Financial Results

D-Wave Quantum Inc. announced second‑quarter 2026 results showing revenue of $3.07 million, falling short of the $4.03 million consensus estimate. Adjusted earnings per share recorded a loss of $0.13, missing the analyst‑expected loss of $0.09 by $0.04. The company posted a net loss of $48.0 million, or $0.13 per share, compared with a net loss of $167.3 million, or $0.55 per share, in the second quarter of 2025. The improvement in net loss was driven primarily by a $142 million reduction in non‑cash, non‑operating charges related to warrant liability remeasurement.

Gross margin declined to 55.4% from 63.8% a year earlier, a change attributed to higher personnel costs and the absence of a high‑margin annealing quantum computer system sale that occurred in Q2 2025. Operating expenses rose to $55.0 million from $28.5 million in the year‑ago quarter, reflecting increased investment in product development, go‑to‑market initiatives, and costs associated with the Quantum Circuits acquisition.

Bookings & Pipeline

Quarterly bookings reached $2.1 million, a 59% increase over the $1.3 million recorded in the same quarter last year. For the first six months of 2026, total bookings amounted to $35.5 million, representing a 1,120% surge from $2.9 million in the first half of 2025; this half‑year figure includes a $20 million system sale whose revenue will be recognized in future periods. As of June 30 2026, D‑Wave reported remaining performance obligations of $40.7 million, and expects 57% of this amount to be recognized as revenue within the next twelve months.

Cash Position

The company held $546.2 million in cash and marketable investment securities at June 30 2026, a 33% decline from $819.3 million a year earlier. Over 90% of the cash reduction was attributed to funds used for the Quantum Circuits acquisition completed in January 2026.

Outlook & Product Roadmap

D‑Wave outlined a roadmap to launch a 20,000‑qubit annealing system in 2029 and achieve a 100,000‑qubit system by 2031. Additionally, the firm aims to deliver a 17‑qubit gate‑model system in 2026 and a 49‑qubit system in 2027.

Market Reaction

Following the earnings release, D‑Wave Quantum’s shares fell 10.5% in pre‑market trading on Thursday.