D-Wave Q2 revenue holds at $3.1M while losses deepen on Quantum Circuits integration; bookings rocket 1,120%
QBTS sits 53% above its 52-week low of $12.75.
Summary
D-Wave reported flat Q2 revenue of $3.1M but a 1,120% bookings surge to $35.5M. Operating losses widened to $53.3M as Quantum Circuits integration costs hit. Cash fell to $296.6M after the acquisition. The CFO adopted a 10b5-1 trading plan.
Key Events · Earnings and Guidance · QBTS
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Revenue Flat, Bookings Explode
Q2 revenue came in at $3.1M, essentially flat year over year, but first-half bookings surged 1,120% to $35.5M. Remaining performance obligations stand at $40.7M, with 57% expected to convert to revenue in the next 12 months.
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Operating Loss Doubles on Acquisition Costs
The operating loss widened to $53.3M from $26.5M a year ago, driven by a 93% increase in operating expenses. R&D costs alone jumped 122% to $28.2M, reflecting the integration of Quantum Circuits and increased stock-based compensation.
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Cash Burn Accelerates After Quantum Circuits Deal
Cash and equivalents fell to $296.6M from $635.3M at year-end, primarily due to $252.8M in cash used for the Quantum Circuits acquisition. The company also holds $249.6M in marketable securities.
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CFO Adopts 10b5-1 Trading Plan
CFO John M. Markovich adopted a Rule 10b5-1 trading plan on June 16, 2026, to sell up to 495,374 shares through March 15, 2027.
Analysis · QBTS · Technology
D-Wave's Q2 results tell two very different stories. Revenue stalled at $3.1 million, yet bookings exploded 1,120% to $35.5 million in the first half, pointing to a sharp future revenue ramp. The operating loss more than doubled to $53.3 million as the company absorbs the cost of integrating its Quantum Circuits acquisition—a bet on gate-model quantum computing. Cash reserves halved to $296.6 million, largely because of the $252.8 million cash outlay for that deal. Adding a note of insider caution, the CFO adopted a 10b5-1 plan to sell up to 495,374 shares. The voluntary Nasdaq transfer in July is a housekeeping move but follows a history of NYSE listing price compliance issues.
At the time of this filing, QBTS was trading at $19.49 on NASDAQ in the Technology sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $12.75 to $46.75. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.