The quantum computing company posted just $2.9 million in Q1 revenue while sporting a $7.5 billion market cap, and the math somehow works if you squint hard enough. The one-time sale that warped everythingThe year-over-year revenue collapse is almost entirely explained by a single transaction. D-Wave’s approach uses quantum annealing rather than the gate-based quantum computing pursued by most competitors. Enterprise adoption by household-name corporations would represent a credibility milestone for the entire quantum computing sector, not just D-Wave. D-Wave’s $7.5 billion market cap on roughly $12 million in annualized revenue is, by any conventional standard, absurd.