QBTS
Quantum, but make it revenue
D-Wave Quantum’s second-quarter earnings call had the usual mix of hopeful math and futuristic swagger. The company said revenue was $3.1 million, basically unchanged from a year ago, which is not exactly the stuff of fireworks — but the market usually listens closely when a quantum company can point to actual customers instead of just white papers and vibes.
The enterprise pitch is getting louder
Management said commercial enterprises now make up 62.4% of revenue, up from 45.1% in the same quarter last year. That’s the kind of shift investors like to see, because it suggests the customer base is moving beyond curiosity clicks and into real-world usage.
The company also talked up expanded agreements with big names like AT&T, Optum, and NTT DOCOMO. Translation: D-Wave wants you to believe quantum computing is inching out of the lab and into production workflows, where people actually pay for things.
Tech credibility, meet investor skepticism
CEO Alan Baratz spent part of the call arguing that the quantum sector needs more than hype, and that D-Wave has a differentiated platform, a credible scale-up path, and measurable customer value. The company pointed to a recent Nature publication showing a high-fidelity 2-qubit entangling gate as a technical milestone for its gate-model roadmap.
That matters because quantum investors are basically being asked to fund a moonshot while the rocket is still in assembly. If D-Wave can keep stacking technical validation alongside commercial traction, the story gets a lot more interesting.
Big picture
The headline here isn’t explosive growth — it’s evidence. D-Wave is trying to convince investors that quantum computing can graduate from “cool demo” to “actual business,” and the market will keep rewarding any proof that this thing can make money before the sci-fi turns into a stock split joke.