D-Wave Quantum (NASDAQ:QBTS – Get Free Report) issued its earnings results on Thursday. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02), reports. The business had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative return on equity of 28.19% and a negative net margin of 2,001.59%.The firm’s revenue was down 0.6 compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.08) EPS.
Here are the key takeaways from D-Wave Quantum’s conference call:
- Commercial traction improved: Q2 bookings rose 59% year over year to $2.1 million, while first-half bookings increased 1,120% to $35.5 million, including a $20 million Florida Atlantic University system sale. Remaining performance obligations reached $40.7 million, with 57% expected to convert to revenue within 12 months.
- Production adoption expanded, with six customer applications now in production. Production applications generated more than 37% of first-half QCaaS revenue, up from 9.8% a year earlier, and customers including AT&T, Optum, and NTT Docomo reported material efficiency improvements.
- D-Wave highlighted technical validation for its gate-model strategy, including a peer-reviewed Nature paper demonstrating approximately 99.9% two-qubit gate fidelity and roughly 500-nanosecond gate times. Management reiterated milestones for a 17-qubit system by year-end 2026 and a 100-logical-qubit system capable of more than one million reliable operations by 2032.
- Revenue was essentially flat year over year at $3.1 million in Q2, while adjusted EBITDA loss widened 85% to $37.1 million as the company increased personnel spending for product development and go-to-market efforts. First-half revenue fell 67% because the prior-year period included a large system sale.
- Cash and marketable securities declined to $546.2 million, primarily following the approximately $250 million cash acquisition of Quantum Circuits. Management expects only modest revenue growth in Q3, with the majority of 2026 revenue dependent on two annealing-system deliveries and related installation work in Q4 and potentially 2027.
D-Wave Quantum Trading Up 7.0%
Shares of D-Wave Quantum stock traded up $1.35 on Friday, hitting $20.76. The stock had a trading volume of 16,240,271 shares, compared to its average volume of 17,081,524. The stock has a 50 day moving average of $21.74 and a 200 day moving average of $20.59. D-Wave Quantum has a twelve month low of $12.75 and a twelve month high of $46.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The firm has a market capitalization of $7.68 billion, a P/E ratio of -29.24 and a beta of 2.15.
Analyst Upgrades and Downgrades
Read Our Latest Research Report on QBTS
Key Stories Impacting D-Wave Quantum
Here are the key news stories impacting D-Wave Quantum this week:
- Positive Sentiment: Bookings and customer adoption improved substantially. D-Wave reported a roughly 1,120% year-over-year increase in first-half bookings, a $40.7 million backlog and growing exposure to commercial customers. Management said production annealing usage is expanding, supporting the company’s long-term growth narrative. D-Wave CEO says QBTS ready to lead the quantum market after a 1,100% surge in first-half bookings
- Positive Sentiment: Analyst confidence is providing support. Rosenblatt Securities reaffirmed its “Buy” rating and set a $43 price target, implying substantial upside from current levels. Broader coverage also identifies quantum computing as a potential beneficiary of increasing AI investment and government support for next-generation computing. Beyond NVIDIA and GPUs: The Next AI and Quantum Winners Leading 2026
- Neutral Sentiment: The investment case remains dependent on execution. D-Wave is developing a staged path toward commercially relevant gate-model quantum computing, while management expects a disproportionate share of 2026 revenue to arrive in the fourth quarter. That outlook could produce significant upside if adoption accelerates, but also leaves results sensitive to timing and customer deployments. QBTS Q2 Earnings Call Focuses on Adoption and Quantum Roadmaps
- Negative Sentiment: Second-quarter results missed expectations. Revenue was $3.08 million versus approximately $4.03 million expected, while the loss was $0.10 per share compared with an anticipated $0.08 loss. Revenue also declined slightly year over year, and the company continues to report substantial net losses. These results initially pressured the shares despite the bookings growth. QBTS Stock Falls on Wider-Than-Expected Q2 Loss and Revenue Miss
Insider Buying and Selling at D-Wave Quantum
In other D-Wave Quantum news, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the sale, the chief financial officer directly owned 1,142,820 shares of the company’s stock, valued at $29,381,902.20. The trade was a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rohit Ghai sold 13,518 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, the director owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,363,842 shares of company stock worth $35,789,148 over the last quarter. Insiders own 1.30% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. UBS Group AG increased its stake in shares of D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares during the period. Marex Group plc lifted its stake in shares of D-Wave Quantum by 74.9% in the fourth quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after acquiring an additional 1,966,500 shares during the period. State Street Corp raised its holdings in D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after purchasing an additional 1,941,762 shares during the last quarter. Man Group plc acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $26,535,000. Finally, Defiance ETFs LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $39,120,000. 42.47% of the stock is owned by institutional investors.
About D-Wave Quantum
D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
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