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D-Wave Quantum (NYSE: QBTS) Q1 2026: $33.4M bookings, larger loss and $588M cash

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

D-Wave Quantum Inc. reported mixed first quarter 2026 results that underscore a strategic shift from near-term revenue to long-term contracted growth. Revenue fell to $2.9 million, down 81% from $15.0 million a year earlier when results benefited from a large one-time system sale.

At the same time, commercial traction accelerated. Bookings jumped to $33.4 million, up 1,994% year over year, and remaining performance obligations rose to $42.4 million, up 563%. The company closed a $20 million system sale to Florida Atlantic University and a $10 million, two-year QCaaS agreement with a Fortune 100 company.

D-Wave completed the acquisition of Quantum Circuits, adding a superconducting gate-model platform and driving GAAP operating expenses up to $56.5 million. Net loss widened to $18.4 million, while Adjusted EBITDA loss increased to $32.8 million. Despite heavy investment and $252.1 million of acquisition-related cash outflows, cash and marketable securities totaled $588.4 million as of March 31, 2026, up 93% year over year, supporting an ambitious dual-platform roadmap.

Positive

  • None.

Negative

  • None.

Insights

Huge bookings and cash build contrast with falling revenue and larger losses.

D‑Wave’s quarter highlights a transition toward long-dated, contracted growth. Revenue dropped to $2.9 million because the prior year included a large annealing system sale, but Bookings surged to $33.4 million and remaining performance obligations to $42.4 million, showing stronger forward demand.

Profitability moved the other way. GAAP operating expenses more than doubled to $56.5 million, driven by the Quantum Circuits acquisition, added R&D and sales headcount, and higher non-cash items. Net loss widened to $18.4 million and Adjusted EBITDA loss to $32.8 million, underscoring the cost of scaling dual-platform technology.

Liquidity remains a key support: cash and marketable securities reached $588.4 million, up 93% year over year, even after roughly $250.8 million of acquisition spending. The FAU $20 million system purchase and $10 million Fortune 100 QCaaS deal, plus a multiyear gate-model roadmap, tie this capital to long-term commercialization rather than near-term earnings.

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, and exhibit attachments filed with this report.
Q1 2026 Revenue $2.9M Quarter ended March 31, 2026; down 81% from $15.0M in Q1 2025
Q1 2026 Bookings $33.4M Up 1,994% from $1.6M in Q1 2025
Remaining Performance Obligations $42.4M As of March 31, 2026; up from $6.4M a year earlier
Cash & Marketable Securities $588.4M As of March 31, 2026; up 93% from $304.3M in Q1 2025
GAAP Operating Expenses $56.5M Q1 2026; up 125% from $25.2M in Q1 2025
Net Loss $18.4M Q1 2026; compared with $5.4M in Q1 2025
Adjusted EBITDA Loss $32.8M Q1 2026; versus $6.1M in Q1 2025
FAU System Agreement $20M Advantage2 annealing quantum computer purchase by Florida Atlantic University
Bookings financial
"Bookings for the first quarter of 2026 were $33.4 million, an increase of $31.8 million, or 1,994%, from Bookings of $1.6 million"
"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
"the aggregate amount of remaining performance obligations (RPOs) that were unsatisfied or partially unsatisfied related to customer contracts totaled $42.4 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.
Adjusted EBITDA Loss financial
"Adjusted EBITDA Loss for the first quarter of 2026 was $32.8 million, an increase of $26.7 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.
dual-rail qubits technical
"Quantum Circuits’ dual-rail qubits combine the rapid speed of superconducting gate-model qubits with the fidelity of ion trap and neutral atom qubits"
Dual-rail qubits are a way of encoding quantum information by using two separate physical channels—often two light paths or modes—where the presence of a quantum particle in one channel represents a 0 and in the other represents a 1; a combination of occupancy across both channels encodes superpositions. For investors, this matters because dual-rail designs are a common, hardware-friendly approach to building photonic quantum processors, affecting performance, error rates, and the supply chain for optical components that shape commercialization prospects.
annealing quantum computer technical
"Florida Atlantic University Signs $20M Agreement to Purchase Advantage2 Computer"
Quantum Computing as a Service (QCaaS) technical
"a $10 million, two-year enterprise Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company"
Quantum computing as a service (QCaas) is a cloud-based offering that lets users rent access to quantum processors and the software tools to run algorithms, so customers use powerful quantum machines over the internet instead of buying costly equipment. It matters to investors because it converts cutting‑edge hardware and research into a subscription-style business with recurring revenue and scalability, offering large upside if quantum delivers practical breakthroughs (faster solutions for complex problems) but also carrying high technical and commercialization risk.
Revenue $2.9M -81% YoY
Bookings $33.4M +1,994% YoY
Remaining performance obligations $42.4M +563% YoY
Net loss $18.4M vs. $5.4M prior year
Adjusted EBITDA Loss $32.8M vs. $6.1M prior year
Cash & marketable securities $588.4M +93% YoY
Understanding 8-K Material Events →
0001907982FALSE00019079822026-05-122026-05-120001907982us-gaap:CommonStockMember2026-05-122026-05-12

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): May 12, 2026
_____________________________________________________________
D-Wave Quantum Inc.
(Exact Name of Registrant as Specified in Its Charter)
_____________________________________________________________
Delaware001-4146888-1068854
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
2650 East Bayshore Road
Palo Alto, California 94303
(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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareQBTSNew York Stock Exchange
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
o
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 May 12, 2026, D-Wave Quantum Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 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 May 12, 2026, the Company posted on its website an investor presentation, which includes supplemental information relating to the Company’s financial results for first quarter ended March 31, 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 May 12, 2026.
99.2
Presentation, dated May 12, 2026.
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: May 12, 2026
D-Wave Quantum Inc.
By:
/s/ Alan Baratz
Name:
Alan Baratz
Title:
President & Chief Executive Officer

Exhibit 99.1
D-Wave Reports First Quarter 2026 Results
Record Quarterly Bookings of $33.4 Million, Up Nearly 2,000% Year over Year
Quarter End Cash Position of $588 Million, Up 93% Year over Year

PALO ALTO, Calif. – May 12, 2026 – D-Wave Quantum Inc. (NYSE: 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 first quarter ended March 31, 2026.
“D-Wave’s first quarter performance highlights what sets this company apart: strong execution, expanding commercial adoption, and differentiated technology leadership across both annealing and gate model quantum computing,” said Dr. Alan Baratz, CEO of D-Wave. “As the only quantum computing company pursuing both annealing and gate-model quantum computing systems, we believe that D-Wave is uniquely positioned to participate in the full addressable quantum computing market. Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a service agreement with a Fortune 100 company reinforced growing demand for our annealing systems. We believe that D-Wave’s combination of commercial proof, technical breadth, and a differentiated path to gate-model error correction and scaling will be increasingly prominent as this market matures.”
Recent Business and Technical Highlights
•Closed Bookings of $33.4 million for the first quarter of 2026, up 1,994% year over year from the first quarter of 2025 Bookings of $1.6 million, and up 149% from the immediately preceding fourth quarter of 2025 Bookings of $13.4 million. First quarter Bookings included a $20 million system purchase by Florida Atlantic University ("FAU"), and a $10 million, two-year enterprise Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company.
•Acquired Quantum Circuits, Inc. (“Quantum Circuits”), a leading developer of error-corrected superconducting gate-model quantum computing systems. Quantum Circuits’ dual-rail qubits combine the rapid speed of superconducting gate-model qubits with the fidelity of ion trap and neutral atom qubits – reflecting a significant industry breakthrough that we believe is currently unmatched by any other quantum computing company.
•Rapidly incorporating our system scaling expertise into the high performance dual-rail gate model technology pioneered by Quantum Circuits. This is expected to accelerate D-Wave’s availability of large-scale, error-corrected gate model quantum computing systems. Key expected milestones in our current roadmap include:
◦By the end of 2028, a dual-rail system with approximately 175 physical qubits and a design for a 1,000 physical qubit system
◦By the end of 2030, a 1,000 physical qubit dual-rail system with 10 logical qubits and a design for a 10,000 physical qubit system
◦By the end of 2032, a dual-rail qubit system that can support 100 logical qubits, which is considered to be a key milestone for reaching initial quantum utility
◦Additional details about the roadmap will be provided at the Company's upcoming Investor Day being held at the New York Stock Exchange on June 1, 2026.
•Signed a $20 million agreement for FAU to purchase and install an Advantage2TM annealing quantum computer, supporting Florida’s goal to become a leader in quantum computing. D-Wave has started implementing a training program at FAU to enable the faculty to leverage


quantum resources in their research and curriculum, and system installation is expected to commence before the end of 2026.
•Collaborated with Postquant Labs on the development and launch of their quantum-classical blockchain Testnet, which is now publicly available. The Testnet is designed to support the development and adoption of a global quantum blockchain standard, and to assess the role quantum computing could play in enabling a more secure and energy-efficient blockchain within a distributed computing network. The Testnet involves 18,500 early users and includes D-Wave's Advantage2™ annealing quantum computer, along with other computing platforms, to perform mining operations. There are currently more than 1,600 nodes on the network, one of which is the Advantage2TM quantum processing unit (“QPU”), and the rest are a mix of CPUs and GPUs. The QPU has outperformed the classical nodes and won the majority of the blocks. D-Wave and Postquant Labs are launching a detailed benchmarking study to further quantify the QPU advantage in mining.
•Completed the second phase of an ongoing Quantum AI project with Shionogi, a major Japanese pharmaceutical company, using D-Wave’s Advantage2™ annealing quantum computer to incorporate artificial intelligence in the drug discovery process. The project used D-Wave’s technology, shortening the process of small-molecule drug discovery by providing a broader range of novel, diverse drug-like molecules for target disease proteins. The second phase of the project delivered a 10-fold increase in the number of desirable molecules compared to results generated using a classical machine learning algorithm. Given the effectiveness of the results to date, Shionogi is moving forward with the next phase of experimentation, accelerating toward real-world adoption.
•Published new research on the arXiv (https://arxiv.org/abs/2603.15534) that outlines powerful new multi-color annealing protocols that enable some gate model operations within our commercial Advantage2TM annealing quantum computing system, and launched these features with key customers to enable them to perform fundamental research in quantum simulation. These protocols enable researchers to use D-Wave's annealing QPUs to model quantum systems and explore fundamentally new behavior that can be extremely difficult, if not impossible, to study with classical techniques.
•Introduced new hybrid solver software that supports integrated machine learning models. D-Wave’s Stride™ hybrid quantum solver now allows for surrogate modeling, enabling customers to incorporate machine learning models directly into optimization workflows to support a wider range of use cases within domains such as predictive maintenance, surge pricing, advertising campaign optimization, and employee scheduling.
•Launched the “Quantum Matters” podcast, hosted by Murray Thom, D-Wave’s vice president of quantum technology evangelism. The series features conversations with industry leaders, researchers, academics and scientists on how quantum computing is being used today and where it is headed. In just four weeks, the podcast generated thousands of views, listens and downloads across YouTube, Apple and Spotify, and is the top ranking quantum computing podcast, as well as among the top 30 most popular technology podcasts on Apple, among thousands of shows.
•Announced that the Company will host its first-ever Investor Day on June 1, 2026 at the New York Stock Exchange in New York City and via livestream. The event will provide investors with an in-depth look at the Company’s technology leadership, product roadmap, commercial momentum and long-term growth strategy. Designed to bring greater clarity to a rapidly evolving sector, the event will provide investors with D-Wave’s perspective on the quantum computing landscape, the Company’s differentiated approach and how it is translating innovation into commercial opportunity.



First Quarter 2026 Financial Highlights
•Revenue: Revenue for the first quarter of 2026 was $2.9 million, a decrease of $12.1 million, or 81%, from revenue of $15.0 million for the 2025 first quarter, that included $12.6 million in revenue recognized from the Company's first sale of an annealing quantum computing system.
•Bookings1: Bookings for the first quarter of 2026 were $33.4 million, an increase of $31.8 million, or 1,994%, from Bookings of $1.6 million for the 2025 first quarter. The quarterly bookings include a $20 million system sale, the revenue for which will be recognized in subsequent quarters.
•Remaining Performance Obligations2: As of March 31, 2026, the aggregate amount of remaining performance obligations (RPOs) that were unsatisfied or partially unsatisfied related to customer contracts totaled $42.4 million, an increase of $36.0 million, or 563%, from the first quarter of 2025 RPO balance of $6.4 million, and an increase of $29.0 million, or 216%, from the immediately prior fourth quarter of 2025 RPO balance of $13.4 million. Approximately 54% of the $42.4 million 2026 first quarter RPO balance is expected to be recognized as revenue in the next 12 months, and 71% is expected to be recognized as revenue in the next two years, with the remainder to be recognized thereafter.
•Customers: During the first quarter of 2026, D-Wave recognized revenue from over 100 individual customers with over 50% of such customers being commercial enterprises.
•GAAP Gross Profit: GAAP gross profit for the first quarter of 2026 was $1.8 million, a decrease of $12.1 million, or 87%, from $13.9 million in GAAP gross profit for the 2025 first quarter, with the decrease due entirely to an annealing quantum computer system sale during the 2025 first quarter.
•GAAP Gross Margin: GAAP gross margin for the first quarter of 2026 was 63.6%, a decrease of 29% from the 92.5% GAAP gross margin for the 2025 first quarter, with the decrease due entirely to a higher margin annealing quantum computer system sale during the 2025 first quarter.
•Non-GAAP Gross Profit3: Non-GAAP Gross Profit for the first quarter of 2026 was $2.0 million, a decrease of $12.0 million, or 86%, from the Non-GAAP Gross Profit of $14.0 million for the 2025 first quarter. The difference between GAAP and Non-GAAP Gross Profit is limited to non-cash stock-based compensation and depreciation and amortization expenses that are excluded from the Non-GAAP Gross Profit.
•Non-GAAP Gross Margin3: Non-GAAP Gross Margin for the first quarter of 2026 was 70.6%, a decrease of 23% from the 93.6% Non-GAAP Gross Margin for the 2025 first quarter. The difference between GAAP and Non-GAAP Gross Margin is limited to non-cash stock-based compensation and depreciation and amortization expenses that are excluded from the Non-GAAP Gross Margin.
•GAAP Operating Expenses: GAAP operating expenses for the first quarter of 2026 were $56.5 million, an increase of $31.3 million, or 125% from GAAP operating expenses of $25.2 million for the 2025 first quarter, with the increase partially driven by $9.1 million of non-recurring costs related to the acquisition of Quantum Circuits and increases of $8.6 million in salaries and related personnel costs, 80% of which relate to increases in Sales & Marketing and Research & Development personnel; $7.4 million in non-cash stock-based compensation and depreciation and amortization expenses, $2.6 million in fabrication costs and $1.4 million in marketing expenses. These increased operating expenses stem from investments to support the Company’s accelerated product development and go-to-market initiatives, as well as Quantum Circuits expenses incurred subsequent to the January acquisition closing date.
•Non-GAAP Adjusted Operating Expenses3: Non-GAAP Adjusted Operating Expenses for the first quarter of 2026 were $34.8 million, an increase of $14.6 million, or 73%, from Non-GAAP Adjusted Operating Expenses of $20.2 million for the 2025 first quarter, with the difference between GAAP and Non-GAAP Operating Expenses being primarily non-cash stock-based compensation expense, non-cash depreciation and amortization expense, and non-recurring one-time expenses that are excluded from the Non-GAAP Adjusted Operating Expenses.
•Net Loss: Net loss for the first quarter of 2026 was $18.4 million, or $0.05 per share, an increase of $13.0 million, or $0.03 per share, compared with the net loss of $5.4 million, or $0.02 per share for the 2025 first quarter, with the increase due primarily to higher operating expenses and lower gross profit, partially offset by the increase of an income tax benefit of $28.5 million that stems from the acquisition of Quantum Circuits.
•Adjusted EBITDA Loss3: Adjusted EBITDA Loss for the first quarter of 2026 was $32.8 million, an increase of $26.7 million from the Adjusted EBITDA Loss of $6.1 million for the 2025 first quarter, with the increase due primarily to higher operating expenses and lower gross profit.
__________________
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 FY 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.
2Revenues allocated to remaining performance obligations represents 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"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.



Balance Sheet and Liquidity
As of March 31, 2026, D-Wave’s consolidated cash and marketable investment securities balance totaled $588.4 million, representing a 93% increase from the 2025 first quarter consolidated cash and marketable investment securities balance of $304.3 million.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Tuesday May 12, 2026, at 8:00 a.m. (Eastern Time), to discuss the Company’s financial results and business outlook. The live dial-in number is 1-833-890-9920 (domestic) or 1-412-564-6463 (international). Participants can use those dial-in numbers or can click this link for instant telephone access to the event. The link will be made active 15 minutes prior to the call’s scheduled start time, and the passcode is 6892685. An on-demand webcast will be available, 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 Chief Financial Officer John Markovich.
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, Adjusted EBITDA Loss and Non-GAAP Adjusted Operating Expenses 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 less 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.
•Adjusted EBITDA Loss is defined as net loss before interest expense, depreciation and amortization expense, stock-based compensation, remeasurements of liability-classified warrants, 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.
•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.
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, Adjusted EBITDA Loss and Non-GAAP Adjusted Operating Expenses 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 the expected benefits of the Quantum Circuits acquisition, our development and commercialization plans, dual-platform roadmap, and plans to accelerate the projected time to a scaled, 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)

March 31,December 31,
(In thousands, except share and per share data)20262025
Assets
Current assets:
Cash and cash equivalents$338,197 $635,347 
Marketable investment securities250,198 249,134 
Trade accounts receivable, net of allowance for credit losses of $1 and $176
8,911 1,587 
Inventories2,915 2,776 
Prepaid expenses and other current assets6,888 7,388 
Total current assets607,109 896,232 
Property and equipment, net15,066 7,841 
Operating lease right-of-use assets10,331 6,518 
Intangible assets, net215,279 915 
Goodwill342,588 — 
Other non-current assets, net9,442 4,307 
Total assets$1,199,815 $915,813 
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable$1,707 $950 
Accrued expenses and other current liabilities15,460 15,838 
Current portion of operating lease liabilities1,554 1,448 
Loans payable, net, current140 134 
Deferred revenue, current9,495 2,778 
Total current liabilities28,356 21,148 
Operating lease liabilities, net of current portion9,703 6,050 
Loans payable, net, non-current35,423 35,825 
Deferred revenue, non-current2,081 560 
Total liabilities$75,563 $63,583 
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both March 31, 2026 and December 31, 2025; 370,038,436 shares and 358,741,605 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.37 35 
Additional paid-in capital2,133,730 1,843,218 
Accumulated deficit(1,000,359)(982,002)
Accumulated other comprehensive loss(9,156)(9,021)
Total stockholders' equity1,124,252 852,230 
Total liabilities and stockholders’ equity$1,199,815 $915,813 



D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)

Three Months Ended March 31,
(In thousands, except share and per share data)20262025
Revenue$2,858 $15,001 
Cost of revenue1,040 1,124 
Total gross profit1,818 13,877 
Operating expenses:
Research and development25,793 10,288 
General and administrative20,275 7,957 
Sales and marketing10,477 6,923 
Total operating expenses56,545 25,168 
Loss from operations(54,727)(11,291)
Other income (expense), net:
Interest income5,785 3,099 
Interest expense(259)(226)
Gain on investment in marketable securities, net1,880 — 
Change in fair value of warrant liabilities— 3,943 
Other income (expense), net512 (946)
Total other income, net7,918 5,870 
Loss before income taxes(46,809)(5,421)
Income tax benefit, net28,452 — 
Net loss$(18,357)$(5,421)
Net loss per share, basic and diluted$(0.05)$(0.02)
Weighted-average shares used in computing net loss per share, basic and diluted367,473,219 286,420,374 
Comprehensive loss:
Net loss$(18,357)$(5,421)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment18 498 
Unrealized losses on available-for-sale securities(153)— 
Total other comprehensive income (loss), net of tax(135)498 
Net comprehensive loss$(18,492)$(4,923)



D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(in thousands)20262025
Cash flows from operating activities:
Net loss$(18,357)$(5,421)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization3,803 376 
Deferred income taxes(28,365)— 
Stock-based compensation8,019 3,993 
Amortization of operating right-of-use assets347 177 
Provision for excess and obsolete inventory(30)24 
Non-cash interest income(1,217)— 
Non-cash interest expense234 188 
Change in fair value of warrant liabilities— (3,943)
Loss (gain) on marketable equity securities(1,880)— 
Unrealized foreign exchange loss (gain)(774)95 
Other noncash items— 267 
Change in operating assets and liabilities:
Trade accounts receivable(7,320)360 
Inventories(1,476)(40)
Prepaid expenses and other current assets1,347 172 
Trade accounts payable(1,000)229 
Accrued expenses and other current liabilities(2,999)(2,285)
Deferred revenue8,238 (13,107)
Operating lease liability(272)(173)
Other non-current assets, net(3,258)(191)
Net cash used in operating activities(44,960)(19,279)
Cash flows from investing activities:
Acquisition of business, net of cash acquired(250,821)— 
Purchase of property and equipment(1,081)(438)
Expenditures for internal-use software(163)(60)
Net cash used in investing activities(252,065)(498)
Cash flows from financing activities:
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs— 146,108 
Proceeds from issuance of common stock upon exercise of warrants— 6 
Proceeds from the issuance of common stock upon exercise of stock options94 23 
Payment of tax withheld pursuant to stock-based compensation settlements— (517)
Repayment of the Equipment Financing Term Loan
(34)— 
Payments of equity issuance costs(203)— 
Net cash provided by (used in) financing activities(143)145,620 
Effect of exchange rate changes on cash and cash equivalents18 498 
Net increase (decrease) in cash and cash equivalents(297,150)126,341 
Cash and cash equivalents at beginning of period635,347 177,980 
Cash and cash equivalents at end of period$338,197 $304,321 


D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(Unaudited)
Three Months Ended March 31,
(in thousands of U.S. dollars)20262025
Gross Profit$1,818 $13,877 
Gross Margin63.6 %92.5 %
Excluding:
Depreciation and Amortization (1)14 28 
Stock-based compensation (2)185 142 
Non-GAAP Gross Profit$2,017 $14,047 
Non-GAAP Gross Margin70.6%93.6%
(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 March 31,
(in thousands of U.S. dollars)20262025
Operating expenses$56,545 $25,168 
Excluding:
Depreciation and Amortization (1)(3,789)(349)
Stock-based compensation (2)(7,834)(3,851)
Other non-operating or non-recurring expenses (3)
(10,093)(810)
Non-GAAP Adjusted Operating Expenses
$34,829 $20,158 
(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 for the three months ended March 31, 2026, 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 March 31,
(in thousands of U.S. dollars)20262025
Net loss$(18,357)$(5,421)
Excluding:
Depreciation and Amortization3,803 376 
Income tax benefit, net(28,452)— 
Stock-based compensation8,019 3,993 
Interest income(5,785)— 
Interest expense (1)259 226 
Change in fair value of warrant liabilities— (3,943)
Loss (gain) on marketable equity securities(1,880)— 
Other (income) expense, net (2)(512)(2,153)
Other non-operating or non-recurring items (3)10,093 810 
Adjusted EBITDA Loss$(32,812)$(6,112)
(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 and interest income earned from cash and cash equivalents for the three months ended March 31, 2025.
(3)Includes non-recurring costs related to the Quantum Circuits acquisition for the three months ended March 31, 2026, 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 May 12th, 2026

 

Copyright @ D-Wave2 Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements related to the expected benefits of the Quantum Circuits acquisition, our development and commercialization plans, dual-platform roadmap, and plans to accelerate the projected time to a scaled, 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 SEC. Undue reliance should not be placed on the forward-looking statements in this presentation 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 FY 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 represents 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.

 

Copyright @ D-Wave3 Recent Significant Technical and Commercial Milestones Sold Advantage System to Jülich Supercomputing Centre Introduced General Availability of Advantage2 System Released New Developer Tools for Quantum AI Closed €10M Agreement for System in Italy Launched Ford Otosan Application Announced Advanced Cryogenic Packaging Initiative Launched Advantage2 System at Davidson Technologies Demonstrated First On-Chip Cryogenic Control of Gate-Model Qubits January 2025 May 2026 Demonstrated Quantum Supremacy on Real-World Problem Acquired Quantum Circuits, Inc. Announced $20M System Purchase Agreement with Florida Atlantic University Signed $10 Million QCaaS Agreement with Fortune 100 Company

 

Copyright @ D-Wave4 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 2026: The Year of D-Wave Quantum Increasing number of system sales

 

Copyright @ D-Wave5 D-Wave Market Leadership Growing Commercial Adoption: • 1st commercial quantum computing company • 1st in-production quantum applications • Over 100 customers in Q1 2026, over 50% of which are commercial enterprises Strong Customer Base Revenue Model: • Quantum Computing as a Service (QCaaS) • Professional services • System sales Dual-Platform Quantum Computing Technologies Building Scalable Gate-Model Quantum Systems 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 Offering Production Annealing Quantum Systems 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 290+ U.S. granted patents * | 800+ granted & pending patents worldwide* | 100+ PhDs Thought & Technical Leadership 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 *Includes exclusively licensed patents

 

Copyright @ D-Wave6 D-Wave’s Differentiation Dual-Platform Approach Only company delivering both annealing and gate-model systems addressing the full set of quantum applications Beyond Classical Only company that’s demonstrated capabilities beyond classical on a real-world problem (Annealing) On-Chip Control Proprietary local cryogenic control and multi-chip superconducting packaging for efficient systems scaling Significant Talent & Extensive IP Doubled size of world-class quantum team, with Quantum Circuits’ esteemed quantum scientists and developers Production-Grade & In-Use Only company with customer applications in production, providing 99.9% up-time service level agreements Built-In Error Detection Unique dual-rail technology enabling efficient error-corrected gate systems

 

Copyright @ D-Wave7 Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems Annealing or Gate-Model Machine Learning Cryptography Drug Discovery Linear Algebra & Factorization Gate-Model Production-Ready in 5+ Years Quantum Chemistry Materials Design Research Designer Drugs Everlasting Batteries 3D Fluid Dynamics Differential Equations Production-Ready Today Annealing Optimization AI/ML & GenAI Research Workforce Scheduling Logistics Routing Production Scheduling Combinatorial Optimization Problem Types

 

Copyright @ D-Wave8 D-Wave Dual Platform Enables the Full Quantum Expected TAM1 1. Boston Consulting Group: “Where Will Quantum Computers Create Value – and When?” May 2019 (80% of TAM accruing to end-users; 20% to quantum hardware, software and services providers) LONG- TERM 15 - 30 Years MID- TERM 5 - 15 Years NEAR- TERM 3 - 5 Years $2B - $5B TAM ( $400M - $1B ) $25B - $50B TAM ( $5B - $10B ) $450B - $850B TAM ( $90B - $170B ) Computational Problem Combinatorial Optimization Linear Algebra & Factorization (Machine learning & cryptography) Differential Equations (Simulation) Annealing (D-Wave Only) Annealing or Gate-Model Gate-Model

 

Copyright @ D-Wave9 Leading the Commercialization of Quantum Tech Product Commercialization 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E & Beyond Transition to CommercialProduct It is important to note that no one has yet shown a working error-corrected logical qubit that is scalable Gate-Model Processors (D-Wave and all other players) Annealing Processors (only D-Wave) D-Wave One System D-Wave Two System D-Wave 2X System D-Wave 2000Q System D-Wave 2000Q LN System Advantage System Advantage Performance System Advantage2 System Advantage3 System Noisy Intermediate Scale Quantum (NISQ) One Scalable and Error-Corrected Qubit One Scalable and Error-Corrected Few Qubit Processor Transition from government and academic to commercial customers

 

Copyright @ D-Wave10 Annealing Quantum Computing: Differentiated Technology for Optimization

 

Copyright @ D-Wave11 D-Wave annealing quantum computers have long-term advantage in optimization QED-C benchmarking: https://doi.Org/10.1145/3678184 Quantum Realized D-Wave: demonstrated supremacy on a real-world magnetic materials simulation problem Google and Quantinuum: demonstrated supremacy on contrived problem • Random circuit sampling – no practical application No other unspoofed claims from any quantum computing company • Over 73% of Q1 2026 revenue from commercial enterprises • Business applications in production to improve customers’ operations • IonQ and Rigetti revenue dominated by government grants (as per public SEC filings) Commercial Applications Computational Supremacy Reliability and Availability Application Benchmarking IonQIBMD-Wave ~80% of optimal at problem size 10 ~75% of optimal at problem size 6 ~98% of optimal at problem size 320 ~10,000x slower than QA ~100x slower than QA Runs in a fraction of a second • 99.9%+ availability of Leap quantum cloud service • Real-time access with no lengthy queuing • SOC 2 Type 2 compliance

 

Copyright @ D-Wave12 • 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

 

Copyright @ D-Wave13 Advantage2 Annealing Quantum Computing System Performance Gains Driven by: • Greater Coherence: Doubled to drive faster time-to-solution • Greater Connectivity: Increased from 15 to 20-way connectivity to enable solutions to more complex problems • Increased Energy Scale: Increased by 40% to deliver higher-quality solutions Driving enhanced computational performance through greater qubit coherence, connectivity and energy scale. Accessible in D-Wave’s LeapTM quantum cloud service and via on-premises installation. Supports hybrid applications with up to 2 million variables.

 

Copyright @ D-Wave14 Industry-Leading Organizations Turning to D-Wave’s Annealing Quantum Computing, Now. one of the world’s largest airlines one of the world’s leading mobile carriers one of the world’s largest healthcare companies one of the world’s largest chemical companies

 

Copyright @ D-Wave15 Quantum Optimization: Applications Driving Enterprise Operational Excellence Scheduling Time Reduced From 10 Hours to Just Seconds Retail Manufacturing Drug Discovery Chemical Asset Utilization Law Enforcement 80% Increase in Scheduling Efficiency 1,000 Vehicles Scheduled Per Run in 5 vs. 30 Min 15% Improvement in Mobile Network Performance Accelerating Identification of Novel Small-Molecule Candidates Optimized Placement of Police Vehicles for Faster Response North Wales Police

 

Copyright @ D-Wave16 Advantage3 System: 100,000 Qubit Annealing Quantum Computer Expected Continued Rapid Innovation in Scaling Initial design of sample space for technology scaling 3D packaging demonstrations of multiple integrated circuits with superconducting interconnects Small scale dual annealing processor prototype and scalable control prototype 2026 2026-2027 2027

 

Copyright @ D-Wave17 Discrete-Continuous Latent Variable Diffusion Models (arXiv: 2407.03300v1) Quantum AI: Quantum hybrid transformer architecture uses samples from rich QPU distributions to accelerate generative AI model training and potentially significant reduction in power consumption Quantum hybrid diffusion architecture adds semantic information and QPU samples to potentially reduce training time and inference costs Integrated AI and optimization framework facilitates expanded use cases such as supply chain demand forecasting and optimization Potentially Transformative New Application Areas Blockchain: Published a new research paper titled “Blockchain with Proof of Quantum Work” that used quantum computation to generate and validate blockchain hashes Leveraging techniques from D-Wave’s quantum supremacy demonstration, quantum computation for hashing and proof of work could potentially require a fraction of the electricity used by classical resources alone Illustration of quantum hash generation and its use as proof of work for block security (arXiv: 2503.14462)

 

Copyright @ D-Wave18 First Commercial Quantum AI Application Shionogi Quantum Hybrid transformer architecture delivers higher quality candidates for drug discovery application compared to classical architecture

 

Copyright @ D-Wave19 The StrideTM Hybrid Solver Nonlinear Program Solver Supports Growing Set of Use Cases Addresses optimization problems for business-critical workflows such as workforce scheduling, logistics routing, price optimization, production scheduling and more Support for Surrogate Models: ML models as part of optimization function and constraints Quantum Optimization Lists, Sets, and Other Combinatorial Variables (Mixed-Integer) Linear Programming Tensor Programming Satellite Placement

 

Copyright @ D-Wave20 Gate-Model Technology: Differentiated for Error Correction and Scale

 

Copyright @ D-Wave21 • Leading annealing quantum computing company • First to demonstrate quantum supremacy on real- world problem • First to deliver commercial applications with customers in production • Leading developer of gate-model technology • First to deliver dual-rail qubits with built-in error detection • Three decades of superconducting gate - model tech breakthroughs at Yale University Together, we’re building and commercializing superconducting annealing and gate-model quantum computing systems to singlehandedly lead the market

 

Copyright @ D-Wave22 Initial Dual-Rail System Available in 2026 Operational now for alpha users Universal gate set available with gate speeds up to 1000x faster than neutral atom and trapped ion technology Built-in quantum error detection Industry-leading platform for research- focused organizations and HPCs exploring error correction and QPU integration

 

Copyright @ D-Wave23 Superconducting Speed with Ion Trap Fidelity • D-Wave’s dual-rail qubits with built-in erasure detection identifies 90% of errors that occur • With erasure detection, this technology delivers gate fidelities that exceed 99.9%, bringing trapped ion fidelities along with superconducting execution speeds to today’s gate-model algorithm developers • Our erasure detection, and our observed erasure rate of 0.5%, allow us to deliver logical qubits with an order of magnitude fewer physical qubits compared to architectures without this capability • Error correction is essential to unlocking broad quantum utility, and we believe that the dual-rail technology offers the fastest path to large-scale error-corrected systems Low < 99.5% High 99.9% Slow 1-5 ms Fast 50-500 ns Quantinuum IonQ IQM IBM Rigetti Transmons, Xmons, etc. Fast & manufacturable but low fidelity Trapped ions: High fidelity but slow G at e Fi de lit y Gate Speed Google

 

Copyright @ D-Wave24 Demonstration of First Scalable, On-Chip Cryogenic Control of Gate-Model Qubits • Breakthrough gate-model demonstration of scalable on-chip cryogenic control of qubits • Industry first milestone advances the development of commercially viable gate-model quantum computers • Uses multiplexed digital-to-analog converters to control tens of thousands of qubits and couplers with just 200 control wires, reducing gate-model wiring complexity while maintaining qubit fidelity • Adapted from D-Wave’s annealing systems, uses superconductor bump bonding to build a multichip package that integrates a high-coherence fluxonium qubit chip with a multilayer control chip Advantage2 QPU Mounted in D-Wave's Proprietary Cryogenic Packaging

 

Copyright @ D-Wave25 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 N um be r o f c on tr ol li ne s Number of qubits D-Wave

 

Copyright @ D-Wave26 Powerful Synergies to Advance Commercial Gate-Model Quantum Computing We believe that D-Wave will be the first to build and deploy error-corrected large-scale gate-model systems. Superconducting On-chip Control Built-in Error Detection Production Grade Systems Superconducting quantum systems with gate operations up to 1000x faster than others Local cryogenic control and multi-chip superconducting packaging needed for large-scale processors Industry-leading gate fidelities; error detecting dual-rail qubits for efficient error correction: fewer physical qubits per logical qubit Only company with cryogenic quantum computing platforms with years-long uptimes for commercial grade operations

 

Copyright @ D-Wave27 Full Software Product Suite for Dual-Rail Gate-Model Systems Dual-Rail Aqumen Seeker QPU AquSim Simulator APIs supporting error aware programming & Qiskit development Proprietary compiler for development to hardware or simulator Rapid algorithm prototyping with up to 25 dual-rail qubits Comprehensive client tools & unique error detection handling Cloud orchestration delivering QC as a service Control system for hardware execution Quantum Program Aqumen Seeker SDK Aqumen Seeker Cloud

 

Copyright @ D-Wave28 Gate-Model Roadmap Build and Scale Error-Corrected Superconducting Gate-Model Processors 2026 A 17 physical qubit dual-rail system along with demonstration of error correction Dual-rail solvers available in Leap cloud platform Release software toolkit for quantum algorithm development 2027 A 49 physical qubit dual-rail system Initial build of a 175 physical qubit dual- rail processor 2028 A 175 physical qubit dual-rail system Error correction demonstration with multiple logical qubits High fidelity gate operations on scalable logical qubits Design for a 1,000 physical qubit scalable dual-rail processor 2030 A 1,000 physical qubit dual-rail system with 10 logical qubits Design for a 10,000 physical qubit dual-rail system 2032 A dual-rail qubit system that can support 100 logical qubits

 

Copyright @ D-Wave29 Recent Highlights

 

Copyright @ D-Wave30 Q1 2026 Financial Highlights $- $1 $2 Q1 2025 Q1 2026 M IL LI O N S -Q1 Professional Services Revenue $982.8K $777.5K $- $200 $400 $600 $800 Q1 2025 Q1 2026 M IL LI O N S $304.3M $588.4M Liquidity Position $- $10 $20 $30 $40 Q1 2025 Q1 2026 M IL LI O N S -Q1 YoY Bookings $1.6M $33.4M The financial information set forth above is unaudited $1 $2 Q1 2025 Q1 2026 M IL LI O N S -Q1 QCaaS Revenue $1.8M $1.5M $- $10 $20 $30 $40 $50 Q1 2025 Q1 2026 M IL LI O N S -Q1 YoY RPO* $6.4M $42.4M $- $1 $2 $3 Q1 2025 Q1 2026 M IL LI O N S -Q1 Commercial Revenue $2.1M $1.5M *Remaining Performance Obligations

 

Copyright @ D-Wave31 Florida Atlantic University Signs $20M Agreement to Purchase Advantage2 Computer • The deployment is expected by the end of 2026 • Collaboration will include the creation of D-Wave Quantum Applications Academy at FAU to support research, training and workforce development, that will establish FAU as a leader in quantum computing education and research • The state of Florida and city of Boca Raton are also providing job growth and training incentives to expand the quantum talent pool Agreement includes a $20 million commitment by FAU, to purchase and install an Advantage2 annealing quantum computer on FAU’s Boca Raton campus

 

Copyright @ D-Wave32 D-Wave Announces $10 Million, 2-Year Enterprise QCaaS Agreement with Fortune 100 Company • The companies plan to collaborate to develop and deploy several quantum powered applications • The first of its kind enterprise level agreement in the quantum space covers professional services and QCaaS access, as well as the potential for multiple in production applications • Revenue will be recognized ratably over the two-year contract period commencing in Q1 FY26

 

Copyright @ D-Wave33 D-Wave Selects Boca Raton for New Corporate Headquarters and U.S. R&D Facility • Will support the annealing quantum system roadmap with core R&D, testing and support functions • Furthers D-Wave’s North America presence, which now includes a Quantum Engineering Center of Excellence in Burnaby, BC; a gate-model focused R&D center in New Haven, CT; and quantum systems located in Burnaby, Marina Del Rey, CA and Huntsville, AL • An additional system will be installed nearby in Boca Raton at Florida Atlantic University Announced the transition of headquarters to Boca Raton, FL, from Palo Alto, CA by the end of 2026. Will also include a key R&D facility in one of the fastest growing technology ecosystems in the U.S.

 

Copyright @ D-Wave34 Summary

 

Copyright @ D-Wave35 A Full-Stack, Commercial Quantum Computing Company Annealing & Gate-Model Quantum Computers Cloud Service Developer Tools Professional Services • Open-source developer tools built in Python • Available on GitHub • Customer onboard to quantum computing applications • Phased engagement model • Production-ready Advantage2TM annealing quantum systems solving real- world problems today • Gate-model system in development with built-in error detection • Cloud access to D-Wave technology including hybrid solvers, QPU solvers, and prototype QPU solvers • > 99% uptime with real-time access

 

Copyright @ D-Wave36 D-Wave Key Considerations Technology Leadership • Only dual-platform quantum computing company – developing and selling both annealing and gate quantum computers • 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 top 5 global 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 • Business applications in production • Diverse commercial customer base • In FY2025, over 135 customers comprising 70+ commercial customers, including approximately two dozen Forbes 2000 customers 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 *Source: PatentPC.com, February 2026

 

Copyright @ D-Wave37 Tomorrow First to market with a scaled, error-corrected (Gate-Model) quantum computer First to market with a commercial, beyond classical (Annealing) quantum computer Today Commercial-Grade Groundbreaking ScienceUnparalleled Technical Leadership

 

 

Source: View Original Filing on SEC EDGAR

FAQ

How did D-Wave Quantum Inc. (QBTS) perform financially in Q1 2026?

D-Wave generated $2.9 million in Q1 2026 revenue, down from $15.0 million a year earlier due to a prior one-time system sale. Despite lower revenue, it reported $1.8 million gross profit and held $588.4 million in cash and marketable securities at quarter end.

What drove D-Wave Quantum’s (QBTS) surge in Q1 2026 bookings?

Q1 2026 bookings reached $33.4 million, up 1,994% from $1.6 million in Q1 2025. This was fueled by a $20 million Advantage2 system purchase by Florida Atlantic University and a $10 million, two-year enterprise QCaaS agreement with a Fortune 100 company.

How large are D-Wave Quantum’s remaining performance obligations after Q1 2026?

As of March 31, 2026, D-Wave reported $42.4 million in remaining performance obligations, up from $6.4 million a year earlier. About 54% is expected to convert to revenue within 12 months and 71% within two years, indicating a growing contracted backlog.

What impact did the Quantum Circuits acquisition have on D-Wave’s Q1 2026 results?

The Quantum Circuits acquisition increased Q1 2026 operating expenses, including $9.1 million in non-recurring transaction costs and added personnel. It also contributed to higher depreciation, amortization, and stock-based compensation, widening net loss to $18.4 million while adding a superconducting gate-model platform and related bookings.

What was D-Wave Quantum’s cash position and liquidity at March 31, 2026?

D-Wave held $338.2 million in cash and cash equivalents and $250.2 million in marketable investment securities, totaling $588.4 million. This represented a 93% increase from $304.3 million a year earlier, providing substantial liquidity to fund R&D, commercialization, and integration of Quantum Circuits.

How did D-Wave Quantum’s profitability metrics change in Q1 2026 versus Q1 2025?

GAAP gross margin declined to 63.6% from 92.5%, reflecting the absence of a high-margin system sale. GAAP operating expenses rose to $56.5 million, and Adjusted EBITDA loss expanded to $32.8 million from $6.1 million, driven mainly by acquisition costs and higher investment in R&D and sales.

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