TLDR
- Quantum Computing Inc. reported Q1 2026 revenue of $3.7 million, up from just $39,000 a year ago
- Rigetti Computing beat analyst expectations with $4.4 million in Q1 revenue, up over 200% year over year
- D-Wave Quantum reported Q1 revenue of $2.9 million, down over 80%, but bookings surged to $33.4 million
- All three companies remain unprofitable, but hold strong cash positions to fund continued development
- Investor interest is returning to quantum computing as a potential next major technology theme after AI
Quantum computing stocks are drawing fresh attention from investors after a round of quarterly earnings updates. Three pure-play names — Quantum Computing Inc., Rigetti Computing, and D-Wave Quantum — are among the most watched in the sector right now.
The renewed interest comes as companies report revenue growth, new product milestones, and stronger cash positions. But all three remain unprofitable, which means investors are weighing long-term potential against short-term financial risk.
Here is a look at where each company stands.
Quantum Computing Inc. (QUBT)
Quantum Computing Inc. reported Q1 2026 revenue of $3.7 million. That compares to just $39,000 in the same period last year.
The jump was driven largely by its acquisitions of Luminar and NuCrypt. Those deals helped boost reported sales and brought wider attention to the stock.
The revenue surge also helped lift other quantum names including IonQ, Rigetti, and D-Wave, according to Seeking Alpha.
The company is also advancing its Fab 2 manufacturing plans, which could matter if demand for photonic quantum technologies grows. The company is still small and early-stage, so investors will want to see whether growth can continue beyond acquisition-driven gains.
Rigetti Computing (RGTI)
Rigetti Computing reported Q1 2026 revenue of $4.4 million, beating analyst expectations of around $4.1 million. Revenue rose more than 200% year over year.
The company’s adjusted loss also improved, coming in at $0.04 per share versus an $0.08 loss in the same quarter a year ago.
Rigetti launched a 108-qubit system and has a chiplet-based development roadmap that analysts see as a key part of the investment case.
Cash Position and Government Contracts
The company ended the quarter with around $569 million in cash, giving it room to fund ongoing research. It has also secured an $8.4 million order from India’s Centre for Development of Advanced Computing and a previous $5.8 million U.S. Air Force contract.
Rigetti offers a hardware-focused quantum story with real commercial and government traction. The risk is that commercial adoption of quantum systems is still in its early stages.
D-Wave Quantum (QBTS)
D-Wave Quantum reported Q1 2026 revenue of $2.9 million, down more than 80% year over year and below analyst estimates. The stock still moved higher because investors focused on bookings.
Bookings surged to $33.4 million from $1.6 million a year earlier. That included a $20 million quantum system sale to Florida Atlantic University and a $10 million two-year deal with an undisclosed Fortune 100 company.
D-Wave ended the quarter with about $588.4 million in cash and marketable securities.
The company also acquired Quantum Circuits to expand its exposure to gate-model quantum computing, while continuing to push its annealing systems.
Final Thoughts
All three companies are still unprofitable and operating in an early-stage market. But each offers a different angle on quantum computing exposure.
Quantum Computing Inc. brings fast revenue growth. Rigetti offers a hardware and systems story with government backing. D-Wave has the strongest bookings update and the most developed commercial customer base so far.
Investors watching this space will want to monitor whether bookings convert to revenue and whether any of these companies can move closer to profitability in coming quarters.
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