D-Wave Quantum Inc. (QBTS) shares surged 5.09% in Friday's pre-market trading, continuing the momentum from Thursday's impressive 51.23% rally. The quantum computing company's stock has been on a tear following its strong first-quarter earnings report and exciting developments in quantum-assisted blockchain technology.

D-Wave reported Q1 earnings that beat analyst expectations, with a loss of just 2 cents per share compared to the estimated 7 cents loss. Revenue skyrocketed more than sixfold to $15 million year-over-year, driven by the sale of its Advantage quantum computer to a key research center and increased adoption of its hybrid offerings. The company's gross margin also saw a significant boost, reaching 92% with a gross profit of $13.9 million.

Adding to the positive sentiment, CEO Alan Baratz highlighted D-Wave's progress in applying quantum computing to enhance blockchain hashing efficiency. The company's research suggests that quantum-assisted blockchain operations could potentially reduce electricity costs by up to a factor of 1000, addressing one of the major criticisms of blockchain technology. This breakthrough has already attracted interest from blockchain-focused organizations, opening doors for potential partnerships. Furthermore, D-Wave's stock received a vote of confidence from analysts, with Needham maintaining its "Buy" rating on the company. The convergence of strong financials, technological advancements, and positive analyst sentiment has reignited investor interest in D-Wave and the broader quantum computing sector, driving the stock's impressive performance.