D-Wave Quantum Inc. (QBTS) saw its stock plummet 6.88% during intraday trading on Friday, extending a multi-day decline.

The sharp drop reflects ongoing profit-taking by investors following a previous rally. That rally was driven by news that the company had reached a preliminary agreement to receive up to $100 million in funding from the U.S. Department of Commerce under the CHIPS and Science Act, which had significantly boosted the share price earlier in the week.

Compounding the selling pressure was the release of the company's weak first-quarter financial results. The report revealed a year-over-year revenue decline of approximately 81% to $2.86 million, while operating expenses doubled and net losses widened, raising significant concerns about the company's near-term profitability.