QBTS & RGTI Q2 Earnings Tomorrow: Which Quantum Stock Is a Better Buy?

With IonQ IONQ scheduled to release its second-quarter 2026 results today after market close, investor attention will next shift to D-Wave Quantum QBTS and Rigetti Computing RGTI, both set to report June-quarter results tomorrow.

The key question is whether the two pureplay quantum computing players can deliver results and business updates that validate their strong stock performance during the quarter. QBTS and RGTI shares surged 75.1% and 43.1%, respectively, in the April-June period, significantly outperforming the 26.6% gain in the Computer and Technology sector and the 14.6% advance in the S&P 500 index.

April-June Stock Comparison: QBTS, RGTI

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For D-Wave, key focus areas include bookings conversion, remaining performance obligations, enterprise demand and progress following the Quantum Circuits acquisition. For Rigetti, investors will closely monitor revenue recognition from Novera system deliveries, customer traction for its 108-qubit Cepheus platform, cloud usage and execution against its technology roadmap, while assessing whether management's commentary supports sustained commercial momentum into the second half of 2026.

D-Wave earnings missed estimates in three of the trailing four quarters and topped on one occasion, the average negative surprise being 351.22%.

On the contrary, Rigetti earnings topped estimates in each of the trailing four quarters with an average surprise of 29.17%.

How Are Q2 Estimates Poised for D-Wave and Rigetti?

QBTS: The Zacks Consensus Estimate for the second-quarter bottom line has widened by one cent to a loss of 9 cents per share over the past seven days. However, the estimated figure indicates an 83.6% improvement from the year-ago figure.

The consensus mark for second-quarter revenues is pegged at $3.82 million, indicating a 23.2% year-over-year increase.

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RGTI: The Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged at a loss of 3 cents per share over the past 60 days. The estimated figure indicates a 40% narrower loss from the year-ago figure.

The consensus mark for second-quarter revenues is pegged at $4.91 million, indicating a 173% year-over-year increase.

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What to Expect from D-Wave Quantum's Q2 Results

D-Wave Quantum entered the second quarter of 2026 with strong commercial momentum after reporting record first-quarter bookings of $33.4 million and remaining performance obligations (RPO) of $42.4 million. This was largely supported by a $20 million system sale and a $10 million enterprise quantum computing-as-a-service agreement. Management indicated second-quarter revenues would be modestly higher sequentially, with a substantial portion of 2026 revenues expected in the second half as system deliveries progress. We expect bookings conversion, revenue recognition from system sales, RPO growth and enterprise adoption to act as crucial factors behind the second-quarter results.

Operationally, D-Wave continued expanding its dual-platform strategy following the Quantum Circuits acquisition, while advancing its gate-model roadmap and commercialization of its annealing systems. Progress in blockchain, AI-related customer deployments and additional system sales are expected to contribute to second-quarter top-line numbers of QBTS. However, continued investments in R&D, sales expansion and integration activities are likely to keep profitability under pressure despite improving business fundamentals.

What to Expect From Rigetti’s Q2 Results

Rigetti started the second quarter with improving commercial execution and continued technology milestones. First-quarter revenues nearly tripled year over year, driven by Novera quantum processing unit (QPU) deliveries, while management indicated that most of the remaining revenues from the previously announced Novera purchase orders would be recognized in the second quarter. The execution of these system deliveries, adoption of the newly launched 108-qubit Cepheus-1 platform and customer activity across Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum and qBraid are expected to have contributed to RGTI’s Q2 performance.

Management also reiterated its focus on improving system fidelity while maintaining a disciplined investment strategy supported by a debt-free balance sheet. Continued spending on R&D, fabrication and infrastructure, however, is likely to have weighed on near-term profitability as Rigetti prioritizes long-term technology leadership over short-term earnings.

What the Zacks Model Unveils for QBTS and RGTI Stocks

QBTS: Our proven model does not conclusively predict an earnings beat for D-Wave this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.

D-Wave has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

The company currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

RGTI: Rigetti has an Earnings ESP of 0.00% and a Zacks Rank #3. This combination also can't conclusively predict an earnings beat tomorrow.

Our Take

D-Wave and Rigetti head into their second-quarter earnings releases with solid operational momentum, but elevated expectations following their strong April-June stock rallies, which leave little room for disappointment. D-Wave's bookings conversion, enterprise demand and commercialization progress are the crucial factors this time, while Rigetti's execution on Novera system deliveries, cloud adoption and technology roadmap will remain key.

Although both companies continue to invest aggressively in R&D and commercialization, near-term profitability is likely to remain under pressure. While D-Wave's Zacks Rank reflects its stronger fundamental outlook, that of Rigetti suggests investors may prefer waiting for further evidence of sustained execution following its recent rally.

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This article originally published on Zacks Investment Research (zacks.com).

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