D-Wave Quantum (QBTS) is expected to provide "positive" update at its Investor Day on June 1, Wedbush Securities said in a Thursday note.

"We see D-Wave's investor Day timing...as likely a signal that any updates will skew positive," the report said.

For its Q1 results due May 12, the report said earnings call will again skew towards qualitative milestones/achievements against financial metrics.

Details on both might be a bit more scarce than is typical for a quarterly report given the company is slated to host an Investor Day in less than a month, the note said.

While the firm doesn't provide financial targets, it does talk to new deal activity and highlighted bookings momentum on their Q4 call, the report said.

Wedbush kept its outperform rating with a price target of $40.

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