D-Wave Quantum Q3 adjusted EBITDA loss hits $37.7M
D-Wave Quantum Inc. reported third-quarter 2026 revenue of $4.5 million, up 21% year over year.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
D-Wave Quantum Inc. reported third-quarter 2026 revenue of $4.5 million, up 21% year over year. Nine-month bookings were $37.4 million, up 611%, including $2.3 million in Quantum Circuits bookings closed immediately before completion of the Quantum Circuits acquisition in January 2026. Remaining performance obligations totaled $38.3 million as of September 30, 2026, up 1,221% year over year; approximately 59% is expected to be recognized as revenue within the following 12 months.
GAAP gross profit was $2.4 million, down 11%, and gross margin was 52.9%, down 18.5% year over year. GAAP operating expenses rose 84% to $55.9 million, while adjusted EBITDA loss rose 83% to $37.7 million. Net loss was $48.2 million versus $139.986 million a year earlier, primarily because non-cash warrant-liability remeasurement charges fell by $121.9 million. Nine-month revenue was $10.447 million versus $21.835 million, and operating cash used was $109.025 million versus $53.610 million.
Cash and marketable investment securities totaled $503.4 million as of September 30, 2026. A Department of Commerce agreement provides access to up to $100 million in installments upon satisfying specified milestones and conditions; the department received a minority, non-controlling equity stake as a funding condition. NTT DOCOMO deployed a second production application powered by D-Wave technology.
4 points · 0 major0 major · 6 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose 21% to $4.5 million year over year.
- Moderate pointNine-month bookings reached $37.4 million, up 611% year over year.
- Moderate pointRPO reached $38.3 million, up 1,221% year over year.
- Moderate pointNet loss was $48.2 million, mainly reflecting lower non-cash warrant charges.
Negative
- Moderate pointNine-month revenue was $10.447 million, versus $21.835 million in 2025.
- Moderate pointGAAP gross profit declined 11% to $2.4 million.
- Moderate pointGAAP gross margin was 52.9%, down 18.5% year over year.
- Moderate pointGAAP operating expenses rose 84% to $55.9 million.
- Moderate pointAdjusted EBITDA loss increased 83% to $37.7 million.
- Moderate pointOperating cash used rose to $109.025 million from $53.610 million.
Filing Explained
At September 30, the balance sheet separately lists 100,000 (in thousands of dollars) as uncollected equity issuance proceeds; the reported $503.4 million in cash and marketable securities excludes that uncollected amount.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $4.5 million
Revenue: $10.447 million; $21.835 million in 2025
Bookings: $37.4 million
+5 more
8 metrics
Revenue
$4.5 million
Third quarter 2026; up 21% year over year
Revenue
$10.447 million; $21.835 million in 2025
Nine months ended September 30, 2026 and 2025
Bookings
$37.4 million
Nine months of 2026; up 611% year over year
Remaining Performance Obligations
$38.3 million
As of September 30, 2026; up 1,221% year over year
GAAP Gross Profit
$2.4 million
Third quarter 2026; down 11% year over year
GAAP Operating Expenses
$55.9 million
Third quarter 2026; up 84% year over year
Adjusted EBITDA Loss
$37.7 million loss
Third quarter 2026; increased $17.0 million, or 83%, year over year
Net Cash Used in Operating Activities
$109.025 million
Nine months ended September 30, 2026; $53.610 million in 2025
Key Terms
Bookings, Remaining Performance Obligations, quantum computing as a service, Adjusted EBITDA Loss
4 terms
Bookings financial
"Bookings is an operating metric defined as customer orders received"
"Bookings" refer to the total value of new sales or agreements a company secures during a specific period. It shows how much business the company has signed up for, even if the products or services haven't been delivered yet. This figure helps investors understand the company's future growth potential.
Remaining Performance Obligations financial
"Remaining Performance Obligations (RPO) totaled $38.3 million"
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
quantum computing as a service technical
"quantum computing as a service (QCaaS) revenue"
A cloud-style service that lets businesses and researchers rent access to quantum computers, software tools, and expertise without buying the costly machines themselves; think of it as leasing a powerful, specialized supertool through the internet. Investors care because it turns experimental technology into a commercial product, creating recurring revenue opportunities and exposing companies to potential breakthroughs in computing speed for specific problems, while also carrying high development costs and uncertain timelines.
Adjusted EBITDA Loss financial
"Adjusted EBITDA Loss was $37.7 million"
A negative figure for a company’s earnings after removing interest, taxes, depreciation and amortization and then further excluding one-time or unusual items; it represents an operating loss on an adjusted basis. Think of it like your household budget showing a shortfall after ignoring a one-time repair or a tax refund — it helps investors see whether the core business is losing money without the noise of financing, accounting rules or rare events, enabling clearer comparisons across periods and peers.
Earnings Snapshot
Revenue: $4.5 million
Third quarter 2026
Revenue
$4.5 million
Up 21% year over year
GAAP Gross Profit
$2.4 million
Decreased $0.3 million, or 11%, year over year
GAAP Gross Margin
52.9%
Decreased 18.5% year over year
GAAP Operating Expenses
$55.9 million
Increased $25.5 million, or 84%, year over year
Adjusted EBITDA Loss
$37.7 million loss
Loss increased $17.0 million, or 83%, year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was QBTS's third-quarter 2026 revenue?
D-Wave reported third-quarter 2026 revenue of $4.5 million, up 21% year over year. Professional services revenue increased $1.5 million and quantum computing as a service revenue increased $0.8 million, partly offset by a $1.5 million decline in system sales.
How much CHIPS Act funding can QBTS access?
D-Wave entered a definitive agreement with the U.S. Department of Commerce providing access to up to $100 million in U.S. CHIPS and Science Act funding, in installments upon satisfying specified milestones and conditions. As a funding condition, the department received a minority, non-controlling equity stake in D-Wave.
How much of QBTS's remaining performance obligations is expected to become revenue?
As of September 30, 2026, approximately 59% of remaining performance obligations was expected to be recognized as revenue within the following 12 months, and approximately 71% within the following 24 months.
How does QBTS define bookings?
D-Wave defines bookings as customer orders received that are expected to generate net revenues in the future. Nine-month 2026 bookings include $2.3 million in Quantum Circuits bookings closed immediately before completion of the acquisition in January 2026.
What results did QBTS report for NTT DOCOMO's quantum application?
NTT DOCOMO's second production application reduced daily peak location registration signals by 65.3% and paging signals by 7.0%. In a representative problem spanning 333 base stations, optimization took approximately five minutes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________
FORM 8-K
_____________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 10, 2026
_____________________________________________________________
(Exact Name of Registrant as Specified in Its Charter)
_____________________________________________________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices)
(650 ) 285-2881
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_____________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o | |||||||
Item 2.02. Results of Operations and Financial Condition.
On November 10, 2026 , D-Wave Quantum Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026, and other recent developments. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
In addition, on November 10, 2026 , the Company posted on its website an investor presentation, which includes supplemental information relating to the Company’s financial results for third quarter ended September 30, 2026, as well as a business, product and technical update. A copy of the presentation is furnished herewith as Exhibit 99.2 and incorporated herein by reference.
The information contained in this Current Report on Form 8-K and in the accompanying exhibits is “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit Number | Description | ||||
99.1 | Press Release issued by D-Wave Quantum Inc., dated | ||||
99.2 | Presentation, dated | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 10, 2026 | D-Wave Quantum Inc. | |||||||
| By: | /s/ Alan Baratz | |||||||
| Name: | Alan Baratz | |||||||
| Title: | President & Chief Executive Officer | |||||||
Exhibit 99.1
D-Wave Reports Third Quarter 2026 Results
Third Quarter Revenue Up 21% Year Over Year
Remaining Performance Obligations of $38.3 Million Up 1,221% Year Over Year
PALO ALTO, Calif. – November 10, 2026 – D-Wave Quantum Inc. (NASDAQ: QBTS) (“D-Wave” or the “Company”), the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services, today announced financial results for its third quarter ended September 30, 2026.
“From Seoul to Como to Washington, we are seeing growing interest in D-Wave’s differentiated dual-platform approach and a determination to put our quantum computing technology to work today,” said Dr. Alan Baratz, CEO of D-Wave. “Our triple-digit increase in year-to-date bookings and robust pipeline reinforce our confidence in the opportunity ahead. We are expanding our commercial reach and executing on both our annealing and gate-model roadmaps with a clear objective: to lead this industry in technical and scientific innovation, measurable customer value and growth.”
Recent Business and Technical Highlights
•Revenue for the third quarter of 2026 was $4.5 million, up 21% year over year.
•Bookings for the first nine months of 2026 were $37.4 million, a 611% year over year increase.
•Executed a definitive agreement with the U.S. Department of Commerce, following the previously announced letter of intent, providing D-Wave with access to up to $100 million of U.S. CHIPS and Science Act funding, in installments upon satisfying specified milestones and conditions. The funding is intended to support development of D-Wave’s next-generation quantum computers, including a 100,000-qubit annealing quantum computer targeting greater performance across optimization, materials simulation, blockchain and artificial intelligence. It is also intended to support development of a 10,000-qubit gate-model quantum computer designed to enable 100 logical qubits capable of reliably executing more than one million operations, enabling applications in areas such as quantum chemistry and quantum AI.
•Announced that NTT DOCOMO, Japan’s largest mobile operator, deployed its second production application powered by D-Wave’s hybrid quantum technology. The application optimized tracking area lists across multiple network areas, reducing daily peak location registration signals by 65.3% and paging signals by 7.0%, lowering network signaling load and improving operational efficiency. In a representative problem spanning 333 base stations, it completed optimization in approximately five minutes, with results incorporated into DOCOMO’s network planning and day-to-day operations.
•Delivered Italy’s first annealing quantum computer, a 4,400+ qubit Advantage2™ system, for installation at Villa Saporiti in Como, Italy. Funded by Swiss Quantum Technology SA, the system will give European researchers, universities and businesses access to production-grade annealing quantum computing technology once installed, supporting Q-Alliance’s efforts to accelerate application development, build quantum workforce skills, and advance commercial adoption.
•Launched the gate-model quantum computing simulator beta program, advancing error-aware programming capabilities and marking an important milestone in D-Wave’s gate-model development roadmap. Built around D-Wave’s dual-rail superconducting gate-model technology, the simulator enables beta participants to experiment with error-aware programming and develop quantum applications in preparation for the Company’s forthcoming gate-model systems. The underlying technology is designed to harness error detection to
deliver efficient quantum error correction with significantly lower hardware overhead as systems scale. Beta participants include BBVA, FirstQFM, Florida Atlantic University and the Jülich Supercomputing Centre.
•Extended D-Wave’s longstanding partnership with SkyWater through a multi-year agreement for specialized semiconductor process development and manufacturing to support D-Wave’s quantum technology roadmap. Also completed a successful proof-of-technology project using D-Wave’s annealing quantum computing technology to optimize maintenance scheduling at SkyWater’s fab, reducing lot delays by up to 30% and improving factory throughput. The project will advance to a proof-of-concept incorporating resource availability, technician constraints, and additional fab-specific operational constraints.
•Formed a strategic partnership with CGI, one of the world’s largest independent IT and business consulting services firms. CGI plans to integrate D-Wave’s quantum computing platforms into its advanced technology services portfolio to help clients develop and deploy quantum and hybrid-quantum applications across industries, including logistics, transportation and retail.
•Signed a memorandum of understanding with LG CNS, a leading AI transformation company in South Korea, to advance the adoption of quantum computing for enterprise optimization in South Korea and beyond. The collaboration will focus on applying D-Wave’s annealing quantum computing technology to complex optimization challenges, with the goal of moving applications from proof-of-concept into production.
•Recognized as a Market Shaper in the Gartner® Emerging Market Quadrant for Quantum Computing - Established Vendors as of November 2026, and was among six quantum computing vendors in the upper right quadrant.*
•Strengthened D-Wave’s board expertise with the appointments of Bernard Gavgani and Kevan Krysler to the Board of Directors. Mr. Gavgani, former Group Chief Information Officer of BNP Paribas, joined the Cybersecurity Committee, bringing deep expertise in enterprise technology strategy. Mr. Krysler, a veteran technology finance executive, joined the Audit Committee, bringing extensive experience in public company financial reporting, corporate growth strategy, and risk management.
*Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a trademark of Gartner, Inc. and/or its affiliates.
The Gartner content described herein, (the "Gartner Content") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and are not representations of fact. Gartner Content speaks as of its original publication date (and not as of the date of this earnings press release) and the opinions expressed in the Gartner Content are subject to change without notice.
Third Quarter 2026 Financial Highlights
•Revenue: Revenue was $4.5 million, up 21% from the third quarter of 2025. Professional services revenue increased by $1.5 million, and quantum computing as a service (“QCaaS”) revenue increased by $0.8 million, partially offset by a decrease in system sales revenue of $1.5 million.
•Bookings1: Bookings were $1.9 million, a year over year decrease of approximately $0.4 million, or 19%. Bookings in any single quarter can vary significantly based on the timing of larger transactions. Bookings for the nine months ended September 30, 2026 were $37.4 million, an increase of $32.1 million, or 611%, from the nine months ended September 30, 2025.
•Remaining Performance Obligations (RPO)2: As of September 30, 2026, RPO totaled $38.3 million, an increase of 1,221%, from the $2.9 million as of September 30, 2025. Approximately 59% of the September 30, 2026 RPO balance is expected to be recognized as revenue within the following 12 months, and approximately 71% is expected to be recognized as revenue within the following 24 months.
•Customers: Recognized revenue from more than 100 customers, 48% of which were commercial enterprises.
•GAAP Gross Profit and Gross Margin: GAAP gross profit was $2.4 million, a year over year decrease of $0.3 million, or 11%. GAAP gross margin was 52.9%, a year over year decrease of 18.5%. The decrease in gross profit and gross margin was due primarily to a revenue mix with a higher proportion of professional services revenue that carries a lower margin, as well as an increase in non-cash stock-based compensation of $0.2 million.
•Non-GAAP Gross Profit and Gross Margin3: Non-GAAP Gross Profit was $2.9 million, essentially flat year over year. Non-GAAP Gross Margin was 63.6%, a year over year decrease of 14.1%, with the decrease due primarily to a revenue mix with a higher proportion of professional services revenue that carries a lower margin.
•GAAP Operating Expenses: GAAP operating expenses were $55.9 million, a year over year increase of $25.5 million, or 84%. The increase was driven primarily by increases of $12.3 million in personnel costs, $4.1 million in non-cash stock-based compensation, $4.6 million in non-cash depreciation and amortization, $1.1 million in third party professional services, and $1.1 million in marketing expenses.
•Non-GAAP Adjusted Operating Expenses3: Non-GAAP Adjusted Operating Expenses were $40.5 million, a year over year increase of $17.0 million, or 72%.
•Net Loss: Net loss was $48.2 million, or $0.13 per share, a year over year decrease of $91.8 million, or $0.28 per share. The decrease was primarily due to a $121.9 million decrease in the amount of non-cash, non-operating charges related to the remeasurement of the Company's warrant liability. All of the Company's remaining publicly traded warrants were redeemed in November 2025.
•Adjusted EBITDA Loss3: Adjusted EBITDA Loss was $37.7 million, a year over year increase of $17.0 million, or 83%, with the increase due primarily to increased operating expenses to support the Company’s accelerated product development and go-to-market initiatives.
•Balance Sheet and Liquidity: As of September 30, 2026, consolidated cash and marketable investment securities totaled $503.4 million. During the third quarter of 2026, the Company executed a definitive agreement with the U.S. Department of Commerce, providing it with access to up to $100.0 million of U.S. CHIPS and Science Act funding, subject to the achievement of specified milestones.
______________________
1“Bookings” is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. Year-to-date 2026 Bookings includes $2.3 million in Quantum Circuits bookings that were closed immediately prior to the completion of the acquisition of Quantum Circuits in January 2026. We present the operating metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods.
2Revenue allocated to remaining performance obligations represents the transaction price of non-cancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.
3"Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted Operating Expenses" and "Adjusted EBITDA Loss" are non-GAAP financial measures. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Tuesday, November 10, 2026, at 8:00 a.m. (Eastern Time), to discuss the Company’s financial results and business outlook. The call will be available live via webcast and participants can click this link to access the webcast. A replay of the webcast will be available for one year, and a transcript of the conference call will be posted on the D-Wave Investor Relations website after the call. Participating in the call will be Chief Executive Officer Dr. Alan Baratz and Acting Chief Financial Officer Greg Golkov.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers, and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap™ quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more about realizing the value of quantum computing today and how D-Wave is shaping the quantum-driven industrial and societal advancements of tomorrow: ir.dwavequantum.com.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Adjusted Operating Expenses, and Adjusted EBITDA Loss is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
•Non-GAAP Gross Profit is defined as GAAP gross profit without the effect of depreciation and amortization expense and non-cash stock-based compensation expense. We use Non-GAAP Gross Profit to measure, understand and evaluate our core operating performance and trends and to develop short-term and long-term operating plans.
•Non-GAAP Gross Margin is defined as GAAP gross margin adjusted to exclude depreciation and amortization expense and non-cash stock-based compensation expense. We use Non-GAAP Gross Margin to measure, understand and evaluate our core business performance.
•Non-GAAP Adjusted Operating Expenses is defined as operating expenses before depreciation and amortization expense, non-operating or non-recurring expenses and non-cash stock-based compensation expense. We use Non-GAAP Adjusted Operating Expenses to measure our operating expenses, excluding items we do not believe directly reflect our core operations.
•Adjusted EBITDA Loss is defined as net loss before interest income, tax provision, interest expense, depreciation and amortization expense, stock-based compensation, remeasurements of liability-classified warrants, gain on marketable equity securities and other non-operating or non-recurring income and expenses. We use Adjusted EBITDA Loss to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Adjusted Operating Expenses and Adjusted EBITDA Loss to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to help customers realize value from quantum computing, development of annealing and gate-model systems, enterprise-scale adoption of quantum computing, our development and commercialization plans, dual-platform roadmap and milestones, access to, anticipated use of, and ability to realize the anticipated benefits of the U.S. CHIPS and Science Act funding from the U.S. Department of Commerce, expectations regarding our quantum computing simulator, and plans for an error-corrected gate-model quantum computer, among others. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
Contacts
Investor Contact:
ir@dwavesys.com
Media Contact:
media@dwavesys.com
D-Wave Quantum Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
| September 30, | December 31, | ||||||||||
| (In thousands, except share and per share data) | 2026 | 2025 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 279,366 | $ | 635,347 | |||||||
| Marketable investment securities | 223,990 | 249,134 | |||||||||
| Trade accounts receivable, net | 3,543 | 1,587 | |||||||||
| Inventories | 6,375 | 2,776 | |||||||||
| Prepaid expenses and other current assets | 11,196 | 7,388 | |||||||||
| Total current assets | 524,470 | 896,232 | |||||||||
| Property and equipment, net | 27,077 | 7,841 | |||||||||
| Operating lease right-of-use assets | 13,539 | 6,518 | |||||||||
| Intangible assets, net | 208,422 | 915 | |||||||||
| Goodwill | 342,588 | — | |||||||||
| Other non-current assets, net | 7,148 | 4,307 | |||||||||
| Total assets | $ | 1,123,244 | $ | 915,813 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Trade accounts payable | $ | 2,240 | $ | 950 | |||||||
| Accrued expenses and other current liabilities | 18,261 | 15,838 | |||||||||
| Current portion of operating lease liabilities | 1,451 | 1,448 | |||||||||
| Loans payable, net, current | 1,946 | 134 | |||||||||
| Deferred revenue, current | 6,404 | 2,778 | |||||||||
| Total current liabilities | 30,302 | 21,148 | |||||||||
| Operating lease liabilities, net of current portion | 13,409 | 6,050 | |||||||||
| Loans payable, net, non-current | 40,073 | 35,825 | |||||||||
| Deferred revenue, non-current | 2,188 | 560 | |||||||||
| Total liabilities | $ | 85,972 | $ | 63,583 | |||||||
| Stockholders' equity: | |||||||||||
| Common stock | 38 | 35 | |||||||||
| Additional paid-in capital | 2,242,897 | 1,843,218 | |||||||||
| Uncollected equity issuance proceeds | (100,000) | — | |||||||||
| Accumulated deficit | (1,096,584) | (982,002) | |||||||||
| Accumulated other comprehensive loss | (9,079) | (9,021) | |||||||||
| Total stockholders' equity | 1,037,272 | 852,230 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,123,244 | $ | 915,813 | |||||||
D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenue | $ | 4,513 | $ | 3,739 | $ | 10,447 | $ | 21,835 | |||||||||||||||
| Cost of revenue | 2,127 | 1,070 | 4,539 | 3,313 | |||||||||||||||||||
| Total gross profit | 2,386 | 2,669 | 5,908 | 18,522 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 31,543 | 14,075 | 85,575 | 37,057 | |||||||||||||||||||
| General and administrative | 13,100 | 9,383 | 48,763 | 26,491 | |||||||||||||||||||
| Sales and marketing | 11,225 | 6,947 | 33,057 | 20,503 | |||||||||||||||||||
| Total operating expenses | 55,868 | 30,405 | 167,395 | 84,051 | |||||||||||||||||||
| Loss from operations | (53,482) | (27,736) | (161,487) | (65,529) | |||||||||||||||||||
| Other income (expense), net: | |||||||||||||||||||||||
| Interest income | 4,864 | 8,581 | 15,677 | 15,991 | |||||||||||||||||||
| Interest expense | (350) | (201) | (864) | (633) | |||||||||||||||||||
| Gain on investment in marketable securities, net | 882 | 850 | 2,762 | 850 | |||||||||||||||||||
| Change in fair value of warrant liabilities | — | (121,859) | — | (259,964) | |||||||||||||||||||
| Other income (expense), net | (179) | 379 | 818 | (3,451) | |||||||||||||||||||
| Total other income (expense), net | 5,217 | (112,250) | 18,393 | (247,207) | |||||||||||||||||||
| Loss before income taxes | (48,265) | (139,986) | (143,094) | (312,736) | |||||||||||||||||||
| Income tax benefit (provision), net | 68 | — | 28,512 | — | |||||||||||||||||||
| Net loss | $ | (48,197) | $ | (139,986) | $ | (114,582) | $ | (312,736) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.13) | $ | (0.41) | $ | (0.31) | $ | (1.01) | |||||||||||||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 374,112,327 | 342,204,831 | 370,832,873 | 310,509,005 | |||||||||||||||||||
D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (114,582) | $ | (312,736) | |||||||
| Adjustments to reconcile net loss to cash used in operating activities: | |||||||||||
| Depreciation and amortization | 13,484 | 1,083 | |||||||||
| Deferred income taxes | (28,365) | — | |||||||||
| Stock-based compensation | 29,800 | 17,119 | |||||||||
| Amortization of operating right-of-use assets | 1,089 | 545 | |||||||||
| Provision for excess and obsolete inventory | (142) | 22 | |||||||||
| Non-cash interest income | 416 | — | |||||||||
| Non-cash interest expense | 725 | 587 | |||||||||
| Change in fair value of warrant liabilities | — | 259,964 | |||||||||
| Gain on marketable equity securities | (2,762) | (850) | |||||||||
| Unrealized foreign exchange loss (gain) | (1,649) | 1,275 | |||||||||
| Other noncash items | — | 267 | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Trade accounts receivable | (1,947) | (539) | |||||||||
| Inventories | (7,151) | (1,430) | |||||||||
| Prepaid expenses and other current assets | (2,944) | (2,683) | |||||||||
| Trade accounts payable | (579) | 203 | |||||||||
| Accrued expenses and other current liabilities | 1,260 | 607 | |||||||||
| Deferred revenue | 5,254 | (15,338) | |||||||||
| Operating lease liability | (462) | (546) | |||||||||
| Other non-current assets, net | (470) | (1,160) | |||||||||
| Net cash used in operating activities | (109,025) | (53,610) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Acquisition of business, net of cash acquired | (252,821) | — | |||||||||
| Purchase of property and equipment | (12,957) | (2,203) | |||||||||
| Purchases of marketable debt securities | (222,692) | — | |||||||||
| Maturities of marketable debt securities | 247,225 | — | |||||||||
| Proceeds from recovery of previously written-off convertible note | — | 959 | |||||||||
| Expenditures for internal-use software | (649) | (323) | |||||||||
| Net cash used in investing activities | (241,894) | (1,567) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement | — | 37,787 | |||||||||
| Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs | — | 536,741 | |||||||||
| Proceeds from issuance of common stock upon exercise of warrants | — | 139,185 | |||||||||
| Proceeds from the issuance of common stock upon exercise of stock options | 1,778 | 8,227 | |||||||||
| Proceeds from common stock issued under the Employee Stock Purchase Plan | 724 | 291 | |||||||||
| Payment of tax withheld pursuant to stock-based compensation settlements | (14,090) | (9,986) | |||||||||
| Repayments of debt | (95) | (365) | |||||||||
| Proceeds from equipment financing | 7,064 | 412 | |||||||||
| Payments for debt issuance costs | (50) | (248) | |||||||||
| Payments of equity issuance costs | (530) | — | |||||||||
| Net cash provided by (used in) financing activities | (5,199) | 712,044 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 137 | 1,384 | |||||||||
| Net increase (decrease) in cash and cash equivalents | (355,981) | 658,251 | |||||||||
| Cash and cash equivalents at beginning of period | 635,347 | 177,980 | |||||||||
| Cash and cash equivalents at end of period | $ | 279,366 | $ | 836,231 | |||||||
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Gross Profit | $ | 2,386 | $ | 2,669 | $ | 5,908 | $ | 18,522 | |||||||||||||||
| Gross Margin | 52.9 | % | 71.4 | % | 56.6 | % | 84.8 | % | |||||||||||||||
| Excluding: | |||||||||||||||||||||||
| Depreciation and Amortization (1) | 35 | 14 | 65 | 56 | |||||||||||||||||||
| Stock-based compensation (2) | 450 | 221 | 913 | 594 | |||||||||||||||||||
| Non-GAAP Gross Profit | $ | 2,871 | $ | 2,904 | $ | 6,886 | $ | 19,172 | |||||||||||||||
| Non-GAAP Gross Margin | 63.6 | % | 77.7 | % | 65.9 | % | 87.8 | % | |||||||||||||||
(1)Depreciation and Amortization reflects the Depreciation and Amortization recorded in Cost of Revenue only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Operating Expenses.
(2)Stock-based compensation reflects the stock-based compensation recorded in Cost of Revenue only, which differs from the total stock-based compensation set forth in the Condensed Consolidated Statement of Cash Flows that also includes stock-based compensation recorded in Operating Expenses.
D-Wave Quantum Inc.
Reconciliation of Operating Expenses to Non-GAAP Adjusted Operating Expenses
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating expenses | $ | 55,868 | $ | 30,405 | $ | 167,395 | $ | 84,051 | |||||||||||||||
| Excluding: | |||||||||||||||||||||||
| Depreciation and Amortization (1) | (4,911) | (356) | (13,419) | (1,027) | |||||||||||||||||||
| Stock-based compensation (2) | (10,219) | (6,233) | (28,887) | (16,525) | |||||||||||||||||||
Other non-operating or non-recurring expenses (3) | (207) | (297) | (10,658) | (601) | |||||||||||||||||||
Non-GAAP Adjusted Operating Expenses | $ | 40,531 | $ | 23,519 | $ | 114,431 | $ | 65,898 | |||||||||||||||
(1)Depreciation and Amortization reflects the Depreciation and Amortization recorded in the Operating Expenses only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Cost of Revenue.
(2)Stock-based compensation reflects the stock-based compensation recorded in Operating Expenses only, which differs from the total stock-based compensation set forth in the Condensed Consolidated Statement of Cash Flows that also includes stock-based compensation recorded in Cost of Revenue.
(3)Includes non-recurring costs related to the Quantum Circuits acquisition, as well as legal, consulting, and accounting fees associated with capital markets activities unrelated to the Company’s core operations, and other non-recurring professional fees and credit loss expenses and recoveries.
D-Wave Quantum Inc.
Reconciliation of Net Loss to Adjusted EBITDA Loss
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net loss | $ | (48,197) | $ | (139,986) | $ | (114,582) | $ | (312,736) | |||||||||||||||
| Excluding: | |||||||||||||||||||||||
| Depreciation and Amortization | 4,946 | 370 | 13,484 | 1,083 | |||||||||||||||||||
| Income tax benefit (provision), net | (68) | — | (28,512) | — | |||||||||||||||||||
| Stock-based compensation | 10,669 | 6,454 | 29,800 | 17,119 | |||||||||||||||||||
| Interest income | (4,864) | (8,581) | (15,677) | (15,991) | |||||||||||||||||||
| Interest expense (1) | 350 | 201 | 864 | 633 | |||||||||||||||||||
| Change in fair value of warrant liabilities | — | 121,859 | — | 259,964 | |||||||||||||||||||
| Gain on marketable equity securities | (882) | (850) | (2,762) | (850) | |||||||||||||||||||
| Other (income) expense, net (2) | 179 | (379) | (818) | 3,451 | |||||||||||||||||||
| Other non-operating or non-recurring items (3) | 207 | 297 | 10,658 | 601 | |||||||||||||||||||
| Adjusted EBITDA Loss | $ | (37,660) | $ | (20,615) | $ | (107,545) | $ | (46,726) | |||||||||||||||
(1)Interest expense primarily reflects the interest associated with the Equipment Financing Agreement entered into on August 1, 2025, and interest and adjustments to accrued interest on the SIF Loan.
(2)Other income (expense), net consists primarily of foreign exchange gains and losses.
(3)Includes non-recurring costs related to the Quantum Circuits acquisition, as well as legal, consulting, and accounting fees associated with capital markets activities unrelated to the Company’s core operations, and other non-recurring professional fees and credit loss expenses and recoveries.
Investor Update November 10, 2026
2 Copyright © D-Wave Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to help customers realize value from quantum computing, development of annealing and gate-model systems, enterprise-scale adoption of quantum computing, our development and commercialization plans, dual-platform roadmap and milestones, access to, anticipated use of, and ability to realize the anticipated benefits of the U.S. CHIPS and Science Act funding from the U.S. Department of Commerce, expectations regarding our quantum computing simulator and plans for an error-corrected gate-model quantum computer, among others. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this presentation in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law. As used in this presentation: Bookings: An operating metric that is defined as customer orders received that are expected to generate net revenues in the future. Year-to-date 2026 Bookings includes $2.3 million in Quantum Circuits bookings that were closed immediately prior to the completion of the acquisition of Quantum Circuits in January 2026. We present the operating metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods. Remaining Performance Obligations: Revenues allocated to remaining performance obligations represent the transaction price of noncancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.
3 Copyright © D-Wave Recent Highlights
4 Copyright © D-Wave Finalized CHIPS Act Funding Agreement • Executed a definitive agreement with the U.S. Department of Commerce based on the previously announced Letter of Intent, providing access to up to $100 million of U.S. CHIPS and Science Act funding, in installments upon satisfying specified milestones and conditions • Funding is expected to accelerate R&D for the development and scaling of both D-Wave’s annealing and gate-model quantum systems • The U.S. Department of Commerce received a minority, non-controlling equity stake in D-Wave as a condition for receiving the funds
5 Copyright © D-Wave New Production Application with NTT DOCOMO • Announced that NTT DOCOMO, Japan’s largest mobile operator, deployed its second production application powered by D-Wave’s hybrid quantum technology • Application optimizes tracking area lists across multiple network areas, reducing daily peak location registration signals by 65% and paging signals by 7%, lowering network signaling load and improving operational efficiency • Optimization completed in approximately five minutes, with results incorporated into DOCOMO’s network planning and day-to-day operations
6 Copyright © D-Wave Delivered Italy’s First Annealing Quantum Computer • Shipped an Advantage2TM annealing quantum computer to Lombardy, Italy for installation at Villa Saporiti to support the Q-Alliance • Provides European researchers, universities and businesses access to powerful, production-grade annealing quantum computing technology once installed • Will support Q-Alliance’s efforts to accelerate application development, build quantum workforce skills, and advance commercial adoption
7 Copyright © D-Wave Launched Gate-Model Simulator Beta Program • Launched a gate-model quantum computing simulator beta program, advancing error-aware programming capabilities, an important milestone in D-Wave’s gate-model development roadmap • Select customers, including BBVA, FirstQFM, Florida Atlantic University and the Jülich Supercomputing Centre received early access to experiment with error-aware programming and to develop quantum applications in preparation for D-Wave’s forthcoming gate-model systems
8 Copyright © D-Wave Extended Quantum Manufacturing Collaboration With SkyWater; Demonstrated Successful Proof-of-Technology • Announced a multi-year extension to the long- established manufacturing partnership with SkyWater to continue specialized semiconductor process development and manufacturing in support of D-Wave’s quantum technology roadmap • D-Wave’s history with SkyWater spans more than a decade, supporting multiple generations of D-Wave quantum technology • Separately, the companies collaborated on a proof- of-technology using D-Wave’s annealing quantum computing technology that resulted in up to a 30% reduction in lot delays at SkyWater’s fab; the work will be expanded to a new proof-of-concept that will include additional constraints
9 Copyright © D-Wave Major New Partnerships Accelerate Go-To-Market Efforts CGI – One of the largest independent IT and business consulting services firms in the world • Strategic partnership that will integrate D-Wave’s quantum computing platforms into CGI’s advanced technology services portfolio, with a goal of moving more applications into production in industries like logistics, transportation and retail LG CNS – A leading AI transformation company in South Korea with expertise in mathematical optimization • Signed a MOU to advance the adoption of quantum computing for enterprise optimization in South Korea and international markets. The collaboration will focus on moving applications into production in industries like manufacturing, telecommunications, finance and retail.
10 Copyright © D-Wave Two New Board Members Appointed • Veteran financial technology executive, Bernard Gavgani, was appointed to the Board of Directors and Cybersecurity Committee. Bernard currently serves as Senior Advisor for Technology and Innovation to BNP Paribas Group Executive Management and previously served as Group Chief Information Officer of BNP Paribas. He brings deep expertise in enterprise technology strategy. • Veteran technology finance executive Kevan P. Krysler was appointed to the Board of Directors and Audit Committee. Kevan currently serves as Chief Financial Officer at Carbon Robotics and has extensive experience in public company financial reporting, corporate growth strategy, and risk management.
11 Copyright © D-Wave Q3 & YTD 2026 Financial Highlights $- $1 $2 $3 $4 $5 Q3 2025 Q3 2026 M IL LI O N S -Q3 Total Revenue $4.5M $3.7M $- $10 $20 $30 $40 2025 2026 M IL LI O N S -First 9 Months Bookings * $5.3M $37.4M $- $10 $20 $30 $40 $50 Q3 2025 Q3 2026 M IL LI O N S - Remaining Performance Obligations $2.9M $38.3M $- $1 $2 $3 Q3 2025 Q3 2026 M IL LI O N S -Q3 QCaaS Revenue $2.2M $1.4M $- $200 $400 $600 $800 $1,000 Q3 2025 Q3 2026 M IL LI O N S $836.2M $503.4M Liquidity Position $252.8M QCI Acquisition The financial information set forth above is unaudited $- $1 $2 $3 Q3 2025 Q3 2026 M IL LI O N S -Q3 Professional Services Revenue $2.0M $0.5M * Q3 Bookings: $2.4M in 2025 and $1.9M in 2026
12 Copyright © D-Wave Market and Technology Overview
13 Copyright © D-Wave Driving to 100,000 qubit annealing processor Dual-rail technology driving gate-model leadership Larger enterprise QCaaS engagements Growing adoption and support of D-Wave technology with U.S. government Increasing number of system sales 2026: The Year of D-Wave Quantum
14 Copyright © D-Wave D-Wave Market Leadership Dual-Platform Quantum Computing Technologies Building Scalable Gate-Model Quantum Systems Offering Production Annealing Quantum Systems Established Product Portfolio: • Both annealing and gate-model systems • Accessible through production-grade cloud service and via on-premises installation • Quantum supremacy published in Science Growing Commercial Adoption: • 1st commercial quantum computing company • 1st in-production quantum applications • Over 125 customers in the first 9 months of 2026 Revenue Model: • Quantum Computing as a Service (QCaaS) • Professional services • System sales Advantage2 quantum computers powering real-world optimization Leap real-time quantum cloud with hybrid solvers 30+ enterprise use cases, including applications in production First commercial use of quantum computer for LLMs Strong Customer Base Dual-rail superconducting qubit platform Unique technology delivering high fidelity and superconducting speed On-chip cryogenic control and multi-chip packaging Advancing toward scalable, fault-tolerant quantum computing 290+ U.S. granted patents * | 800+ granted & pending patents worldwide* | 100+ PhDs Thought & Technical Leadership *Includes exclusively licensed Yale patents
15 Copyright © D-Wave Advantage System Advantage Performance System D-Wave 100 Logical Qubits Leading the Commercialization of Quantum Tech D-Wave One System D-Wave Two System D-Wave 2X System D-Wave 2000Q System D-Wave 2000Q LN System Advantage2 System Advantage3 100K Qubits SystemAdvantage3 20K Qubits System 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E Noisy Intermediate Scale Quantum (NISQ) One Scalable and Error- Corrected Qubit D-Wave 10 Logical Qubits Product Commercialization Annealing Processors (only D-Wave) Gate-Model Processors (D-Wave & all other players) Transition from government and academic to commercial customers It is important to note that no company has yet to demonstrate a working error-corrected logical qubit that is scalable
16 Copyright © D-Wave Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems Annealing or Gate-Model Machine Learning Cryptography Drug Discovery L I N E A R A L G E B R A & F A C T O R I Z A T I O N Gate-Model Production-Ready in 5+ Years Quantum Chemistry Materials Design Research Designer Drugs Everlasting Batteries 3D Fluid Dynamics D I F F E R E N T I A L E Q U A T I O N S Production-Ready Today Annealing Optimization AI/ML & GenAI Research Workforce Scheduling Logistics Routing Production Scheduling C O M B I N A T O R I A L O P T I M I Z A T I O N Problem Types
17 Copyright © D-Wave D-Wave Dual Platform Addresses the Full Quantum TAM1 1. Boston Consulting Group: “The Long-Term Forecast for Quantum Computing Still Looks Bright” May 2024 (80% of TAM accruing to end-users; 20% to quantum hardware, software and services providers) LONG- TERM Post – 2040 MID- TERM 2030 – 2040 NEAR- TERM Pre – 2030 $5B - $10B TAM ( $1B - $2B ) $80B - $170B TAM ( $15B - $30B ) $450B - $850B TAM ( $90B - $170B ) Computational Problem Combinatorial Optimization2 Linear Algebra (Machine Learning) & Factorization (Cryptography) Differential Equations (Simulation) Annealing (D-Wave Only) 25% Annealing or Gate-Model 35% Gate-Model 40% 2. L-T (post-2040) sector value similar to the current Global Semiconductor Equipment ($135B) and Global Cybersecurity ($213B) Markets; Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis
18 Copyright © D-Wave D-Wave Named a Leader in the IDC 2026 Quantum Computing Vendor Assessment According to the IDC MarketScape, D-Wave’s key strengths include: • Broad production deployment footprint • Mature enterprise accessibility and hybrid adoption framework • Extending quantum annealing beyond optimization into scientific simulation D-Wave is one of only two companies named to the Leaders Category in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment SOURCE: “IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment”, June 2026, IDC #US54125526e. IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market is indicated by a plus, neutral or minus next to the vendor name.
19 Copyright © D-Wave Revenue Model – Products and Services Systems Annealing Quantum Computers Gate-Model Quantum Computers Revenue recognized primarily upon shipment & completion of calibration Other • Paid Research (associated with government grants) • Support & Maintenance • Training Professional Services D-Wave PS team works with customers on proof of technology, proof of concept & pilots Ratable revenue recognition over service period Quantum Computer as a Service (QCaaS) Access to D-Wave Quantum Computers via LEAP Cloud Ratable revenue recognition over life of contracts, including production applications
20 Copyright © D-Wave Annealing Quantum Computing: Commercial Today
21 Copyright © D-Wave Full-Stack Commercial Annealing Platform Quantum Computers H A R D W A R E Cloud Services S O F T W A R E Developer Tools S O F T W A R E Professional Services S E R V I C E Hybrid Solver S O F T W A R E F O C U S E D O N AI BlockchainComplex Optimization Problems
22 Copyright © D-Wave Quantum Optimization: Applications Driving Enterprise Operational Excellence Scheduling Time Reduced from 10 Hours to Just Seconds Chemical Retail 80% Increase in Scheduling Efficiency Manufacturing 1,000 Vehicles Scheduled Per Run in 5 vs. 30 Minutes Asset Utilization 15% Improvement in Mobile Network Utilization Drug Discovery Accelerating Identification of Novel Small-Molecule Candidates Government 10x Faster Time-To-Solution, 9% to 12% Improvement in Threat Mitigation
23 Copyright © D-Wave Quantum + AI For Drug Discovery PROBLEM Exploring improvements in speed and quality in the development of AI-driven drug discovery A joint proof-of-concept project using quantum + AI in the process of drug discovery SOLUTION Integrating quantum computing in the LLM workflow resulting in more valid drug candidates than the classical benchmark OUTCOME More Valid Drug Candidates
24 Copyright © D-Wave Quantum AI Applications Enhancing generative ML models with discrete latent spaces: QPUs drive potentially faster and more efficient training and inference Quantum AI Data is mapped to latent space via encoder Annealing QPU model weights trained alongside encoder + decoder QPU then generates novel samples that are mapped back via decoder
25 Copyright © D-Wave Quantum Blockchain Applications Q U A N T U M P R O O F O F W O R K Quantum proof of work blockchain requiring potentially orders of magnitude less power consumption Q U A N T U M - C L A S S I C A L B L O C K C H A I N S On testnet with 18,500 users and 1,500+ nodes, Advantage2 system outperforming classical and winning majority of blocks global participation in testnet Node Locations Geo-IP derived from publicHost; marker size scales with estimated TFLOPS 52 NODES UNLOCATED GitHub - dwave-examples/quantum-blockchain: A proof of quantum work simulated blockchain on D-Wave QPUs. · GitHub
26 Copyright © D-Wave • Calculations beyond the reach of the Frontier supercomputer at Oak Ridge National Lab, one of the world’s most powerful classical supercomputers • Computation on D-Wave’s Advantage2TM prototype took just minutes and consumed <$1 of electricity • Classical computations performed on the Frontier supercomputer would have taken nearly 1 million years and required more than global annual electricity consumption • Exponential advantage over state-of-the-art classical techniques (tensor networks, neural networks, heuristics) Demonstration of Quantum Supremacy on Useful, Real-World Problem
27 Copyright © D-Wave Improvements in Advantage2 over Advantage Annealing Quantum Computing System G R E A T E R C O H E R E N C E Doubled to drive faster time-to-solution G R E A T E R C O N N E C T I V I T Y 20-way connectivity to enable solutions to more complex problems A C C E S S I B L E Via the Leap Quantum Cloud Service and on premises I N C R E A S E D E N E R G Y S C A L E Increased by 40% to deliver higher-quality solutions E N T E R P R I S E - S C A L E Hybrid applications with up to 2 million variables
28 Copyright © D-Wave Annealing Scaling Roadmap 4,500 qubits Quantum Computer 100,000 qubits20,000 qubits 2025 20312029 • Advanced packaging & superconducting interconnects enable multi-chip fabric to drive qubit counts • Scalable I/O prototype design to enable significant QPU expansion with limited increase in control lines • Increases in qubits, connectivity & coherence enable solutions to more complex problems
29 Copyright © D-Wave Gate-Model Quantum Computing Systems: Differentiated for Error Correction and Scale
30 Copyright © D-Wave Why Gate-Model Development? Finance Machine Learning & AI Cryptography Chemistry & Pharma Gate-model systems unlock a breadth of valuable use cases & applications • Likely earliest use-cases • New medicines, materials • Robust area of research • Portfolios, trading, models • Large market opportunity • Likely later-stage use cases • Valuable to national sec. • Recent work suggests big resource savings • Value is immense • Early use: AI for quantum • Long-term: quantum for AI Quantum Computing market*: $450B - $850B across 100+ use cases Approximately 75% of this market can be addressed with gate-model systems Breadth of high-value applications motivates large-scale investment in gate-model program *Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis
31 Copyright © D-Wave Powerful Synergies to Advance Commercial Gate-Model Quantum Computing We believe that D-Wave will be the first to build and deploy large-scale error-corrected gate-model systems Superconducting Superconducting quantum systems with gate operations up to 1000x faster than other modalities On-chip Control Local cryogenic control and multi-chip superconducting packaging needed for large-scale processors Built-in Error Detection Industry-leading gate fidelities; error detecting dual-rail qubits for efficient error correction: fewer physical qubits per logical qubit Production Grade Systems Only company with cryogenic quantum computing platforms with years-long uptimes for commercial grade operations
32 Copyright © D-Wave Dual-Rail Gate-Model Qubits • Error detection is the key unique capability, an efficient bridge to full error correction and a novel tool for algorithm design and exploration • D-Wave’s dual-rail qubits with built-in erasure detection identify 90% of errors that occur • With erasure detection, this technology delivers gate fidelities that exceed 99.9% • This performance will allow us to deliver logical qubits with an order of magnitude fewer physical qubits • We retain the key advantages of superconducting qubits: manufacturability and execution speed
33 Copyright © D-Wave Superconducting Speed with Ion Trap Fidelity Quantinuum IonQ Low < 99.5% High 99.9% Slow 1-5 ms Fast 50-500 ns G at e Fi de lit y Gate Speed Google IQM IBM Rigetti Trapped ions: High fidelity but slow Transmons, Xmons, etc. Fast & manufacturable but low fidelity
34 Copyright © D-Wave Scalable Control • Qubit control signal multiplexing and qubit readout signal multiplexing is required for large scale systems • Our annealing architectures generate 100,000 cryogenic control signals with less than 300 external signal lines • We demonstrated scalable cryogenic control of gate model qubits with no loss of fidelity • This allows us to deliver fault tolerant architectures within a compact cryogenic platform
35 Copyright © D-Wave Superconducting Dual-Rail Qubits Offer Faster Path to Error Correction; On-Chip Control Unlocks Scale Up to 10x Reduction in Physical Qubits Required for Error Correction On-chip Control Reduces Control Line Count by Orders of Magnitude Other Companies D-Wave D-Wave Google Number of qubits D-Wave
36 Copyright © D-Wave Best Metrics for Comparing Gate-Model Program Progress Optical arrays Trapped Ion Neutral Atom ~30,000 us ~200,000 us < 10 2 Shuttling ions Superconducting (Others) < 5 us 2 Superconducting (D-Wave) M O D A L I T Y S P E E D (QEC Cycle Time) L A M B D A * (Error Reduction Rate) S C A L A B I L I T Y < 5 us 10 Achieved through error detection Standard surface code Photonic N/A N/A (Photon loss dominated) Brute force networking *LAMBDA is a measure of how rapidly errors decline as the size of error-correcting code increases – it determines how many physical qubits are required to create a logical qubit
37 Copyright © D-Wave Pathway Towards Achieving Fault Tolerant Systems Dual-Rail Qubits enable scalable error correction for the first time High-performance error correction is predicted to exceed competition by wide margin Dual-rail architecture makes error correction easier to start; DR17 error rate is much lower than competition Scaling is efficient, reaching low error rates much faster using fewer qubits Error detection at single dual-rail qubit hardware level is key to efficiency gains DR181 achieves error rates to set the blueprint for scalable and efficient error correction Key Advantages of Dual-Rail Transmon Dual-Rail 2027 2026 2028 Lower error rate = Better performance 181974917 D=9D=7D=5D=3 QEC Distance LAMBDA is the slope of each line, showing the rate at which errors are reduced as the error correcting code is incremented
38 Copyright © D-Wave F A U L T - T O L E R A N T E R A P O S T - N I S Q E R A Gate-Model Roadmap 2026 17 physical qubits 2X Error reduction factor 2027 49 physical qubits 20X Error reduction factor 2028 181 physical qubits 2000X Error reduction factor 2030 10 logical qubits > 2000X Error reduction factor 2032 100 logical qubits > 2000X Error reduction factor Initial applications in quantum chemistry and quantum AI Error corrected logical qubit Blueprint for scalable error correction Leading gate model application development platform First fault tolerant algorithms Scalable modular design Partially error corrected logical qubit Leading error correction research platform Error-aware programming tools Current physical error rates of 10-3 projected to be reduced by > 2000x Enables circuits with millions of gates
39 Copyright © D-Wave Summary
40 Copyright © D-Wave D-Wave Key Considerations Technology Leadership • Only dual-platform quantum computing company – developing and selling both annealing and gate-model quantum computers • Only company positioned to address the entire quantum computing TAM • Designed, developed and operating the world’s largest quantum computers • Only company to achieve quantum supremacy on a useful, real-world problem • One of the world’s largest quantum computing patent portfolios Applications • Multiple optimization use cases with demonstrated ROI (from workforce scheduling to supply chain logistics) • Energy-efficient blockchain prototype operational as first distributed quantum application • Quantum ML & AI research and product development Customer Traction First nine months of 2026: • Over 125 customers • Highly diverse customer base across commercial, research and government • Significant progress in positioning for US government opportunities Production-grade Offerings • Scalable production-grade commercial systems accessible by either the Leap Cloud platform or on premises • Service Level Agreements • SOC 2 Type 2 compliant
