D-Wave shares in focus after narrower loss, stronger cash position, and weak revenue versus analyst expectations.
Stock Earnings Results
May 12, 2026
Table of Contents
May 12, 2026
D-Wave Quantum Inc. (NYSE: QBTS) reported first-quarter 2026 results with a narrower-than-expected loss, record bookings, and a stronger cash position, but revenue came in below analyst estimates.
D-Wave is a quantum computing company offering annealing and gate-model quantum computing systems, software, and services.
The company reported a loss of $0.05 per share, narrower than estimates for a loss of $0.10, representing a 50.0% earnings surprise. Revenue came in at $2.86 million, below estimates of $5.01 million, with revenue down 80.9% year-over-year.
D-Wave reported record quarterly bookings of $33.4 million, up 1,994% year-over-year from $1.6 million in the prior-year quarter.
The quarter included a $20 million system purchase by Florida Atlantic University and a $10 million, two-year quantum computing-as-a-service agreement with a Fortune 100 company.
Revenue declined to $2.9 million from $15.0 million in the prior-year quarter.
The decline was mainly because Q1 2025 included $12.6 million in revenue from the company’s first sale of an annealing quantum computing system. That makes the year-over-year revenue comparison look weak, even though bookings improved sharply.
D-Wave completed its acquisition of Quantum Circuits, a developer of error-corrected superconducting gate-model quantum computing systems.
Management said the acquisition is expected to accelerate D-Wave’s path toward scalable, error-corrected gate-model quantum systems. The company outlined roadmap milestones through 2028, 2030, and 2032, including a target of 100 logical qubits by 2032.
D-Wave ended the quarter with $588 million in cash, up 93% year-over-year.
That cash position matters because quantum computing remains capital-intensive. Investors will likely watch whether D-Wave can fund product development, customer acquisition, and Quantum Circuits integration without near-term financing pressure.
Net loss widened to $18.4 million, or $0.05 per share, compared with a net loss of $5.4 million, or $0.02 per share, in the prior-year quarter.
Adjusted EBITDA loss widened to $32.8 million from $6.1 million, driven mainly by higher operating expenses and lower gross profit. Operating expenses increased as the company invested in product development, sales, marketing, personnel, and Quantum Circuits integration.
Investors are likely to watch whether D-Wave can convert bookings into recognized revenue over the next several quarters.
The key areas are:
D-Wave’s quarter was not a clean revenue growth story. Revenue missed expectations and fell sharply year-over-year, but bookings surged, cash improved, and the company expanded its technology roadmap through the Quantum Circuits acquisition.
The real question is whether record bookings can turn into recurring revenue and whether D-Wave can prove commercial adoption before operating losses become a bigger concern.
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