How Much Downside Is Left In QBTS Stock

Shares of D-Wave Quantum (QBTS) lost 21.0% in the week to October 14, 2026. The S&P 500 posted a 1.0% dip over the same period. The drop left D-Wave shares closing at their lowest point of the past year, finishing 73.1% below their highest level. When the whole market has turned down before, how far did D-Wave fall, and how long did it take to come back?

D-Wave Drawdown Was Over Four Times Greater Than The Benchmark

D-Wave stock has traded through five market shocks since August 2022, falling 51.2% on average during those events. That decline is about four and a half times the S&P 500's average fall of 11.3%. The company experienced its deepest drop during the 2023 yield shock, losing 73.0% while the S&P 500 lost 9.5%. D-Wave also fell 61.0% in the 2022 inflation shock.

Across all five shocks, the median recovery from a low back to the previous peak took 3.0 months. Investors waited more than a year to recover from those two falls. The stock required 12.9 months to climb back after the 2023 yield shock. Following the 2022 inflation shock, the shares took 30.7 months to return to their prior highs, recovering in May 2025.

Operating Deficit Doubled At D-Wave In A Year

D-Wave reported $3.08 million in revenue during the April to June 2026 quarter, remaining about level with the same period a year earlier. Over the twelve months ending in June 2026, revenue fell 44.2% compared to the prior twelve-month span. System sales represented the majority of the company's 2025 revenue, generating $16.2 million out of a total $24.6 million. The smaller Quantum Computing as a Service (QCaaS) business shrank 18.2% that year.

During the April to June quarter, D-Wave posted an operating loss of $53.3 million, doubling its deficit from a year earlier. The company held $546 million in cash and short-term investments at the end of June 2026, down from the $819 million it reported the previous year. This cash reserve remains large compared to the company's $48.1 million in debt.

D-Wave Missed Estimates But Grew Its Backlog

On August 6, D-Wave reported a loss of $0.10 a share for its fiscal second quarter of 2026. This deficit was wider than the $0.08 loss analysts had expected. It was still narrower than the company's $0.55 loss a year earlier.

D-Wave ended June with $40.7 million of signed-contract backlog. It expects about $23.2 million of that to become revenue within 12 months, and $29.3 million within two years.

Does This Mean You Should Act On QBTS?

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