Case studies › QBTS
D-Wave and Rigetti report tomorrow and neither has a revenue base to defend
When a company's revenue is small enough to fit in a footnote, the earnings print stops being about growth and becomes a funding question. What is the burn, and how many quarters does the balance sheet buy.
Both names trade on a technology narrative that is years from commercial volume. That is a legitimate thing to own, but it is closer to venture exposure than to an earnings trade, and venture exposure does not reprice on a quarterly beat.
Read the cash flow statement before the income statement. The runway number is the only one that survives the print.
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