D-Wave Quantum Inc. (QBTS) saw its stock price plummet 6.30% during intraday trading on Tuesday, extending a period of significant selling pressure for the quantum computing company.

The sharp decline follows the company's disappointing first-quarter fiscal earnings report released earlier this month. D-Wave reported Q1 revenue of just $2.86 million, representing an alarming 81% year-over-year decline from $15 million and significantly missing analyst consensus estimates of $4.13 million. While adjusted earnings per share showed a narrower loss than expected, operating expenses doubled to $56.5 million, resulting in a net loss of $18.4 million.

Despite reporting record bookings of $33.4 million, which surged nearly 2,000% year-over-year, the market remains deeply skeptical about the company's ability to convert this order backlog into actual revenue. Analysts have significantly lowered their price targets following the earnings report, and the clash between bullish investors focusing on future bookings and bearish investors concerned about current financial performance has created sustained selling pressure that continues to weigh on the stock.