D-Wave Quantum, Silver Viper, Tilray Brands – The year of decisions

Tilray Brands – Turnaround in sight

Will the downturn in the cannabis industry continue this year, or will the long-awaited turnaround begin? According to Tilray Brands' figures, the turnaround could be closer than many investors expect.

CEO Irwin Simon spoke of a "strong second quarter" despite challenging conditions. Tilray achieved the highest Q2 revenue in the Company's history at USD 218 million. Adjusted EBITDA reached USD 8.4 million, while adjusted loss per share was USD 0.02. At the same time, the Company generated adjusted operating cash income of USD 6 million.

The growth driver was once again the international cannabis business. Global cannabis sales rose to USD 68 million, with the high-margin international segment growing 36% year-on-year and 51% sequentially to USD 20 million. Tilray is now active in more than 20 countries. Europe is particularly in focus, with management expecting strong growth in Germany, the UK, and Poland. Tilray Medical is expected to achieve an annual revenue run rate of around USD 150 million here in the medium term.

The group is also continuing to diversify beyond cannabis. Despite headwinds in the craft beer market, the beverage segment contributed USD 50.1 million in revenue. At the same time, USD 27 million in annualized cost savings were realized.

The bottom line was a net loss of USD 43.5 million, an improvement of 49% over the previous year. The gross margin was 26%, with cannabis reaching 39%. For the full year 2026, Tilray confirms its EBITDA guidance of USD 62 to 72 million. This is a clear signal that the turnaround is within reach.

Silver Viper – Well equipped

Silver remains a strategic commodity and continues to offer significant potential due to rising demand. The energy transition, geopolitical tensions, and structurally tight supply are keeping pressure on the market high. Well-positioned explorers in prime jurisdictions such as Mexico are among the key beneficiaries. One such candidate is Silver Viper Minerals.

Mexico accounts for more than 23% of global silver production and is home to some of the world's largest mines. Silver Viper is active here with three projects. The flagship La Virginia project in Sonora was acquired from Pan American Silver and has a solid database of more than 52,000 meters of drilling. The project already has significant gold and silver resources in the indicated and inferred categories and is considered to have clear potential for expansion.

The portfolio is complemented by Cimarron, a gold-copper project within a porphyry system, and Coneto, located in the center of one of Mexico's most productive silver districts. Coneto was contributed by Fresnillo, which is the largest single shareholder with approximately 17%.

Silver Viper is in an excellent financial position. At the end of 2025, approximately CAD 17 million in fresh capital was raised, supplemented by warrants that can release additional equity if prices continue to rise. This secures extensive exploration programs for 2026 and beyond. The share price has significantly outperformed the silver price over the past twelve months. After a brief consolidation to around CAD 1.80, the stock has been bought up in recent days amid increased volume and is moving rapidly toward its annual high of CAD 2.57.

With the addition of Andreas L'Abbe and Gernot Wober, Silver Viper is also significantly strengthening its advisory expertise. L'Abbe brings extensive capital market and financing experience from the development of Discovery Silver, while Wober is one of Mexico's most prominent exploration geologists. Both stand for disciplined project development and are likely to strengthen the strategic direction in the next growth phase significantly.

D-Wave Quantum – Mega Acquisition

Quantum computing was one of the hottest topics on the stock markets in 2025, and 2026 also promises new momentum. Hardly any other company is as much in the spotlight as D-Wave Quantum. After a share price increase of around 400% in twelve months, the Company is now going "all-in" strategically.

D-Wave announced the acquisition of private quantum computing specialist Quantum Circuits. The deal is worth USD 550 million and consists of USD 300 million in D-Wave shares and USD 250 million in cash. With this transaction, the US company hopes to gain a technological edge over its competitors. While D-Wave has been considered a pioneer in annealing quantum computing, Quantum Circuits brings deep expertise in error-correcting gate model quantum computers.

In the future, D-Wave intends to offer both approaches in parallel. The combination of its own scalable control technologies, the established quantum cloud platform, and Quantum Circuits' gate model technology is expected to significantly accelerate development. As its first concrete product, management announced a so-called dual-rail system, which is scheduled to be launched in 2026. CEO Alan Baratz spoke of a definitive consolidation of the leading position in superconducting quantum computers.

Tailwind comes from Wedbush Securities. Analysts see Quantum Circuits as a "powerful ally", reaffirming the "Outperform" rating and a price target of USD 35. In the short term, however, they do not yet expect additional revenue from the gate model business. The decisive factor will be whether D-Wave can translate its technological vision into market-ready systems. Opportunities and risks, therefore, remain closely linked.

The cannabis industry could be on the verge of a turnaround, helped by tailwinds from the US government. Tilray Brands reported strong quarterly results. D-Wave Quantum is expanding its business model with a mega acquisition. Silver Viper shares are heading toward their annual high amid high trading volume.