D-Wave Quantum (QBTS) is expected to report only slightly better Q2 revenue than Q1 than missed market expectations, but the firm points to a significant ramp in H2, Wedbush said in a note Wednesday.

Bookings of $33.4 million and remaining performance obligations of $42.4 million were the most important figures in the quarter because they point to future revenue, the report said.

The note said near-term earnings results have minimal meaning for D-Wave, an early stage quantum computer company.

"We continue to view technological progress (on both annealing and gate-model platforms) and bookings momentum as the most important leading indicators of the company's progress," the report said.

The note also pointed to its investor Day on June 1 as likely a signal that any updates will skew positive.

Wedbush kept its outperform rating and $40 price target.

Price: 21.27, Change: -1.09, Percent Change: -4.85