Jim Cramer Was Happy The Market “Cared” About D-Wave Quantum – But Not How You Think
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D-Wave Quantum Inc. (NYSE:QBTS)’s shares are up by 24% over the past year and are down by just as much year-to-date. Cramer hasn’t held back discussing the firm and in most appearances, he has stressed the need to evaluate the firm’s business. As D-Wave Quantum Inc. (NYSE:QBTS) reported its second quarter earnings on August 6th, the firm’s shares closed the day 9% lower. Cramer discussed the move and wondered whether the market was becoming realistic about D-Wave Quantum Inc. (NYSE:QBTS):
“What‘s incredible is that we never cared about earnings before, for this, for NuScale. And suddenly we care, I don’t get it. I just think again, once again, there’s kind of a realism sinking in. Let’s, a lot of these guys have had such big moves. They’re not based on anything. Or, let’s just take some profits. I think the Situational mindset is going to be with us for a long time.
While the shares closed lower, D-Wave Quantum Inc. (NYSE:QBTS)’s earnings came with several key figures that support the bullish argument. Arguably, the strongest of these was the firm’s first half of 2026 bookings. These surged by 1,120% to $35.5 million. The bookings surge came due to purchase and enterprise agreements with Florida University and a Fortune 100 company. Additionally, 62% of D-Wave Quantum Inc. (NYSE:QBTS)’s second quarter revenue of $3.1 million was accounted for by commercial customers. Both these factors, along with a 668% jump in remaining performance obligations (RPOs), created solid avenues for tailwinds should the firm demonstrate sustained performance in the future.
Yet, on the flip side, D-Wave Quantum Inc. (NYSE:QBTS)’s second quarter revenue dipped by 0.6% annually and came after its Q1 revenue had dropped by 81% to $2.9 million due to revenue recognition procedures. Additionally, operational, R&D, acquisitions and other spending has also led the firm’s EBITDA loss to widen to $37 million from $20 million. These also led D-Wave Quantum Inc. (NYSE:QBTS)’s first half operating expenses to sit at $111.5 million to more than double over the year-ago figures of $53.6 million. The lack of revenue growth indicates that bookings are not translating into sales. Consequently, aggressive future spending without adequate bookings conversion could generate headwinds.
Shifting towards hedge funds and valuation, D-Wave Quantum Inc. (NYSE:QBTS)’s price to sales ratio of 610.97 is quite rich and leaves little room for disappointment. However, the high value is somewhat of a norm, with Rigetti’s P/S being 465. Short interest as a percentage of float is equally high and sits at 19.98% as of July end, with 19% of Rigetti’s float also short. In Q4 2025, 22 hedge funds tracked by Insider Monkey had held a stake in QBTS and this figure grew to 26 in Q1 2026.
