D-Wave Quantum (QBTS) Q2 2026 earnings summary

Executive summary

• Quantum computing market is at an inflection point, with accelerating scientific progress, expanding customer interest, and dual-platform (annealing and gate-model) offerings.

• Recognized as a leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment, with strengths in enterprise accessibility and hybrid adoption frameworks.

• Over 100 customers in the first half of 2026, with more than 65% of revenue from commercial clients and 45%–48.5% from Forbes Global 2000 companies.

• Major technical milestones achieved, including quantum supremacy on a real-world problem, peer-reviewed breakthroughs in error correction, and a scalable architecture roadmap.

• Completed the acquisition of Quantum Circuits, Inc. in January 2026, enhancing gate-model capabilities and adding dual-rail qubit technology.

Financial highlights

• Q2 2026 revenue was $3.1M (flat year-over-year); first half 2026 revenue was $5.9M, down 67% due to a prior large system sale.

• Q2 2026 commercial customer revenue reached $1.9M, with QCaaS revenue up 37.6% year-over-year and professional services up 18%.

• Q2 2026 net loss was $48M ($0.13/share), improved from $167.3M ($0.55/share) last year, mainly due to lower non-cash warrant charges; first half net loss was $66.4M ($0.18/share).

• Bookings for the first half totaled $35.5M, up 1,120% year-over-year, driven by a $20M system sale.

• Cash and marketable securities at June 30, 2026, were $546.2M, down 33% due to the $250M Quantum Circuits acquisition.

Outlook and guidance

• Roadmap targets a 100,000-qubit annealing system by 2031 and a 20,000-qubit system by 2029; gate-model roadmap includes a 17-qubit system in 2026 and 100 logical qubits by 2032.

• Expect to deliver two annealing quantum computer systems in Q4 2026, with related revenue carrying into 2027.

• Q3 revenue expected to be modestly up from Q2; Q4 revenue to be significantly higher and comprise most of the year’s total.

• QCaaS revenue anticipated to grow as a share of total revenue, with professional services as a strategic enabler.

• Plans to accelerate the timeline to scalable, error-corrected gate-model quantum computers.