The market will focus on the record bookings and RPO growth as leading indicators of future revenue, not the GAAP revenue decline. Watch for the June 1 Investor Day for gate-model roadmap details and potential upward revisions to consensus estimates. The $20M FAU system sale and $10M Fortune 100 QCaaS deal validate commercial traction.
Price Chart
Executive Summary
D-Wave Quantum reported Q1 2026 revenue of $2.9M, down 81% YoY from $15.0M which included a $12.6M system sale, resulting in a GAAP net loss of $0.05/share vs consensus of -$0.10 (a beat). However, record quarterly Bookings of $33.4M (up 1,994% YoY) and RPOs of $42.4M (up 563% YoY) signal strong future revenue visibility, partially offsetting the headline revenue decline. The stock will likely trade on the bookings momentum and the upcoming Investor Day on June 1, 2026, rather than the GAAP revenue miss.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $2.9M, down 81% YoY from $15.0M (which included a $12.6M system sale)
- Record quarterly Bookings of $33.4M, up 1,994% YoY from $1.6M
- RPOs of $42.4M as of March 31, 2026, up 563% YoY from $6.4M
- GAAP net loss of $18.4M ($0.05/share) vs consensus -$0.10 — a beat on EPS
- Cash and marketable securities of $588.4M, up 93% YoY
- Completed acquisition of Quantum Circuits, Inc. in January 2026
- First-ever Investor Day scheduled for June 1, 2026 at NYSE
Financial Impact
Revenue declined $12.1M YoY (81%) due to absence of a large system sale; Bookings surged $31.8M (1,994%) YoY; RPOs increased $36.0M (563%) YoY
Risk Factors
- Revenue remains lumpy and dependent on large system sales; GAAP revenue declined 81% YoY
- Operating expenses surged 125% YoY to $56.5M, driven by Quantum Circuits acquisition costs
- Adjusted EBITDA loss widened to $32.8M from $6.1M YoY, indicating cash burn acceleration
- Cash position declined to $588.4M from $884.5M at year-end 2025, partly due to $250.8M acquisition outlay
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001907982-26-000057 |
| Document: a20260512d_waveq1present.htm | 0001907982-26-000057 |
| Document: qbts-20260512.htm | 0001907982-26-000057 |
| Document: 0001907982-26-000057-index-headers.html | 0001907982-26-000057 |
| Document: 0001907982-26-000057-index.html | 0001907982-26-000057 |
| Document: 0001907982-26-000057.txt | 0001907982-26-000057 |
| 8-K Data (Synthetic) | 0001907982-26-000057 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $16.41 $17.11 | ▲ +4.27% | ▲ +3.45% | $16.34 (−0.40%) |
Sep 8, 2026 24d ago | 8-K | $17.67 $16.83 | ▼ −4.75% | ▼ −4.09% | $16.34 (−7.50%) |
Aug 25, 2026 5w ago | 8-K | $17.51 $16.49 | ▼ −5.83% | ▼ −5.71% | $16.34 (−6.65%) |
Aug 18, 2026 6w ago | 8-K | $19.53 $19.35 | ▼ −0.92% | ▼ −0.72% | $16.34 (−16.31%) |
Aug 17, 2026 6w ago | 8-K | $20.87 $18.68 | ▼ −10.49% | ▼ −9.30% | $16.34 (−21.68%) |
Aug 6, 2026 8w ago | 8-K | $19.41 $20.90 | ▲ +7.70% | ▲ +6.49% | $16.34 (−15.77%) |
Aug 3, 2026 8w ago | 8-K | $19.98 $16.21 | ▼ −18.87% | ▼ −20.90% | $16.34 (−18.19%) |
Jul 27, 2026 9w ago | 8-K | $19.51 $18.08 | ▼ −7.33% | ▼ −8.40% | $16.34 (−16.22%) |
Jul 24, 2026 10w ago | 8-K | $16.21 $17.98 | ▲ +10.92% | ▲ +10.55% | $16.34 (+0.83%) |
Jul 14, 2026 11w ago | 8-K | $18.95 $16.72 | ▼ −11.77% | ▼ −10.47% | $16.34 (−13.75%) |
US Market Status
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