D-Wave Q2 2026: Bookings Surge 1,120% to $35.5M, Cash at $546M, Gate-Model Roadmap Detailed
QBTS sits 49% above its 52-week low of $12.75.
Summary
D-Wave reported Q2 2026 results with flat revenue of $3.1M but a 1,120% surge in first-half bookings to $35.5M and $40.7M in remaining performance obligations. Cash stands at $546M, and the company laid out a detailed gate-model roadmap through 2032.
Key Events · Earnings and Guidance · QBTS
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Bookings Explode 1,120% YoY
First-half 2026 bookings reached $35.5 million, up from $2.9 million in 1H 2025, driven by a $20 million system sale and broader commercial adoption.
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Revenue Flat but Mix Improves
Q2 2026 revenue was $3.1 million, flat year-over-year, but commercial customers accounted for 62.4% of revenue vs. 45.1% a year ago, and Forbes Global 2000 customers contributed 47.7%.
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Net Loss Narrows Sharply
Net loss was $48.0 million ($0.13/share) vs. $167.3 million ($0.55/share) in Q2 2025, primarily due to the absence of a $142 million non-cash warrant liability remeasurement charge.
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Strong Liquidity Position
Cash and marketable securities totaled $546.2 million as of June 30, 2026, down from $819.3 million a year ago mainly due to the Quantum Circuits acquisition, but still providing a multi-year runway.
Analysis · QBTS · Technology
D-Wave's Q2 2026 results reveal a dramatic acceleration in commercial traction. First-half bookings soared to $35.5 million — a 1,120% year-over-year increase — and remaining performance obligations reached $40.7 million. While revenue was flat at $3.1 million, the composition shifted heavily toward commercial customers and Forbes Global 2000 clients. The net loss narrowed sharply to $48 million from $167 million a year ago, largely due to the absence of warrant liability remeasurement charges. The company ended the quarter with $546 million in cash and marketable securities, providing a multi-year runway. The filing also details an ambitious gate-model roadmap targeting fault-tolerant systems by 2030, and highlights new engagements with AT&T, Nasdaq Verafin, and Shionogi. Against a backdrop of recent insider selling and a high cash burn rate, the bookings and liquidity position are critical signals of commercial validation and survival capacity.
At the time of this filing, QBTS was trading at $19.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $7.9B. The 52-week trading range was $12.75 to $46.75. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.