D-Wave Quantum (QBTS) misses Q2 2026 earnings and revenue estimates as operating expenses and adjusted EBITDA losses increase.
Stock Earnings Results
August 6, 2026
Table of Contents
August 6, 2026
D-Wave Quantum Inc. (NYSE: QBTS) reported second-quarter 2026 results below expectations, with a wider-than-expected loss, lower revenue than estimates, higher operating expenses, and a larger adjusted EBITDA loss, even as bookings and remaining performance obligations increased sharply in the first half of the year.
D-Wave is a quantum computing company that provides systems, software, and services across both annealing and gate-model quantum computing technologies. The company offers quantum computing access through its Leap quantum cloud service and on-premises enterprise systems.
The company reported a net loss of $0.13 per share, wider than estimates for a $0.09 loss, representing a 44.4% earnings miss. Revenue came in at $3.08 million, below estimates of $3.82 million, with revenue down 0.6%.
Second-quarter revenue was $3.1 million.
That was essentially flat compared with $3.1 million in the prior-year quarter.
Net loss was $48.0 million.
Net loss per share was $0.13.
That compared with a net loss of $167.3 million, or $0.55 per share, in the prior-year quarter.
The net loss improved from last year mainly because the prior-year quarter included a large non-cash charge tied to the remeasurement of warrant liabilities.
GAAP operating expenses increased 93% year-over-year to $55.0 million.
The increase was driven mainly by higher personnel costs, stock-based compensation, depreciation and amortization, third-party professional services, and marketing expenses.
D-Wave said the higher spending reflected investments to support accelerated product development and go-to-market initiatives.
Non-GAAP adjusted operating expenses increased 76% to $39.1 million.
Adjusted EBITDA loss was $37.1 million.
That compared with an adjusted EBITDA loss of $20.0 million in the prior-year quarter.
The wider adjusted EBITDA loss reflected higher investment in product development and go-to-market activity.
For early-stage quantum companies, investors are likely toFor early-stage quantum companies, investors are likely to focus less on near-term profitability and more on whether bookings, customer adoption, and technical milestones can justify the spending.
GAAP gross profit was $1.7 million.
GAAP gross margin declined to 55.4% from 63.8% in the prior-year quarter.
Non-GAAP gross profit was $2.0 million.
Non-GAAP gross margin declined to 64.9% from 71.8%.
D-Wave said the decrease in GAAP gross profit was mainly due to higher personnel costs.
D-Wave said 62.4% of second-quarter revenue came from commercial customers.
That compared with 45.1% in the prior-year quarter.
Forbes Global 2000 customers accounted for 47.7% of total revenue.
That compared with 20.4% a year earlier.
The improved customer mix is important because D-Wave is trying to show that quantum computing demand is moving beyond research use cases and into commercial enterprise adoption.
Bookings for the first half of 2026 were $35.5 million.
That was up more than 1,120% from $2.9 million in the first half of 2025.
Second-quarter bookings were $2.1 million, up 59% year-over-year.
The first-half bookings figure included a $20 million system sale, with revenue expected to be recognized in later quarters.
Remaining performance obligations were $40.7 million at June 30.
That was up 668% from $5.3 million a year earlier.
D-Wave expects about 57% of those remaining performance obligations to be recognized as revenue over the next 12 months.
D-Wave provided more details on its annealing quantum computing roadmap.
The company said its multi-chip approach is expected to support a 20,000-qubit system in 2029 and a 100,000-qubit Advantage3 system by 2031.
D-Wave also announced a gate-model roadmap with several milestones.
Those include a 17-physical-qubit system in 2026, a 49-physical-qubit system in 2027, a 181-physical-qubit system in 2028, a 10-logical-qubit system in 2030, and a 100-logical-qubit system in 2032.
The company also announced research published in Nature involving its superconducting dual-rail qubit architecture.
D-Wave said the research advances a path toward fault-tolerant gate-model quantum computing.
D-Wave signed new and renewing customer engagements across commercial and research applications.
The customer list included AT&T, Nasdaq Verafin, Oki Electric Industry, Shionogi, Unisys, and one of the world’s largest gambling and entertainment companies.
The company also received a $1.57 million grant from the U.S. National Science Foundation through the National Quantum Virtual Laboratory program.
D-Wave said the funding will support its gate-model efforts as part of the ERASE project.
D-Wave ended the quarter with $546.2 million in consolidated cash and marketable investment securities.
That was down from $819.3 million a year earlier.
The company said more than 90% of the decrease was tied to cash consideration for the January 2026 acquisition of Quantum Circuits.
The cash position gives D-Wave runway to continue funding product development, research, commercial expansion, and integration of Quantum Circuits.
D-Wave’s quarter was mixed.
Revenue missed expectations, the loss per share was wider than expected, operating expenses nearly doubled, and adjusted EBITDA loss widened. At the same time, first-half bookings increased more than 1,120%, remaining performance obligations rose 668%, commercial customer mix improved, and the company advanced both its annealing and gate-model quantum roadmaps.
The key question is whether D-Wave can convert bookings and technical progress into meaningful revenue growth before higher expenses and cash burn become the main concern.
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