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D-Wave Quantum

QBTS · AI Watchlist

Last earnings Aug 6, 2026

Key results

GAAP gross marginquarter

63.6%

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

Non-GAAP gross marginquarter

70.6%

Non-GAAP Gross Margin 3 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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

Gross marginquarter

63.6 %

dollars) 2026 2025 Gross Profit $ 1,818 $ 13,877 Gross Margin 63.6 % 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 Margin 70.6 % 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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

AI analysis

Q1 2026 · reported May 12, 2026

Based on: Earnings release + Q1 2026 deck + parent 8-K + 10-Q — transcript not held

GAAP gross margin · Q1 2026
63.6%
EX-99 · May 12, 2026
Non-GAAP gross margin · Q1 2026
70.6%
EX-99 · May 12, 2026
Gross margin · Q1 2026
63.6 %
EX-99 · May 12, 2026

Headline figures

MetricQ1 2026Prior qtrYear ago
GAAP gross margin63.6%——
Non-GAAP gross margin70.6%——
Gross margin63.6 %——

EX-99 · May 12, 2026

Guidance · company-stated

No guidance located in the held release

Next earningsNo verified date on fileNo date is estimated or imported

Margin

GAAP gross margin63.6%
Non-GAAP gross margin70.6%
Gross margin63.6 %

Capital allocation

The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan.

Diluted net loss per common share is computed by dividing the net loss available to common stockholders adjusted by any preferred stock dividends declared during the period by the weighted average number of Common Shares and potential Common Shares outstanding when the impact is not antidilutive.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

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

Based on: Earnings release + Q1 2026 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan.

SEC original ↗D-Wave Quantum — 10-Q Quarterly report10-QAug 6, 2026

Diluted net loss per common share is computed by dividing the net loss available to common stockholders adjusted by any preferred stock dividends declared during the period by the weighted average number of Common Shares and potential Common Shares outstanding when the impact is not antidilutive.

SEC original ↗D-Wave Quantum — 10-Q Quarterly report10-QAug 6, 2026

Strategy & priorities

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

htm EX-99.2 a20260512d_waveq1present 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.

SEC original ↗D-Wave Quantum — Presentation / slide deck (8-K exhibit)EX-99May 12, 2026

Risks & headwinds

More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

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.

SEC original ↗D-Wave Quantum — Earnings release (8-K exhibit)EX-99May 12, 2026

Legal Proceedings 39 Item 1A.

SEC original ↗D-Wave Quantum — 10-Q Quarterly report10-QAug 6, 2026

These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements.

SEC original ↗D-Wave Quantum — 10-Q Quarterly report10-QAug 6, 2026

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements.

SEC original ↗D-Wave Quantum — 10-Q Quarterly report10-QAug 6, 2026

Documents

Earnings deck slides

0 decks with slide view

D-Wave Quantum — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

D-Wave Quantum — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

D-Wave Quantum — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Nebius Group (NBIS) AI WatchlistTaiwan Semiconductor (TSM) AI WatchlistIonQ (IONQ) AI WatchlistArm Holdings (ARM) AI WatchlistCredo Technology (CRDO) AI WatchlistSnowflake (SNOW) AI WatchlistFuelCell Energy (FCEL) AI WatchlistCoreWeave (CRWV) AI Watchlist

Filings

48 documents

Earnings releases

9 documents

Presentations

3 documents

Transcripts

0 documents

No transcripts for D-Wave Quantum are held in this edition of the library.

Mentioned by

2 companies

Other tracked companies whose held documents mention D-Wave Quantum by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.