The season of Quantum computing continues, with IonQ Inc. NYSE: IONQ kicking things off with a Q1 2026 report that exceeded expectations in many ways. The company has set the bar very high, especially with its 755% year-over-year (YOY) revenue growth and a significant revision to its full-year 2026 guidance.
There was at least one big problem in IonQ’s first quarter of the new year, however: profitability. Adjusted loss per share increased significantly, proving that even one of the most established quantum computing companies in the fast-growing field still has a lot of work to do to demonstrate the sustainability of its model.
Next up will be two other big players in the space: D-Wave Quantum Inc. NYSE: QBTS and Rigetti Computing NASDAQ: RGTIboth reporting earnings in the second full week of May 2026. Below is a short list of what investors may want to watch as these companies share their results.
Can D-Wave Break Out of Its Price Drop with Promising Results?
Like other quantum firms, D-Wave started 2026 with a drop in share price after rallying in the fall of 2025. However, in recent weeks, the company has appeared ready to bounce back and resume its upward trajectory. Another impetus for this bump may be external, as it coincided with an announcement from NVIDIA Corp. NASDAQ: NVDA about the introduction of new AI tools to aid in the development of quantum tech.
Quantum Wave Today
- 52 week interval
- $9.83
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$46.75
- Target Value
- $35.53
It appears that D-Wave has reached the limit of how far investor excitement can take the stock without underlying wins to back up this performance.
Despite strong commercial momentum last year, including nearly tripling revenue and rapidly growing bookings, D-Wave remains a low-volume firm with only about $25 million in revenue by 2025.
Notably, D-Wave has been able to maintain a strong capital base, which not only provides security while working to build its top and bottom lines, but also allows it to make important purchases such as its acquisition of Quantum Circuits, which dramatically expands its technological reach.
At the very least, investors watching the company’s earnings on May 12 will want to see D-Wave maintain strong earnings at the end of the latest quarter. Ideally, however, the company will be able to accelerate its revenue growth and show signs of turning to profitability.
Rigetti Faces the Challenge of Convincing Investors of Its Commercial Performance
If D-Wave has an uphill battle, Rigetti may have more of a mountain to climb with its revenue results. The company showed weaker trading in Q4 2025 earnings, as revenue fell YOY to $1.9 million from $2.3 million in the year-ago quarter. Gross margin also decreased YOY by 9% to 35%, and operating losses increased.
Rigetti Computing Today
Rigetti Computing
As of 05/8/2026 04:00 PM Eastern
- 52 week interval
- $9.85
▼
$58.15
- Target Value
- $30.64
For Rigetti, the product may not be the main concern. The company has seen impressive two-qubit gate reliability in some of its latest prototypes, which could indicate the effectiveness of future superconducting efforts. It also has growing backlogs, and healthy manufacturing margins, which should help it scale production on some of its most promising hardware.
Instead, Rigetti must convince customers—and investors—that the uses of its products go beyond government and institutional applications. IonQ has been able to do this on a large scale, noting in its last earnings report that nearly 60% of its revenue for the period came from commercial customers. Investors will certainly want to see similar signs of progress from Rigetti in its May 11 earnings. This could help the company break out of its share price slump again (down more than 15% YTD).
Will Earnings Make or Break Investor Patience?
Wall Street analysts remain firm in their support for both QBTS and RGTI shares or have not changed their ratings: QBTS continues to be a Moderate Buy with 14 Buy ratings and only three Sell and Hold ratings, while RGTI has a Moderate Buy, with eight Buy and five Sell ratings combined. Analysts expect both stocks to see big upside.
The real question is whether Q1 earnings will change course—by showing strong revenue momentum, a shift to profitability, growing commercial appeal, and so on—or if it might once again prompt investors to wait. If the latter, it remains to be seen how patient investors are willing to own these companies, but the decline in early 2026 suggests that there may be a limit to this patience.
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