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Additional Reading from MarketBeat Media An Earnings Win With a Stock Slump: What's Happening With D-Wave?Written by Nathan Reiff. Published 11/10/2025. 
Key Points - D-Wave's earnings report for the third quarter was strong, including major revenue and bookings improvements and other achievements.
- Still, QBTS shares fell by about 22% in the first full trading week of November.
- Investors remain cautious since D-Wave has yet to demonstrate a clear pathway to consistent profitability.
One of the most-hyped earnings reports of the quantum industry this season ended not with a rally, but a retreat. Shares of D-Wave Quantum Inc. (NYSE: QBTS) fell nearly 22% in the first full week of trading in November 2025, closing the week under $30 per share. The drop followed the company's third-quarter report on Nov. 6 and capped a broader slide that has erased roughly one-third of QBTS's market value since mid-October. That pullback is notable given D-Wave stock is still up about 1,700% year-over-year (YOY). The earnings report contained several encouraging items—revenue and bookings climbed, technological progress continues, and the company's cash balance remains substantial. In 2022, when Larry Benedict called the peak of the market, those who stayed in oil were slaughtered.
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