D-Wave Quantum Inc. (NYSE:QBTS) reported second-quarter results that came in below Wall Street forecasts for both revenue and earnings, sending the quantum computing company’s shares down around 10.5% in pre-market trading on Thursday.
Although bookings accelerated sharply and the company outlined ambitious technology milestones, investors focused on the weaker-than-expected quarterly performance.
Revenue and earnings disappoint
D-Wave posted a second-quarter loss of $0.13 per share, wider than analysts’ expectations for a loss of $0.09 per share.
Revenue totaled $3.07 million, falling short of the consensus estimate of $4.03 million and remaining broadly unchanged from the same period last year.
The company recorded a net loss of $48.0 million, or $0.13 per share, compared with a net loss of $167.3 million, or $0.55 per share, in the second quarter of 2025.
Management said the year-over-year improvement primarily reflected a $142.0 million reduction in non-cash, non-operating charges related to the remeasurement of warrant liabilities.
Margins weaken as investment increases
Gross margin declined to 55.4% from 63.8% a year earlier.
The company attributed the decrease to higher personnel costs and the absence of a high-margin annealing quantum computing system sale that boosted results during the second quarter of 2025.
Operating expenses increased significantly to $55.0 million from $28.5 million, reflecting continued investment in product development, commercial expansion and costs associated with the acquisition of Quantum Circuits.
Bookings surge despite weaker quarterly revenue
Second-quarter bookings rose 59% year over year to $2.1 million.
During the first six months of 2026, bookings climbed to $35.5 million, representing an increase of more than 1,100% from $2.9 million in the same period last year.
The first-half total included a $20 million quantum system sale that will be recognised as revenue in future reporting periods.
As of June 30, 2026, D-Wave reported remaining performance obligations of $40.7 million, with approximately 57% expected to be recognised as revenue over the next 12 months.
Company outlines long-term technology roadmap
D-Wave reaffirmed its development plans, targeting the launch of a 20,000-qubit annealing quantum computer in 2029 before expanding to a 100,000-qubit system by 2031.
The company also expects to introduce a 17-qubit gate-model quantum computer in 2026, followed by a 49-qubit system in 2027.
Cash position remains strong
D-Wave ended the quarter with $546.2 million in cash and marketable investment securities, compared with $819.3 million a year earlier.
The company said more than 90% of the year-over-year decline was attributable to the cash used to acquire Quantum Circuits in January 2026.
D-Wave Quantum stock price
