D-Wave Quantum misses Q2 revenue and earnings estimates, shares fall

Investing.com -- D-Wave Quantum Inc. reported second quarter earnings per share of ($0.13), missing the analyst estimate of ($0.09) by $0.04. Revenue for the quarter reached $3.07 million, below the consensus estimate of $4.03 million.

Shares fell 10.5% in pre-market trading on Thursday.

The quantum computing systems provider's second quarter revenue remained flat compared to the same period last year. The company reported a net loss of $48.0 million, or $0.13 per share, compared to a net loss of $167.3 million, or $0.55 per share, in the second quarter of 2025. The narrower loss resulted mainly from a $142.0 million decrease in non-cash, non-operating charges related to warrant liability remeasurement.

Gross margin fell to 55.4% from 63.8% in the prior year period. The company attributed the decline to increased personnel costs and the absence of a high-margin annealing quantum computer system sale that occurred in the second quarter of 2025.

Operating expenses rose to $55.0 million from $28.5 million in the year-ago quarter, driven by investments in product development, go-to-market initiatives, and costs related to the Quantum Circuits acquisition.

Bookings for the second quarter totaled $2.1 million, up 59% from $1.3 million in the same quarter last year. For the first six months of 2026, bookings reached $35.5 million, marking a 1,120% increase from $2.9 million in the first half of 2025. The first half bookings include a $20 million system sale, with revenue to be recognized in future quarters.

The company reported remaining performance obligations of $40.7 million as of June 30, 2026. D-Wave expects 57% of this amount to be recognized as revenue in the next 12 months.

D-Wave outlined plans to launch a 20,000 qubit annealing system in 2029 and reach 100,000 qubits by 2031. The company aims to deliver a 17-qubit gate-model system in 2026 and a 49-qubit system in 2027.

As of June 30, 2026, D-Wave held $546.2 million in cash and marketable investment securities, down 33% from $819.3 million a year earlier. The company said over 90% of the decrease was due to cash used for the Quantum Circuits acquisition in January 2026.

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