IonQ IONQ and D-Wave Quantum QBTS, two of the leading pure-play quantum computing companies, delivered exceptional stock market performance during the second quarter of 2026 (ending June 30, 2026) as growing confidence in the commercialization of quantum technologies fueled investor interest.
Between April and June, IonQ shares surged 91.7%, while D-Wave gained 75.1%, outperforming the broader market. The quarter was supported by favorable industry trends, including rising enterprise investment in hybrid AI-quantum applications, increasing urgency around post-quantum cybersecurity and U.S. government initiatives to accelerate domestic quantum computing capabilities.
IONQ-QBTS: April-June Share Comparison
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With both companies expected to report second-quarter results in the first week of August, it is time to determine which stock is better positioned heading into earnings.
The Case for IonQ Ahead of Q2 Earnings Report
Revenue Momentum Remains the Key Focus: The company reported first-quarter revenues of $64.7 million, exceeding its guidance by more than 30%. The stronger-than-expected performance prompted management to raise its full-year 2026 revenue outlook to $260-$270 million from the prior range of $240-$260 million. Remaining performance obligations (RPO) expanded to $470 million, providing greater revenue visibility and reflecting a strengthening pipeline of contracted business.
Management also emphasized increasing multi-product customer adoption, showing growing demand for its expanding quantum solutions portfolio. The momentum is expected to have carried into the second quarter, supported by continued enterprise demand, and ongoing execution of strategic acquisitions that broadened IonQ's quantum computing and networking capabilities.
Execution and Profitability: In the first quarter, IONQ delivered an adjusted EBITDA loss of $12.3 million despite strong revenue and ended the quarter with approximately $697 million in cash, cash equivalents and investments, providing ample flexibility to fund acquisitions and product expansion. The company also indicated that acquisitions completed during the previous quarter would contribute more meaningfully in the second half of 2026.
Against this backdrop, we expect the company to demonstrate continued improvement in operating leverage, disciplined cash utilization and management's commentary on the pace of revenue conversion from its $470 million RPO into recognized sales.
The Case for D-Wave Quantum Ahead of Q2 Earnings Report
Commercial Momentum to Drive Q2 Performance: D-Wave entered the second quarter with strong commercial momentum, although management indicated that revenue growth would likely remain uneven because revenues from quantum system sales are recognized only after contractual milestones are achieved. Instead, investors should focus on demand indicators such as bookings and remaining performance obligations (RPO).
In the first quarter, bookings reached $33.4 million, while RPO more than tripled year over year, reflecting a growing backlog of contracted business. The company also reiterated expectations to deliver at least two Advantage2 quantum systems in 2026. Backed by increasing enterprise adoption, expanding customer engagements and continued demand for its annealing technology, this commercial momentum is expected to have continued into the second quarter.
Execution, Margins and Liquidity Under Watch: QBTS reported a gross margin of 92.5% in the first quarter, reflecting the high-margin nature of its business mix. Meanwhile, the company ended the first quarter with a strong liquidity position of $588.4 million in cash and investments, providing sufficient capital to fund product development and growth initiatives.
Following the acquisition of Quantum Circuits, management also expects to realize synergies by integrating gate-model and annealing technologies. Against this backdrop, second-quarter results are expected to demonstrate continued operational execution rather than a sharp revenue inflection, with bookings growth, RPO expansion and margin sustainability to be the determining factors.
Q2 Earnings Expectation: IONQ Vs. QBTS
The Zacks Consensus Estimate for IonQ calls for a loss of 29 cents per share, improving from a 70-cent loss in the year-ago quarter. D-Wave is expected to report a loss of 8 cents per share, compared with a 55-cent loss a year earlier. Notably, consensus EPS estimates for both companies have remained unchanged over the past 60 days, indicating stable analyst expectations.
IONQ Estimate Revision Trend
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QBTS Estimate Revision Trend
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Our Take
Ahead of the second-quarter 2026 earnings releases, D-Wave Quantum appears better positioned than IonQ. While both companies are benefiting from strong industry tailwinds, D-Wave entered the second-quarter earnings season with record bookings, a rapidly expanding sales pipeline, expected system deliveries and a solid liquidity position to support future growth.
IonQ also remains fundamentally strong, supported by strong a top line, a $470 million RPO and raised full-year revenue guidance, making it a compelling long-term story. However, D-Wave's stronger near-term commercial momentum and a Zacks Rank #2 (Buy), compared with IonQ's Zacks Rank #3 (Hold), make QBTS the more attractive pick ahead of the early August earnings reports. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).