The revenue miss and continued cash burn are concerning, but the explosive growth in bookings and RPOs suggests a large revenue backlog. Monitor the next 10-Q for revenue recognition from the $20M system sale and any guidance on cash runway. The stock may trade on bookings momentum vs near-term financials.
Price Chart
Executive Summary
D-Wave Q2 2026 revenue of $3.1M missed consensus of $4.0M by 23%, and GAAP EPS of -$0.13 missed the -$0.09 consensus. However, first-half bookings surged 1,120% to $35.5M and RPOs grew 668% to $40.7M, signaling strong future revenue visibility. The company continues to invest heavily in R&D and go-to-market, with cash burn accelerating but liquidity remaining robust at $546M.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $3.1M, flat YoY, missed consensus of $4.0M
- GAAP net loss per share -$0.13 vs consensus -$0.09
- First-half 2026 bookings $35.5M, up 1,120% YoY
- Remaining performance obligations $40.7M, up 668% YoY
- QCaaS production revenue comprised 37.3% of total QCaaS revenue in 1H 2026, up from 9.8%
- Cash and marketable securities $546.2M, down 33% from $819.3M due to QCI acquisition
- GAAP operating expenses $55.0M, up 93% YoY, driven by R&D and sales investments
- Adjusted EBITDA loss -$37.1M, up 85% YoY
Financial Impact
Revenue miss of ~$0.9M (23%) vs consensus; EPS miss of $0.04 (44%) vs consensus; but forward-looking metrics (bookings, RPOs) show strong growth.
Risk Factors
- Revenue growth may not materialize as quickly as bookings suggest due to long sales cycles
- Cash burn of ~$74M in operating cash flow over 6 months could require future capital raises
- Execution risk on dual-platform roadmap and Quantum Circuits integration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001907982-26-000127 |
| Document: q2earningspresentation.htm | 0001907982-26-000127 |
| Document: qbts-20260806.htm | 0001907982-26-000127 |
| Document: 0001907982-26-000127-index-headers.html | 0001907982-26-000127 |
| Document: 0001907982-26-000127-index.html | 0001907982-26-000127 |
| Document: 0001907982-26-000127.txt | 0001907982-26-000127 |
| 8-K Data (Synthetic) | 0001907982-26-000127 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $16.41 $17.11 | ▲ +4.27% | ▲ +3.45% | $16.36 (−0.27%) |
Sep 8, 2026 24d ago | 8-K | $17.67 $16.83 | ▼ −4.75% | ▼ −4.09% | $16.36 (−7.39%) |
Aug 25, 2026 5w ago | 8-K | $17.51 $16.49 | ▼ −5.83% | ▼ −5.71% | $16.36 (−6.54%) |
Aug 18, 2026 6w ago | 8-K | $19.53 $19.35 | ▼ −0.92% | ▼ −0.72% | $16.36 (−16.21%) |
Aug 17, 2026 6w ago | 8-K | $20.87 $18.68 | ▼ −10.49% | ▼ −9.30% | $16.36 (−21.59%) |
Aug 6, 2026 8w ago | 8-K | $19.41 $20.90 | ▲ +7.70% | ▲ +6.49% | $16.36 (−15.67%) |
Aug 3, 2026 8w ago | 8-K | $19.98 $16.21 | ▼ −18.87% | ▼ −20.90% | $16.36 (−18.09%) |
Jul 27, 2026 9w ago | 8-K | $19.51 $18.08 | ▼ −7.33% | ▼ −8.40% | $16.36 (−16.12%) |
Jul 24, 2026 10w ago | 8-K | $16.21 $17.98 | ▲ +10.92% | ▲ +10.55% | $16.36 (+0.96%) |
Jul 14, 2026 11w ago | 8-K | $18.95 $16.72 | ▼ −11.77% | ▼ −10.47% | $16.36 (−13.64%) |
US Market Status
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