Rigetti Computing vs. D-Wave Quantum: Navigating Volatile Revenue Trends
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By John Ballard – Apr 20, 2026 at 6:11PM ESTKey PointsRigetti Computing currently generates less revenue than D-Wave Quantum, which posted a notable jump in revenue last year.Both companies have displayed volatile quarter-over-quarter revenue patterns over the last eight quarters.Investors should watch whether the two companies can establish consistent revenue growth or if extreme volatility continues to dominate their financial results.Quantum computing is in the early innings of development, but it’s an industry that could offer explosive returns for investors who pick the right stocks.Rigetti Computing (RGTI 0.86%) stock is up 135% over the past year at the time of writing, but that has trailed D-Wave Quantum’s (QBTS 0.14%) 237% return. Both companies are losing money. But that’s not what’s important right now. It’s not about profitability but about which company can scale the fastest over the next five years.Rigetti Computing: Struggling to Regain Revenue MomentumRigetti primarily earns revenue by building superconducting quantum computers and integrating them into public, private, or hybrid clouds through its proprietary software network.It secured international purchase agreements and faced a delayed system release, while reporting a net loss of $18 million for the quarter ended Dec. 31, 2025.D-Wave Quantum: Seeking Stability After Volatile RevenueD-Wave generates revenue by providing global access to its quantum computing systems, open-source programming tools, and professional onboarding services through a cloud-based network.It recently acquired an industry peer and signed enterprise commercial agreements, while reporting a net loss of approximately $42 million for the quarter ended Dec. 31, 2025.Why Revenue Matters for Retail InvestorsRevenue is the most fundamental measure of a company’s performance. Changes over time can indicate a company’s product marketability and its ability to reach more customers. Image source: The Motley Fool. Quarterly Revenue for Rigetti Computing and D-Wave QuantumQuarter (Period End)Rigetti Computing RevenueD-Wave Quantum RevenueQ1 2024 (March 2024)$3.1 million$2.5 millionQ2 2024 (June 2024)$3.1 million$2.2 millionQ3 2024 (Sept. 2024)$2.4 million$1.9 millionQ4 2024 (Dec. 2024)$2.3 million$2.3 millionQ1 2025 (March 2025)$1.5 million$15.0 millionQ2 2025 (June 2025)$1.8 million$3.1 millionQ3 2025 (Sept. 2025)$1.9 million$3.7 millionQ4 2025 (Dec. 2025)$1.9 million$2.8 millionData source: Company filings. Data as of April 14, 2026.Foolish TakeD-Wave Computing generated $24 million in revenue last year, dwarfing Rigetti’s $7 million. However, quantum computing is still a very early-stage technology with no clear winners or losers yet. Overall, the changes in quarterly revenue don’t mean much right now. These companies are reporting large losses on the bottom line, and it may take years for the technology to scale to wide adoption and generate consistent profitability. The bigger question is which of these quantum computing leaders can deliver consistent growth over time, and importantly, who can scale the fastest. Rigetti’s focus right now is on deploying its 108-qubit system. For D-Wave, its focus on gate-model systems is attracting significant customer interest, and this comes after it saw a 179% jump in revenue in 2025 over 2024. But this was driven by a $15 million spike in the first quarter of last year.Investors should continue to closely monitor these companies’ progress in upcoming quarterly reports to see if the revenue gap closes or D-Wave continues to pull ahead. It’s also possible that neither can compete with other industry leaders, and that will show up in further revenue volatility. Read NextApr 15, 2026 •By Keith NoonanRigetti Computing Is Skyrocketing Today -- Is the Quantum Stock a Buy Right Now?Apr 15, 2026 •By Rich SmithWhy Rigetti Computing Stock Keeps Going UpApr 14, 2026 •By John BallardRigetti Computing vs. IonQ: Diverging Trends in Quarterly RevenueApr 13, 2026 •By David Jagielski, CPADown More Than 30% This Year, Has Rigetti Computing Stock Bottomed Out?Apr 13, 2026 •By Anthony Di PizioPrediction: This Will Be Rigetti Computing's Stock Price in 1 YearApr 12, 2026 •By Keithen DruryIs Rigetti Computing's New 2-Qubit Gate Fidelity Record a Reason to Buy the Stock?About the AuthorJohn Ballard has been a contributing writer at The Motley Fool since 2016, covering consumer goods and technology stocks. He holds a bachelor’s degree in business administration with a focus in real estate finance from the University of Arkansas at Little Rock.TMFRazorbackStocks MentionedRigetti ComputingNASDAQ: RGTI$19.62(-0.98%)-$0.20D-Wave QuantumNYSE: QBTS$21.66(-0.14%)-$0.03*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.