Rigetti Computing vs. D-Wave Quantum: Navigating Volatile Revenue Trends
Key Points
Rigetti Computing currently generates less revenue than D-Wave Quantum, which posted a notable jump in revenue last year.
Both companies have displayed volatile quarter-over-quarter revenue patterns over the last eight quarters.
Investors should watch whether the two companies can establish consistent revenue growth or if extreme volatility continues to dominate their financial results.
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Rigetti Computing (NASDAQ:RGTI) stock is up 135% over the past year at the time of writing, but that has trailed D-Wave Quantum’s (NYSE:QBTS) 237% return. Both companies are losing money. But that’s not what’s important right now. It’s not about profitability but about which company can scale the fastest over the next five years.
Rigetti Computing: Struggling to Regain Revenue Momentum
Rigetti primarily earns revenue by building superconducting quantum computers and integrating them into public, private, or hybrid clouds through its proprietary software network.
It secured international purchase agreements and faced a delayed system release, while reporting a net loss of $18 million for the quarter ended Dec. 31, 2025.
D-Wave Quantum: Seeking Stability After Volatile Revenue
D-Wave generates revenue by providing global access to its quantum computing systems, open-source programming tools, and professional onboarding services through a cloud-based network.
It recently acquired an industry peer and signed enterprise commercial agreements, while reporting a net loss of approximately $42 million for the quarter ended Dec. 31, 2025.
Why Revenue Matters for Retail Investors
Revenue is the most fundamental measure of a company’s performance. Changes over time can indicate a company’s product marketability and its ability to reach more customers.
Image source: The Motley Fool.
Quarterly Revenue for Rigetti Computing and D-Wave Quantum
| Quarter (Period End) | Rigetti Computing Revenue | D-Wave Quantum Revenue |
|---|---|---|
| Q1 2024 (March 2024) | $3.1 million | $2.5 million |
| Q2 2024 (June 2024) | $3.1 million | $2.2 million |
| Q3 2024 (Sept. 2024) | $2.4 million | $1.9 million |
| Q4 2024 (Dec. 2024) | $2.3 million | $2.3 million |
| Q1 2025 (March 2025) | $1.5 million | $15.0 million |
| Q2 2025 (June 2025) | $1.8 million | $3.1 million |
| Q3 2025 (Sept. 2025) | $1.9 million | $3.7 million |
| Q4 2025 (Dec. 2025) | $1.9 million | $2.8 million |
Data source: Company filings. Data as of April 14, 2026.
Foolish Take
D-Wave Computing generated $24 million in revenue last year, dwarfing Rigetti’s $7 million. However, quantum computing is still a very early-stage technology with no clear winners or losers yet.
Overall, the changes in quarterly revenue don’t mean much right now. These companies are reporting large losses on the bottom line, and it may take years for the technology to scale to wide adoption and generate consistent profitability.
The bigger question is which of these quantum computing leaders can deliver consistent growth over time, and importantly, who can scale the fastest. Rigetti’s focus right now is on deploying its 108-qubit system. For D-Wave, its focus on gate-model systems is attracting significant customer interest, and this comes after it saw a 179% jump in revenue in 2025 over 2024. But this was driven by a $15 million spike in the first quarter of last year.
Investors should continue to closely monitor these companies’ progress in upcoming quarterly reports to see if the revenue gap closes or D-Wave continues to pull ahead. It’s also possible that neither can compete with other industry leaders, and that will show up in further revenue volatility.
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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