Shares of quantum computing firm D-Wave Quantum Inc. (NYSE: QBTS) skyrocketed by 244% so far in 2025 on a great deal of hype and an even heftier volume of speculation. Though shares have cooled in the last month, dropping by about 5.5% in the 30 days leading to Nov. 3, investors have still jumped at hints of success for the firm—including rumors that the federal government may be considering taking equity positions in D-Wave and other quantum firms, for example, or news that the company made an important sale in Europe.
For many investors trying to gauge how a promising tech name that continues to chase profitability is living up to its potential, the proof will be in the earnings. D-Wave is set to report third-quarter earnings on Nov. 6, following mixed Q2 results that featured strong revenue and a solid cash position but wider-than-expected losses. Here are three key scenarios investors should watch in the upcoming report.
