D-Wave Quantum (QBTS) Earnings Date & Reports
D-Wave Quantum Inc is in the development and delivery of quantum computing systems, software, and services, and it is the commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers... Show more
QBTS is expected to report earnings to rise 76.40% to -8 cents per share on August 06
D-Wave Quantum (QBTS) Q1 2026 Earnings Recap: Record Bookings Amid Revenue Drop
Key Takeaways
- D-Wave Quantum reported Q1 2026 revenue of $2.9 million, down 81% year-over-year due to the absence of a prior-year $12.6 million annealing system sale.
- Net loss widened to $18.4 million, or $0.05 per share, better than consensus estimates of -$0.08 per share but worse than $0.02 loss last year.
- Record quarterly bookings of $33.4 million, up nearly 2,000% year-over-year, driven by a $20 million system sale to Florida Atlantic University and $10 million QCaaS deal with a Fortune 100 firm.
- Remaining performance obligations (RPO, unsatisfied customer contracts) surged 563% to $42.4 million, with 54% expected in the next 12 months.
- Cash position strengthened to $588.4 million, up 93% year-over-year, supporting investments in gate-model quantum tech.
- Completed acquisition of Quantum Circuits Inc., bolstering error-corrected gate-model capabilities.
Earnings Context and Why It Matters
D-Wave Quantum Inc. (QBTS), a leader in annealing and gate-model quantum computing systems, software, and services, released its first quarter 2026 results on May 12, 2026, for the period ended March 31, 2026. This report is pivotal amid intensifying competition in quantum computing and investor focus on commercialization. Prior quarters showed revenue volatility from lumpy system sales, but FY 2025 revenue grew 179% to $24.6 million. Q1 highlights record bookings signaling demand acceleration via QCaaS (quantum computing as a service) and enterprise adoption, while the Quantum Circuits acquisition advances scalable gate-model systems. For investors, these metrics underscore pathway to recurring revenue, though profitability remains challenged by R&D and integration costs in a nascent industry.
D-Wave reported total revenue of $2.9 million for Q1 2026, down 81% from $15.0 million in Q1 2025, primarily because last year's figure included a $12.6 million first-time annealing system sale that did not repeat. Commercial revenue comprised over 73% of the total, from more than 100 customers, over 50% enterprises. GAAP gross profit was $1.8 million (63.6% margin), down from 92.5%, and non-GAAP gross profit was $2.0 million (70.6% margin).
Net loss totaled $18.4 million, or $0.05 per share, versus $5.4 million or $0.02 last year; this beat consensus EPS estimates of -$0.08. Operating expenses rose 125% to $56.5 million, driven by $9.1 million in Quantum Circuits acquisition costs, higher personnel (up 80% in sales/marketing and R&D), and stock-based compensation. Bookings hit a record $33.4 million (up 1,994% YoY), including key wins like the FAU system and Fortune 100 QCaaS. RPO reached $42.4 million (up 563% YoY). No formal guidance was issued, but management noted directional modest Q2 revenue growth and stronger H2.
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Market Reaction and Investor Sentiment
Post-earnings, QBTS shares initially surged in pre-market on the EPS beat and bookings strength, with reports of a 12% gain tied to robust commercial momentum. However, by market close on May 12, the stock fell about 7%, reflecting revenue miss concerns versus estimates around $4.1-4.2 million. Sentiment remains mixed: bullish on bookings/RPO growth and cash runway for innovation, cautious on revenue lumpiness and path to profitability. Analysts highlight the dual-platform strategy and acquisitions as long-term positives amid quantum sector hype.
Forward Outlook and Key Factors to Monitor
Investors should track conversion of the $42.4 million RPO into revenue, with 54% slated for the next year. Record bookings, including multi-year QCaaS deals, point to recurring streams from annealing systems like Advantage2.
The Quantum Circuits acquisition integrates dual-rail qubits for faster error-corrected gate-model progress, with milestones like a 175-physical-qubit system by 2028. Upcoming Investor Day on June 1, 2026, at NYSE will detail the roadmap.
Monitor Q2 results for revenue uptick from installations (e.g., FAU before year-end) and H2 strength. Cash at $588 million funds R&D amid high opex ($56.5 million in Q1), but watch margin pressures from integration and fabrication costs. Broader catalysts include partnerships (e.g., Shionogi drug discovery, Postquant blockchain) and hybrid solver advancements. Industry dynamics like enterprise/government quantum adoption will shape trajectory.
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