The Motley Fool
02 Nov 2026, 06:17 UTC · 3h ago
Impact · against what's priced in
The article provides no new catalysts for either company, as the reported financial results are already factored into current valuations. D-Wave's rapid revenue growth is offset by extreme losses, while Rigetti's revenue decline and heavy government reliance remain significant headwinds.
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What the story claims
5 claims · scored −1 bearish … +1 bullish · 0 new · 5 priced in
D-Wave Quantum reported FY 2025 revenue of $24.6 million, a 178.5% increase over the prior year.
Priced inanalysis of FY 2025 annual report
So whatThe growth rate is substantial, but the $355.1M net loss indicates an expense-to-revenue ratio of ~14x for the period.
More positive than 92% of claims this week
Rigetti Computing's FY 2025 revenue fell 34.3% to $7.1 million.
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The 34.3% revenue drop to $7.1 million, coupled with a negative free cash flow of $77.2 million, suggests an unsustainable burn rate relative to its dwindling top line.
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While FY 2025 revenue grew 178.5% to $24.6 million, the massive net loss of $355.1 million and negative free cash flow of $75.8 million highlight a highly inefficient expense-to-revenue ratio.
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Priced inanalysis of FY 2025 annual report
So whatWith 90% of revenue coming from government contracts, the decline suggests a significant loss of public sector funding for FY2026.
More negative than 91% of claims this week
D-Wave Quantum's free cash flow was negative $75.8 million for FY 2025.
Priced inanalysis of FY 2025 annual report
So whatCombined with the current ratio of 42.4x, the company has a significant cash cushion but faces high quarterly burn.
More negative than 79% of claims this week
Rigetti Computing reported a negative free cash flow of $77.2 million for FY 2025.
Priced inanalysis of FY 2025 annual report
So whatThe burn rate is higher than D-Wave's despite having roughly 71% less revenue ($7.1M vs $24.6M).
More negative than 79% of claims this week
D-Wave Quantum established a new business unit focused on the U.S. government to diversify revenue.
Priced inanalysis of FY 2025 annual report
So whatSuccess here could shift the revenue mix away from the volatile commercial sector by FY2027.
More positive than 49% of claims this week
Which stocks this story touches
More negative than 84% of ticker scores this week
The company experienced a 34.3% decrease in revenue and a significant net loss of $216.2 million.
More negative than 71% of ticker scores this week
Despite massive revenue growth, the company reported a substantial net loss of $355.1 million.
More positive than 74% of relationship scores this week
[mutual] Both are early-stage players in the quantum computing market competing for supremacy.
More positive than 35% of relationship scores this week
[a_to_b] D-Wave Quantum lists Mastercard as a blue-chip customer for its quantum computing systems.
More positive than 35% of relationship scores this week
[a_to_b] D-Wave Quantum lists Unisys as a blue-chip customer.
More positive than 35% of relationship scores this week
[a_to_b] D-Wave Quantum lists BASF as a blue-chip customer.
More positive than 14% of relationship scores this week
[mutual] Rigetti Computing maintains partnerships with Moody's.
More positive than 14% of relationship scores this week
[mutual] Rigetti Computing maintains partnerships with Standard Chartered.
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1h ago
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QBTS hasn't traded since this ran. Last close $10.65 (Oct 30); the reaction starts at the next open.
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