Key Points D-Wave's sales can swing wildly quarter to quarter depending on whether a big hardware deal closes. The company is winning meaningful contracts but still reported a $355 million loss in 2025. Big share price swings and a hefty price tag mean D-Wave's shares aren't for the faint of heart. D-Wave Quantum(NYSE: QBTS) is one of the most popular quantum computing stocks, with a stunning 4,900% gain over the past three years. As one of only a handful of publicly traded quantum computing pure plays, D-Wave may seem like a sure-fire way to gain exposure to a market that McKinsey & Co. thinks could be worth $2.7 trillion by 2035. But there are three critical things investors should know before they buy D-Wave stock. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » 1. D-Wave's business is inherently lumpy D-Wave specializes in selling quantum computers to its customers and quantum computing cloud services. The latter is a fairly consistent revenue stream, but when D-Wave sells a quantum computer to a big client, the revenue from that sale isn't as consistent as the cloud sales. For example, D-Wave had $15 million in sales in the first quarter of 2025 and a loss of $0.02 per share. Part of that revenue came from the company selling its first Advantage quantum computer system to a research center. Large sales like this are great when they happen, but they don't happen in every quarter. In Q1 2026, consensus estimates for D-Wave's sales are just $4.1 million, and the company is expected to post a loss of $0.08 per share. For most companies, that decline would be a big red