D-Wave Quantum (QBTS 6.99%), one of several companies exploring the commercialization of quantum computing, reported its first-quarter earnings results this morning, May 12. The company's net loss of nearly $18.5 million came in smaller than expected, while revenue of nearly $2.9 million missed Wall Street consensus estimates. Quantum computing stocks like D-Wave have absolutely exploded since late 2024. While D-Wave's stock is down nearly 23% this year, including a nearly 10% loss today, as of 12:05 p.m. ET, it's up over 20-fold since October 2024. Traditional computers are built on the foundation of bits, the smallest unit of digital information. Quantum computers are built with qubits, which have parallel-processing capabilities and can therefore process much more data and compute much more complex calculations. Quantum computers are quite complex to build, but the market seems to think there is strong evidence that commercialization might be possible. Is D-Wave Quantum a buy following its recent earnings report? Definite signs of progress D-Wave is one of the only companies pursuing both annealing quantum computing and more traditional gate-based quantum computing. Quantum annealing can typically leverage more qubits, but it is best suited for optimization problems with multiple solutions. Gate-based quantum computing is believed to solve a much wider set of problems, but the systems have been trickier to build and often have higher error rates than annealing systems. In the quarter, D-Wave reported closed bookings of $33.4 million, an increase of nearly 2,000% year over year. The bookings included the sale of a $20 million quantum system to Florida Atlantic University, as well as a 2-year, $10 million quantum computing services agreement with a Fortune 100 company. NYSE: QBTS Key Data Points D-Wave also acquired a company in the quarter called Quantum Circuits, which builds error-corrected superconducting gate-based systems. Furthermore, D-Wave laid out