D-Wave Quantum is entering a defining stretch. With first-quarter earnings due before the market opens on May 12, the company is simultaneously launching an aggressive six-stop investor roadshow spanning May and June. The timing is no coincidence — management needs to convince institutional money that its quantum computing vision can translate into hard revenue, not just headline-grabbing order announcements.
The conference schedule reads like a who’s who of Wall Street finance events. On May 14, the team kicks off virtually at the Needham Technology Conference, followed by in-person appearances at the J.P. Morgan Global Technology Conference in Boston on May 20, the Canaccord Genuity Virtual Quantum Symposium on May 21, the TD Cowen Technology Conference in New York on May 28, the Baird Global Consumer & Technology Conference in New York on June 3, and finally the Rosenblatt Technology Summit on June 10. That’s six major platforms in under a month to pitch the company’s dual approach of quantum annealing and gate-model systems.
The market, however, is already pricing in caution. Shares currently trade around $18, a steep pullback from earlier this year. While the stock still shows a year-to-date gain of roughly 160%, it has shed more than a third of its value since January. A brief speculative spike in mid-April, fueled by World Quantum Day and new AI models from Nvidia, has since faded. Short sellers are circling, with a double-digit short interest amplifying daily swings.
Adding to the pressure is an overhang of newly registered shares. In January, D-Wave completed its acquisition of Quantum Circuits, paying in part with approximately 10.4 million new shares. Those legacy shares are now registered for resale, creating a potential supply overhang that weighs on sentiment.
The fundamental numbers tell a stark story. D-Wave reported orders worth $32.8 million for the current quarter in February — a figure that already surpasses the entire $18.7 million in orders booked during all of 2025. Yet actual revenue last year came in at just $24.6 million, against a staggering net loss of $355.1 million. With a market capitalization hovering around $6.3 billion, the valuation multiple on sales is extreme. Orders, as analysts are quick to point out, are not the same as recognized revenue.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
Wall Street remains surprisingly bullish despite the skepticism. Of 14 analysts covering the stock, 13 rate it a buy. The average price target sits at $35.77. Evercore ISI recently trimmed its target slightly to $42 but maintained its buy recommendation. Northland Securities, which initiated coverage in mid-April, was more cautious, assigning a “Market Perform” rating with a $22 target.
The business model itself carries risk. Growth is heavily dependent on a small number of very large system contracts. If those multi-million-dollar deals fail to materialize or convert slowly, the company’s ambitious roadmap could falter quickly. The May 12 earnings report will be the first real test of whether those orders are turning into cash.
Beyond the numbers, shareholders have another date to watch. On June 4, D-Wave holds its annual general meeting, where investors will vote on two supervisory board positions and executive compensation. The outcome could signal how much confidence the company’s largest owners have in the current strategy.
For now, all eyes are on May 12. If the first-quarter results disappoint, even a packed conference schedule may not be enough to stem the selling pressure. The gap between promise and proof has rarely been narrower for this quantum computing pioneer.
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