCaaS, professional services, and system sales, including a €10 million Advantage2 installation in Italy.The company uniquely develops both annealing and gate-model quantum systems using superconducting technology, supporting near-term and long-term competitiveness.QBTS trades at extreme multiples above 400x forward sales while remaining unprofitable, making execution critical to justify valuation.

Getty Images Investment Thesis The investment outlook for 2026 remains very positive for D-Wave D-Wave Quantum Inc. (QBTS). With customers, production volumes, and year-over-year growth figures nearing triple digits, D-Wave is leading its competition in commercializing quantum while they are stillThis article was written byYiannis Zourmpanos13.82K FollowersFollowHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. Investment Style: Spotting high-potential winners before they break out, focusing on asymmetric opportunities (with at least upside potential of 3-5X outweighing the downside risk). By leveraging market inefficiencies and contrarian insights, we seek to maximize long-term compounding while protecting against capital impairment.Risk management is paramount—we seek a strong margin of safety to protect against capital impairment while maximizing long-term compounding. Our 2-3 year investment horizon allows us to ride out volatility, ensuring that patience, discipline, and intelligent capital allocation drive outsized returns over time.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.