Wave, we are seeing first hand the value that Quantum is providing today for hundreds of companies," Baratz told analysts during the company's fourth-quarter earnings call.

Quantum computing continues to advance rapidly, which has been helping businesses get new opportunities related to security, AI, optimization, and scientific discovery.

D-Wave Quantum has emerged as a leader in quantum computing, analysts say, and Wall Street is throwing its support behind the company in a raft of research notes following its latest earnings report.