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D-Wave Quantum Inc. (NYSE:QBTS) shares are trading lower after the company reported mixed third-quarter results on Thursday.
Rosenblatt analyst John McPeake maintained a Buy and raised the price target from $30 to $40.
The company reported third-quarter revenue of $3.73 million, beating the consensus estimate of $3.03 million and an adjusted loss of 41 cents per share, missing the consensus estimate for a loss of 7 cents per share.
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The analyst assumed coverage of D-Wave Quantum and says quarterly revenue and adjusted EBITDA are above both the analyst’s and Street estimates, primarily due to stronger system sales.
McPeake highlighted the strong customer win in the quarter and writes that the additional systems revenue from the Jülich Supercomputing Centre in Germany of $1.8 million drove the majority of the upside versus estimates.
D-Wave does not provide guidance; however, the analyst raised the 2025 revenue and adjusted EBITDA estimates by 3% and 7%, respectively, and the 2026 estimates by 6% and 11%, respectively.
Apart from this, Cantor Fitzgerald analyst Troy Jensen maintains an Overweight and raised the price forecast from $20 to $40.
Price Action: QBTS shares are down 5.04% at $26.96 at the last check on Friday.
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Posted In: QBTS
