D-Wave Quantum Inc NYSE:QBTS Price, Chart, News & Insight

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.

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WS Investor 11-10-26

D-Wave Drops 12% as Revenue Collapses and Losses Widen Despite Booking Surge

May 12, 2026 | NYSE: QBTS

D-Wave is the session's sharpest earnings-driven decliner today, falling 12% as investors focus on the stark gap between the company's ambitious narrative and its current financial reality.

The headline numbers are difficult to look past. Revenue for the first quarter came in at just $2.9 million, down 81% year-on-year. The comparison is somewhat distorted — Q1 2025 included a one-time $12.6 million system sale — but even accounting for that, underlying revenue generation remains extremely thin for a company with a market cap that prices in significant future success. Adjusted EBITDA loss widened to $32.8 million from $6.1 million a year ago, and net loss grew to $18.4 million as operating expenses surged 125% to $56.5 million, driven by the Quantum Circuits acquisition costs, expanded headcount, and higher R&D spending.

The bull case rests entirely on bookings, which were genuinely impressive. D-Wave recorded $33.4 million in bookings for the quarter, up nearly 2,000% year-on-year, anchored by a $20 million system purchase from Florida Atlantic University and a $10 million two-year QCaaS agreement with a Fortune 100 company. Remaining performance obligations jumped 563% to $42.4 million. These are real commercial signals, but the revenue from the FAU system sale will only be recognized in future quarters, leaving a wide chasm between bookings momentum and reported financials today.

The acquisition of Quantum Circuits adds strategic depth — dual-rail gate-model technology that management believes is unmatched in the industry — but it also adds cost and complexity at a stage when the company is already burning cash rapidly. The roadmap to error-corrected gate-model systems extends to 2032, a long runway to ask investors to finance.

With $588 million in cash on hand, D-Wave has the runway to execute. But today's market is telling the company it needs to start converting its booking momentum into recognized revenue before the story can sustain its valuation.

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WS Investor 05-12-26

D-Wave Quantum Inc. announced that Florida Atlantic University has signed a $20 million agreement to purchase and install an Advantage2 annealing quantum computer at FAU’s Boca Raton campus.

The system, expected to be deployed later in 2026, will form the core of a broader collaboration aimed at advancing quantum education, research, and applied innovation in Florida. The partnership may include the creation of a D-Wave Quantum Applications Academy at FAU, along with research, training, and workforce development initiatives. The state of Florida and the city of Boca Raton are also providing job growth and training incentives to support the expansion of quantum-related talent and operations.

D-Wave separately announced plans to establish its new corporate headquarters at the Boca Raton Innovation Center, strengthening Florida’s role as an emerging hub for quantum computing and applied quantum technologies.

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European Investor 01-27-26

D-Wave Quantum Inc. announced a $10 million, two-year enterprise Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company, marking a notable step in the commercial adoption of quantum computing. Under the deal, the partners will collaborate to develop and deploy multiple quantum-powered applications using D-Wave’s annealing and gate-model platforms.

D-Wave said the agreement underscores growing enterprise demand for production-grade quantum solutions and highlights its position as the only provider offering dual-platform quantum systems available both on-premises and via cloud services. The company added that the partnership reflects increasing confidence among large corporations in applying quantum technology to solve complex, real-world computational challenges.

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European Investor 01-27-26

D-Wave Quantum announced an agreement to acquire Quantum Circuits for $550 million, comprising $300 million in D-Wave common stock and $250 million in cash. The transaction is expected to close in late January 2026, subject to regulatory approvals and NYSE listing clearance.

The acquisition combines D-Wave’s commercial annealing quantum computing platform with Quantum Circuits’ error-corrected superconducting gate-model technology, positioning the company to address the full quantum computing market. D-Wave plans to introduce its first commercially available superconducting gate-model system in 2026, alongside its existing annealing systems, accelerating the path toward scalable, fault-tolerant quantum computing.

Quantum Circuits’ dual-rail qubit architecture, which integrates built-in error detection, is expected to reduce the number of physical qubits required for logical qubits. As part of the deal, Quantum Circuits’ research team, including Yale professor and co-founder Rob Schoelkopf, will establish a D-Wave research and development center in New Haven, Connecticut, strengthening the combined company’s superconducting quantum research capabilities.

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The Investor 01-08-26

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