D-Wave Quantum (NYSE: QBTS) Q2 loss shrinks while bookings jump 1,120%

Rhea-AI Filing Summary

D-Wave Quantum Inc. reported Q2 2026 revenue of $3.1 million, essentially flat year over year, while shifting its mix toward larger enterprises: commercial customers contributed 62.4% of revenue and Forbes Global 2000 clients 47.7%. GAAP gross margin was 55.4%, and GAAP operating expenses rose to $55.0 million, up 93% from Q2 2025 as the company increased personnel, marketing and third-party services and absorbed Quantum Circuits-related costs. Net loss narrowed to $48.0 million from $167.3 million, primarily because the prior-year period included substantial non-cash warrant remeasurement charges, though Adjusted EBITDA loss widened to $37.1 million.

For the first half of 2026, bookings climbed to $35.5 million, up 1,120% year over year, including a $20 million system sale, and remaining performance obligations reached $40.7 million, with 57% expected to be recognized as revenue within 12 months and 72% within two years. Revenue was $5.9 million, down sharply from $18.1 million due to a one-time $13.7 million system sale in 2025, but commercial customers accounted for 67.7% of first-half revenue and production QCaaS applications 37.3% of QCaaS revenue. Cash and marketable securities totaled $546.2 million at June 30, 2026, reflecting cash used for the Quantum Circuits acquisition. Strategically, D-Wave emphasized an expanded agreement with AT&T, recognition as a Leader in IDC’s 2026 quantum computing vendor assessment, and detailed annealing and gate-model roadmaps targeting 100,000‑qubit annealing systems by 2031 and multi-stage fault-tolerant gate-model milestones through 2032.

Positive

• First-half bookings reached $35.5 million, up 1,120% from $2.9 million a year earlier, including a $20 million system sale that is expected to be recognized as revenue in future periods.
• Remaining performance obligations rose to $40.7 million as of June 30, 2026, up 668% from $5.3 million a year earlier, with 57% expected to be recognized as revenue within 12 months.
• The revenue mix shifted toward larger enterprises: commercial customers contributed 67.7% of first-half 2026 revenue versus 16.0% a year earlier, and Forbes Global 2000 clients accounted for 48.5% of revenue.

Negative

• GAAP operating expenses increased to $55.0 million in Q2 2026, up 93% from $28.5 million in Q2 2025, reflecting higher personnel, stock-based compensation, depreciation and other costs.
• Adjusted EBITDA loss widened to $37.1 million in Q2 2026 from $20.0 million a year earlier, and net cash used in operating activities for the first half increased to $73.5 million.
• Cash and marketable securities declined to $546.2 million at June 30, 2026 from $819.3 million a year earlier, with over 90% of the decrease attributable to cash consideration for the Quantum Circuits acquisition.

Filing Explained

At June 30, 2026, D-Wave had 372.0 million shares outstanding, up from 358.7 million at year-end, reducing existing holders’ percentage ownership absent offsets.

As a Form 8-K, this filing reports D-Wave’s second-quarter results and other specified material events. Its press release and investor presentation are furnished, not filed, and the financial statements are unaudited.

At June 30, 2026, the balance sheet listed 675,000,000 shares authorized and 372,011,420 shares issued and outstanding. The year-end comparison was 358,741,605 shares issued and outstanding at December 31, 2025.

Under the disclosed dilution mechanics, the increase in issued shares reduces an existing common holder’s percentage ownership absent offsetting changes; the filing does not establish that the increased share count was sold in this disclosure.

The reported liquidity balance was $546.2 million in cash and marketable investment securities at quarter-end.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $3.1 million Q2 2026 Net Loss: $48.0 million 1H 2026 Bookings: $35.5 million +4 more

7 metrics

Q2 2026 Revenue $3.1 million Revenue for the quarter ended June 30, 2026, essentially flat vs Q2 2025

Q2 2026 Net Loss $48.0 million Net loss for the quarter ended June 30, 2026 vs $167.3 million in Q2 2025

1H 2026 Bookings $35.5 million Bookings for the six months ended June 30, 2026, up 1,120% from $2.9 million in 1H 2025

Remaining Performance Obligations $40.7 million RPO balance as of June 30, 2026, up 668% from $5.3 million as of June 30, 2025

Cash and Marketable Securities $546.2 million Consolidated cash and marketable investment securities balance as of June 30, 2026

Q2 2026 GAAP Operating Expenses $55.0 million Operating expenses for the quarter ended June 30, 2026, up 93% from $28.5 million in Q2 2025

Q2 2026 Adjusted EBITDA Loss $37.1 million Adjusted EBITDA loss for the quarter ended June 30, 2026 vs $20.0 million in Q2 2025

Key Terms

Quantum Computing as a Service (QCaaS), Remaining Performance Obligations, Adjusted EBITDA Loss, dual-rail qubit architecture, +1 more

5 terms

Quantum Computing as a Service (QCaaS) technical

"QCaaS revenue derived from production applications totaled $1.3 million, or 37.3% of total QCaaS revenue"

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.

Remaining Performance Obligations financial

"remaining performance obligations (RPOs) that were unsatisfied or partially unsatisfied related to customer contracts totaled $40.7 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 second quarter of 2026 was $37.1 million, an increase of $17.1 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 qubit architecture technical

"preserves the inherent error-correction advantages of D-Wave’s superconducting dual-rail qubit architecture"

error-corrected logical qubit technical

"no company has yet to demonstrate a working error-corrected logical qubit that is scalable"

Earnings Snapshot

Q2 2026 revenue: $3.1 million

quarter and six months ended June 30, 2026

Q2 2026 revenue $3.1 million essentially flat compared with $3.1 million in Q2 2025

Q2 2026 net loss $48.0 million improved from $167.3 million in Q2 2025, mainly due to lower non-cash warrant liability remeasurement charges

Q2 2026 Adjusted EBITDA loss $37.1 million increased from $20.0 million in Q2 2025 due primarily to higher operating investments

1H 2026 revenue $5.9 million decreased 67% from $18.1 million in 1H 2025, which included $13.7 million from a first annealing system sale

1H 2026 bookings $35.5 million up 1,120% from $2.9 million in 1H 2025, including a $20 million system sale

Remaining performance obligations $40.7 million up 668% from $5.3 million as of June 30, 2025, with 57% expected to be recognized as revenue within 12 months

Cash and marketable securities $546.2 million down $273.1 million from $819.3 million as of June 30, 2025, with over 90% of the decrease from Quantum Circuits acquisition cash consideration

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did D-Wave Quantum (QBTS) perform financially in Q2 2026?

D-Wave Quantum reported Q2 2026 revenue of $3.1 million, essentially flat year over year, with a net loss of $48.0 million or $0.13 per share. GAAP gross margin was 55.4%, and Adjusted EBITDA loss increased to $37.1 million as operating expenses nearly doubled.

What were D-Wave Quantum's (QBTS) first-half 2026 bookings and how did they change year over year?

First-half 2026 bookings were $35.5 million, up 1,120% from $2.9 million in the first half of 2025. This total includes a $20 million system sale, with associated revenue to be recognized in subsequent quarters, and reflects much larger average booking sizes.

How much cash does D-Wave Quantum (QBTS) have after acquiring Quantum Circuits?

As of June 30, 2026, D-Wave Quantum held $546.2 million in consolidated cash and marketable investment securities. This represents a $273.1 million decrease from a year earlier, with over 90% of the reduction tied to cash consideration for the January 2026 Quantum Circuits acquisition.

How did D-Wave Quantum's (QBTS) revenue and customer mix evolve in the first half of 2026?

First-half 2026 revenue was $5.9 million, down from $18.1 million due to a prior-year $13.7 million system sale. However, 67.7% of revenue came from commercial customers versus 16.0% a year earlier, and Forbes Global 2000 customers contributed 48.5% of revenue.

What is D-Wave Quantum's (QBTS) remaining performance obligations balance and near-term revenue visibility?

Remaining performance obligations totaled $40.7 million as of June 30, 2026, up 668% year over year. The company expects about 57% of this amount to be recognized as revenue over the next 12 months and 72% within two years, providing multi-period revenue visibility.

What technology roadmaps and milestones did D-Wave Quantum (QBTS) highlight?

D-Wave outlined an annealing roadmap targeting a 20,000-qubit system in 2029 and 100,000 qubits by 2031, plus a gate-model roadmap delivering 17 physical qubits in 2026, 181 physical qubits by 2028, and up to 100 logical qubits supporting fault-tolerant applications by 2032.

How are D-Wave Quantum's (QBTS) operating expenses and losses trending in 2026?

GAAP operating expenses for first-half 2026 were $111.5 million, up 108% year over year, driven by higher personnel, non-cash items and acquisition-related costs. Net loss narrowed to $66.4 million mainly due to lower warrant remeasurement charges, while Adjusted EBITDA loss increased to $69.9 million.

0001907982FALSE00019079822026-08-062026-08-060001907982us-gaap:CommonStockMember2026-08-062026-08-06

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): August 6, 2026

_____________________________________________________________

D-Wave Quantum Inc.

(Exact Name of Registrant as Specified in Its Charter)

_____________________________________________________________

Delaware			001-41468			88-1068854
(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:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			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

Common stock, par value $0.0001 per share

QBTS

The Nasdaq Stock Market LLC

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 August 6, 2026, D-Wave Quantum Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 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 August 6, 2026, the Company posted on its website an investor presentation, which includes supplemental information relating to the Company’s financial results for second quarter ended June 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 August 6, 2026.
99.2			Presentation, dated August 6, 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: August 6, 2026			D-Wave Quantum Inc.
			By:			/s/ Alan Baratz
			Name:			Alan Baratz
			Title:			President & Chief Executive Officer

Exhibit 99.1

D-Wave Reports Second Quarter 2026 Results

First Half Bookings of $35.5 Million Up over 1,120% Year over Year

First Half QCaaS Production Revenue Comprised 37.3% of Total QCaaS Revenue

First Half Remaining Performance Obligations of $40.7 Million Up 668% Year Over Year

PALO ALTO, Calif. – August 6, 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 second quarter ended June 30, 2026.

“This quarter reinforced the strength and breadth of D-Wave’s leadership,” said Dr. Alan Baratz, CEO of D-Wave. “We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap. The peer-reviewed validation of our dual-rail architecture and recognition by IDC as an industry Leader reflects growing confidence in both our ability to deliver customer value and our approach to building scalable quantum computer systems. D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates.”

Recent Business and Technical Highlights

•Bookings for the first six months of 2026 were $35.5 million, a 1,120% year over year increase from bookings of $2.9 million for the first six months of 2025.

•Named a Leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment. IDC evaluated quantum computing companies based on their current capabilities and future strategies. D-Wave was one of only two companies named to the “Leaders” category.

•Provided additional details on the Company’s annealing quantum computing roadmap, which involves packaging and superconducting interconnect technologies to scale the annealing architectures to multi-chip fabrics. We expect this multi-chip approach will allow the next generation Advantage3TM system to ultimately reach 100,000 qubits by 2031, with an intermediate step of a 20,000 qubit system available in 2029. The Company also announced the design of a new prototype for scalable I/O that would allow quantum processing unit (QPU) scaling with an expectation of reaching a 100,000 qubit system with no more than a 20% increase over the number of I/O lines required for the current 4,500 qubit Advantage2TM system.

•Announced a new gate-model quantum computing roadmap, designed to accelerate the development of commercial, fault-tolerant gate model quantum computing, which includes the following key milestones:

▪2026: Delivery of a 17-physical-qubit system that supports logical error rates 2 times lower than physical error rates

▪2027: Completion of a 49-physical-qubit system that can deliver an expected 20-fold error reduction factor over the physical error rate

▪2028: Completion of a 181-physical-qubit system that can deliver an expected 2,000-fold error reduction factor over the physical error rate; representing the scalable blueprint for fault-tolerant architectures

▪2030: Completion of a 10-logical qubit system that can support the first fault tolerant algorithms

▪2032: Completion of a 100-logical-qubit system capable of successfully performing more than one million operations that can support initial quantum chemistry and quantum AI applications

•Announced a major research breakthrough, as published in the peer-reviewed scientific journal Nature, that advances a faster, more practical path to fault tolerant gate-model quantum computing. The research demonstrates a fast, high-fidelity two-qubit entangling gate that preserves the inherent error-correction advantages of D-Wave’s superconducting dual-rail qubit architecture, addressing one of the industry’s most consequential challenges by reducing the immense hardware overhead typically required to detect and correct quantum errors as systems scale.

•Announced a forthcoming gate-model quantum computing simulator, which is expected to be the first of its kind designed for error-aware programming. Built around D-Wave’s dual-rail technology, we expect the simulator to give developers visibility into errors, so they can design applications and workflows that respond to errors as they occur. D-Wave will offer new quantum development bundles that provide access to both the simulator and gate-model systems.

•Selected to receive a $1,566,240 grant from the U.S. National Science Foundation (NSF) through the agency’s National Quantum Virtual Laboratory (NQVL) program. This funding will support D-Wave’s gate model efforts as a partner in the ERASE (Erasure Qubits and Dynamic Circuits for Quantum Advantage) project, which is focused on developing foundational technologies for fault-tolerant quantum computing and strengthening U.S. leadership in quantum innovation.

•Awarded second year funding for the Improved Materials for Superconducting Qubits with Scalable Fabrication (SQFab) project by the Northeast Regional Defense Technology Hub (NORDTECH). The SQFab project is one of four innovative programs selected by the U.S. Department of War (DOW) through NORDTECH that collectively received more than $25 million in funding after achieving key first-year benchmarks.

•Signed a number of new and renewing customer engagements for both commercial and research applications, including with: one of the world’s largest gambling and entertainment companies; AT&T – one of the world’s largest telecommunications companies; Nasdaq Verafin– a global technology company serving the capital markets and other industries; Oki Electric Industry Co., Ltd. – a leading Japanese technology company focused on info-telecom and infrastructure innovation; Shionogi & Co. Ltd. – a major Japanese pharmaceutical company dedicated to innovative medicines; and Unisys – a global technology solutions company that powers breakthroughs for the world’s leading organizations.

•Awarded the Great Place to Work CertificationTM for 2026. Great Place to Work is regarded as a global authority on workplace culture, employee experience and leadership behaviors proven to help organizations build high-performing workplaces.

Second Quarter 2026 Financial Highlights

•Revenue: Revenue for the second quarter of 2026 was $3.1 million, essentially flat when compared with the second quarter of 2025 revenue of $3.1 million. 62.4% of second quarter of 2026 revenue was derived from commercial customers compared to 45.1% in the second quarter of 2025. Forbes Global 2000 customers accounted for 47.7% of total revenue in the second quarter of 2026 compared to 20.4% of total revenue in the second quarter of 2025.

•Bookings1: Bookings for the second quarter of 2026 were $2.1 million, an increase of $0.8 million, or 59%, from the second quarter of 2025 Bookings of $1.3 million, with the average Booking size increasing by over 87% on a year over year basis.

•GAAP Gross Profit: GAAP gross profit for the second quarter of 2026 was $1.7 million, a decrease of $0.3 million, or 14%, from the second quarter of 2025 GAAP gross profit of $2.0 million, with the decrease due primarily to increased personnel costs.

•GAAP Gross Margin: GAAP gross margin for the second quarter of 2026 was 55.4%, a decrease of 8.4% from the second quarter of 2025 GAAP gross margin of 63.8%.

•Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the second quarter of 2026 was $2.0 million, a decrease of $0.2 million, or 10%, from the second quarter of 2025 Non-GAAP Gross Profit of $2.2 million. 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 Margin2: Non-GAAP Gross Margin for the second quarter of 2026 was 64.9%, a decrease of 6.9% from the second quarter of 2025 Non-GAAP Gross Margin of 71.8%. 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 second quarter of 2026 were $55.0 million, an increase of $26.5 million, or 93%, from the second quarter of 2025 GAAP operating expenses of $28.5 million, with the increase driven primarily by increases of $9.7 million in personnel costs, $4.5 million in non-cash stock-based compensation, $4.4 million in non-cash depreciation and amortization, $1.8 million in third party professional services, and $1.0 million in marketing expenses. The increased operating expenses stem from investments to support the Company’s accelerated product development and go-to-market initiatives.

•Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating Expenses for the second quarter of 2026 were $39.1 million, an increase of $16.9 million, or 76%, from the second quarter of 2025 Non-GAAP Adjusted Operating Expenses of $22.2 million, with the difference between GAAP and Non-GAAP Adjusted Operating Expenses being primarily non-cash stock-based compensation expense, depreciation and amortization, and non-recurring or non-operating expenses that are excluded from the Non-GAAP Adjusted Operating Expenses.

•Net Loss: Net loss for the second quarter of 2026 was $48.0 million, or $0.13 per share, a decrease of $119.3 million, or $0.42 per share, from the second quarter of 2025 net loss of $167.3 million, or $0.55 per share. The decrease was primarily due to a $142.0 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 Loss2: Adjusted EBITDA Loss for the second quarter of 2026 was $37.1 million, an increase of $17.1 million, or 85%, from the second quarter of 2025 Adjusted EBITDA Loss of $20.0 million, with the increase due primarily to increased investments to support the Company’s accelerated product development and go-to-market initiatives.

Financial Results for the First Half of 2026

•Revenue: Revenue for the six months ended June 30, 2026 was $5.9 million, a decrease of $12.2 million, or 67%, from revenue of $18.1 million for the six months ended June 30, 2025, which included $13.7 million in revenue recognized from the Company's first sale of an annealing quantum computing system. 67.7% of first half 2026 revenue was derived from commercial customers compared to 16.0% in the first half of 2025. Forbes Global 2000 customers accounted for 48.5% of total first half 2026 revenue compared to 7.5% in the first half of 2025. QCaaS revenue derived from production applications totaled $1.3 million, or 37.3% of total QCaaS revenue, for the first half of 2026 compared with $0.3 million, or 9.8% of total QCaaS revenue, for the first half of 2025.

•Bookings1: Bookings for the six months ended June 30, 2026 were $35.5 million, an increase of $32.6 million, or 1,120%, from Bookings of $2.9 million for the six months ended June 30, 2025 with the average Booking size increasing by over 1,120% on a year over year basis. The first half of 2026 Bookings include a $20 million system sale, the revenue for which will be recognized in subsequent quarters.

•Remaining Performance Obligations3: As of June 30, 2026, the aggregate amount of remaining performance obligations (RPOs) that were unsatisfied or partially unsatisfied related to customer contracts totaled $40.7 million, an increase of $35.4 million, or 668%, from the June 30, 2025 RPO balance of $5.3 million. Approximately 57% of the $40.7 million 2026 second quarter RPO balance is expected to be recognized as revenue in the next 12 months, and 72% is expected to be recognized as revenue in the next two years, with the remainder to be recognized thereafter.

•Customers: During the six months ended June 30, 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 six months ended June 30, 2026 was $3.5 million, a decrease of $12.4 million, or 78%, from $15.9 million in GAAP gross profit for the six months ended June 30, 2025, with the decrease due primarily to a high margin annealing quantum computer system sale during the six months ended June 30, 2025.

•GAAP Gross Margin: GAAP gross margin for the six months ended June 30, 2026 was 59.4%, a decrease of 28.2% from the 87.6% GAAP gross margin for the six months ended June 30, 2025, with the decrease due primarily to a high margin annealing quantum computer system sale during the six months ended June 30, 2025.

•Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the six months ended June 30, 2026 was $4.0 million, a decrease of $12.3 million, or 75%, from the Non-GAAP Gross Profit of $16.3 million for the six months ended June 30, 2025. 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 Margin2: Non-GAAP Gross Margin for the six months ended June 30, 2026 was 67.7%, a decrease of 22.2% from the 89.9% Non-GAAP Gross Margin for the six months ended June 30, 2025. 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 six months ended June 30, 2026 were $111.5 million, an increase of $57.9 million, or 108% from GAAP operating expenses of $53.6 million for the six months ended June 30, 2025, with the increase partially driven by $9.3 million of non-recurring costs related to the acquisition of Quantum Circuits, Inc. ("Quantum Circuits") and increases of $19.0 million in salaries and related personnel costs, 73% of which relate to increases in Sales & Marketing and Research & Development

personnel; $16.4 million in non-cash stock-based compensation and depreciation and amortization expenses, $3.9 million in fabrication costs and $2.3 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 Expenses2: Non-GAAP Adjusted Operating Expenses for the six months ended June 30, 2026 were $73.9 million, an increase of $31.5 million, or 74%, from Non-GAAP Adjusted Operating Expenses of $42.4 million for the six months ended June 30, 2025, 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 six months ended June 30, 2026 was $66.4 million, or $0.18 per share, a decrease of $106.4 million, or $0.41 per share, compared with the net loss of $172.8 million, or $0.59 per share for the six months ended June 30, 2025, primarily due to a decrease of $138.1 million in the amount of non-cash, non-operating charges related to the remeasurement of the Company's warrant liability, offset by a tax benefit of $28.4 million arising from the Quantum Circuits acquisition.

•Adjusted EBITDA Loss2: Adjusted EBITDA Loss for the six months ended June 30, 2026 was $69.9 million, an increase of $43.8 million from the Adjusted EBITDA Loss of $26.1 million for the six months ended June 30, 2025, with the increase due primarily to increased investments to support the Company’s accelerated product development and go-to-market initiatives.

__________________

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.

2"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.

3Revenue 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.

Balance Sheet and Liquidity

As of June 30, 2026, D-Wave’s consolidated cash and marketable investment securities balance totaled $546.2 million, representing a $273.1 million, or 33% decrease from the June 30, 2025 consolidated cash and marketable investment securities balance of $819.3 million with over 90% of the decrease attributable to the cash consideration associated with the January 2026 acquisition of Quantum Circuits.

Earnings Conference Call

In conjunction with this announcement, D-Wave will host a conference call on Thursday, August 6, 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 3354042. 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 income, 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 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, expectations regarding our quantum computing simulator, 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)

			June 30,						December 31,
(In thousands, except share and per share data)			2026						2025
Assets
Current assets:
Cash and cash equivalents			$	296,642					$	635,347
Marketable investment securities			249,573						249,134
Trade accounts receivable, net of allowance for credit losses of $1 and $176			2,019						1,587
Inventories			3,488						2,776
Prepaid expenses and other current assets			8,872						7,388
Total current assets			560,594						896,232
Property and equipment, net			22,076						7,841
Operating lease right-of-use assets			12,042						6,518
Intangible assets, net			211,816						915
Goodwill			342,588						—
Other non-current assets, net			9,314						4,307
Total assets			$	1,158,430					$	915,813
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable			$	4,521					$	950
Accrued expenses and other current liabilities			12,135						15,838
Current portion of operating lease liabilities			1,250						1,448
Loans payable, net, current			146						134
Deferred revenue, current			9,234						2,778
Total current liabilities			27,286						21,148
Operating lease liabilities, net of current portion			11,826						6,050
Loans payable, net, non-current			34,886						35,825
Deferred revenue, non-current			1,322						560
Total liabilities			$	75,320					$	63,583
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both June 30, 2026 and December 31, 2025; 372,011,420 shares and 358,741,605 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.			37						35
Additional paid-in capital			2,140,499						1,843,218
Accumulated deficit			(1,048,387)						(982,002)
Accumulated other comprehensive loss			(9,039)						(9,021)
Total stockholders' equity			1,083,110						852,230
Total liabilities and stockholders’ equity			$	1,158,430					$	915,813

D-Wave Quantum Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
(In thousands, except share and per share data)			2026						2025						2026						2025
Revenue			$	3,076					$	3,095					$	5,934					$	18,096
Cost of revenue			1,372						1,119						2,412						2,243
Total gross profit			1,704						1,976						3,522						15,853
Operating expenses:
Research and development			28,239						12,694						54,032						22,982
General and administrative			15,388						9,151						35,663						17,108
Sales and marketing			11,355						6,633						21,832						13,556
Total operating expenses			54,982						28,478						111,527						53,646
Loss from operations			(53,278)						(26,502)						(108,005)						(37,793)
Other income (expense), net:
Interest income			5,028						4,311						10,813						7,410
Interest expense			(255)						(206)						(514)						(432)
Gain on investment in marketable securities, net			—						—						1,880						—
Change in fair value of warrant liabilities			—						(142,048)						—						(138,105)
Other income (expense), net			485						(2,884)						997						(3,830)
Total other income (expense), net			5,258						(140,827)						13,176						(134,957)
Loss before income taxes			(48,020)						(167,329)						(94,829)						(172,750)
Income tax benefit (provision), net			(8)						—						28,444						—
Net loss			$	(48,028)					$	(167,329)					$	(66,385)					$	(172,750)
Net loss per share, basic and diluted			$	(0.13)					$	(0.55)					$	(0.18)					$	(0.59)
Weighted-average shares used in computing net loss per share, basic and diluted			370,840,115						302,288,793						369,165,968						294,398,419
Comprehensive loss:
Net loss			$	(48,028)					$	(167,329)					$	(66,385)					$	(172,750)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment			140						787						158						1,285
Unrealized losses on available-for-sale securities			(7)						—						(160)						—
Reclassification adjustment for realized gains (losses) included in net income			(16)						—						(16)						—
Total other comprehensive income (loss), net of tax			117						787						(18)						1,285
Net comprehensive loss			$	(47,911)					$	(166,542)					$	(66,403)					$	(171,465)

D-Wave Quantum Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended June 30,
(in thousands)			2026						2025
Cash flows from operating activities:
Net loss			$	(66,385)					$	(172,750)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization			8,536						714
Deferred income taxes			(28,365)						—
Stock-based compensation			19,132						10,664
Amortization of operating right-of-use assets			699						346
Provision for excess and obsolete inventory			(103)						—
Non-cash interest income			1,262						—
Non-cash interest expense			467						387
Change in fair value of warrant liabilities			—						138,105
Gain on marketable equity securities			(1,880)						—
Unrealized foreign exchange loss (gain)			(1,740)						1,998
Other noncash items			—						267
Change in operating assets and liabilities:
Trade accounts receivable			(432)						(57)
Inventories			(2,605)						(762)
Prepaid expenses and other current assets			(455)						(1,368)
Trade accounts payable			(975)						416
Accrued expenses and other current liabilities			(4,371)						2,695
Deferred revenue			7,218						(13,796)
Operating lease liability			(332)						(344)
Other non-current assets, net			(3,134)						(1,080)
Net cash used in operating activities			(73,463)						(34,565)
Cash flows from investing activities:
Acquisition of business, net of cash acquired			(252,821)						—
Purchase of property and equipment			(5,521)						(1,187)
Purchases of marketable debt securities			(149,117)						—
Maturities of marketable debt securities			147,241						—
Proceeds from recovery of previously written-off convertible note			—						959
Expenditures for internal-use software			(363)						(129)
Net cash used in investing activities			(260,581)						(357)
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			—						99,319
Proceeds from the issuance of common stock upon exercise of stock options			1,614						6,860
Proceeds from common stock issued under the Employee Stock Purchase Plan			724						291
Payment of tax withheld pursuant to stock-based compensation settlements			(6,885)						(5,664)
Repayments on TPC loan			—						(365)
Repayment of the Equipment Financing Term Loan			(69)						—
Payments of equity issuance costs			(203)						—
Net cash provided by (used in) financing activities			(4,819)						674,969
Effect of exchange rate changes on cash and cash equivalents			158						1,285
Net increase (decrease) in cash and cash equivalents			(338,705)						641,332
Cash and cash equivalents at beginning of period			635,347						177,980
Cash and cash equivalents at end of period			$	296,642					$	819,312

D-Wave Quantum Inc.

Reconciliation of Gross Profit to Non-GAAP Gross Profit

(Unaudited)

												Three Months Ended June 30,												Six Months Ended June 30,
(in thousands of U.S. dollars)																		2026						2025						2026						2025
Gross Profit																		$	1,704					$	1,976					$	3,522					$	15,853
Gross Margin																		55.4		%				63.8		%				59.4		%				87.6		%
Excluding:
Depreciation and Amortization (1)																		14						14						29						42
Stock-based compensation (2)																		279						231						464						373
Non-GAAP Gross Profit																		$	1,997					$	2,221					$	4,015					$	16,268
Non-GAAP Gross Margin																		64.9		%				71.8		%				67.7		%				89.9		%

(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 June 30,												Six Months Ended June 30,
(in thousands of U.S. dollars)																		2026						2025						2026						2025
Operating expenses																		$	54,982					$	28,478					$	111,527					$	53,646
Excluding:
Depreciation and Amortization (1)																		(4,721)						(324)						(8,508)						(672)
Stock-based compensation (2)																		(10,833)						(6,440)						(18,668)						(10,291)
Other non-operating or non-recurring expenses (3)																		(358)						506						(10,451)						(304)
Non-GAAP Adjusted Operating Expenses																		$	39,070					$	22,220					$	73,900					$	42,379

(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 June 30,												Six Months Ended June 30,
(in thousands of U.S. dollars)																		2026						2025						2026						2025
Net loss																		$	(48,028)					$	(167,329)					$	(66,385)					$	(172,750)
Excluding:
Depreciation and Amortization																		4,735						338						8,536						714
Income tax benefit (provision), net																		8						—						(28,444)						—
Stock-based compensation																		11,112						6,671						19,132						10,664
Interest income																		(5,028)						(4,311)						(10,813)						(7,410)
Interest expense (1)																		255						206						514						432
Change in fair value of warrant liabilities																		—						142,048						—						138,105
Gain on marketable equity securities																		—						—						(1,880)						—
Other (income) expense, net (2)																		(485)						2,884						(997)						3,830
Other non-operating or non-recurring items (3)																		358						(506)						10,451						304
Adjusted EBITDA Loss																		$	(37,073)					$	(19,999)					$	(69,886)					$	(26,111)

(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 August 6, 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, expectations regarding our quantum computing simulator, 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 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 2026 Q2 Highlights

4 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.

5 Copyright © D-Wave AT&T Signs Agreement to Expand Use of D-Wave’s Quantum Computing Technology • Initial focus is on layering D-Wave’s annealing quantum computing technology into existing tools powering AT&T’s agentic AI solutions • In an early application, D-Wave technology reduced the processing time for a network optimization workload from approximately one hour to less than 15 seconds • Planned future work will explore a broader set of applications, such as outage detection and response, technician routing, network build planning and traffic management

6 Copyright © D-Wave Q2 & 1H 2026 Financial Highlights $- $1 $2 $3 Q2 2025 Q2 2026 M IL LI O N S -Q2 Commercial Customer Revenue $1.9M $1.4M $- $10 $20 $30 $40 1H 2025 1H 2026 M IL LI O N S -1H YoY Bookings $2.9M $35.5M $- $10 $20 $30 $40 $50 1H 2025 1H 2026 M IL LI O N S -1H YoY Remaining Performance Obligations $5.3M $40.7M $- $1 $2 Q2 2025 Q2 2026 M IL LI O N S -Q2 QCaaS Revenue $1.9M $1.2M 1H 2025 1H 2026 QCaaS Production Revenue as a % of Total QCaaS Revenue 37.3% 9.8% $- $200 $400 $600 $800 $1,000 Q2 2025 Q2 2026 M IL LI O N S $819.3M $546.2M Liquidity Position $250M QCI Acquisition The financial information set forth above is unaudited

7 Copyright © D-Wave Market And Technology Overview

8 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

9 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 37% of 1H QCaaS revenue derived from business applications in production • In 1H 2026, over 100 customers: • 49% of which are commercial enterprises • Over 65% of revenue derived from commercial customers • Over 45% of revenue derived from Forbes Global 2000 customers 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 patents

10 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

11 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

12 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

13 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 Services (QCaaS) Access to D-Wave Quantum Computers via LEAP Cloud Ratable revenue recognition over life of contracts, including production applications

14 Copyright © D-Wave Annealing Quantum Computing: Commercial Today

15 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

16 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 Min 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

17 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

18 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

19 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

20 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

21 Copyright © D-Wave Improvements in Advantage2 over Advantage Annealing Quantum Computing System G R E AT E R C O H E R E N C E Doubled to drive faster time-to-solution G R E AT 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

22 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

23 Copyright © D-Wave Gate-Model Quantum Computing Systems: Differentiated for Error Correction and Scale

24 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

25 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

26 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

27 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

28 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

29 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

30 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

31 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

32 Copyright © D-Wave F A U L T - T O L E R A N T E R AP 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

33 Copyright © D-Wave Summary

34 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) • In 1H26, over 37% of QCaaS revenue derived from business applications in production • Energy-efficient blockchain prototype operational as first distributed quantum application • Quantum ML & AI research and product development Customer Traction In 1H 2026: • Over 100 customers • Highly diverse customer base across commercial, research and government • Over 65% revenue derived from commercial customers • Over 45% of revenue derived from Forbes Global 2000 customers • 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

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