WS Investor
10 Nov 2026, 15:51
D-Wave Falls 9% as Quarterly Bookings Drop and Losses Widen Despite Strong Backlog Growth
D-Wave Quantum (NASDAQ: QBTS) shares fell about 9% on Tuesday after the company reported weaker quarterly bookings, sharply higher operating expenses and a wider adjusted EBITDA loss, despite strong year-to-date demand indicators.
Third-quarter revenue increased 21% year over year to $4.5 million, supported by higher professional services and quantum-computing-as-a-service revenue. However, quarterly bookings fell 19% to $1.9 million.
Longer-term demand metrics remained much stronger. Nine-month bookings surged 611% to $37.4 million, while remaining performance obligations climbed 1,221% year over year to $38.3 million. About 59% of that backlog is expected to convert into revenue within the next 12 months.
Profitability metrics weakened. GAAP gross margin fell to 52.9% from 71.4%, while adjusted gross margin declined to 63.6%. GAAP operating expenses jumped 84% to $55.9 million, and the adjusted EBITDA loss widened 83% to $37.7 million.
D-Wave ended the quarter with $503.4 million in cash and marketable securities and also secured access to up to $100 million of U.S. CHIPS Act funding, subject to milestones.
The 9% decline appears to reflect investor concern over lower quarterly bookings, margin compression and accelerating cash burn, outweighing the strong growth in backlog, year-to-date bookings and government-supported funding visibility.
D-Wave Quantum (NASDAQ: QBTS) shares fell about 9% on Tuesday after the company reported weaker quarterly bookings, sharply higher operating expenses and a wider adjusted EBITDA loss, despite strong year-to-date demand indicators.
Third-quarter revenue increased 21% year over year to $4.5 million, supported by higher professional services and quantum-computing-as-a-service revenue. However, quarterly bookings fell 19% to $1.9 million.
Longer-term demand metrics remained much stronger. Nine-month bookings surged 611% to $37.4 million, while remaining performance obligations climbed 1,221% year over year to $38.3 million. About 59% of that backlog is expected to convert into revenue within the next 12 months.
Profitability metrics weakened. GAAP gross margin fell to 52.9% from 71.4%, while adjusted gross margin declined to 63.6%. GAAP operating expenses jumped 84% to $55.9 million, and the adjusted EBITDA loss widened 83% to $37.7 million.
D-Wave ended the quarter with $503.4 million in cash and marketable securities and also secured access to up to $100 million of U.S. CHIPS Act funding, subject to milestones.
The 9% decline appears to reflect investor concern over lower quarterly bookings, margin compression and accelerating cash burn, outweighing the strong growth in backlog, year-to-date bookings and government-supported funding visibility.
