In all of 2025, D-Wave generated only $24.6 million in sales, giving the stock a price-to-sales ratio of more than 260x. Bookings for the year, which foreshadow future revenue, fell 22% year over year to just $18.7 million. On the bottom line, D-Wave reported a $1.11 per share loss — up 48% year over year.
Why D-Wave Quantum Computing Stock Crashed Today
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