D-Wave Quantum (QBTS) is pressing forward with aggressive expansion plans despite a notable decline in its cash reserves following a major acquisition.
As of June 30, 2026, the company’s cash and marketable securities totaled $546.2 million, down 33% from $819.3 million recorded a year earlier.
More than 90% of that decline was directly tied to the approximately $250 million cash consideration paid for the Quantum Circuits acquisition.
Despite the cash reduction, D-Wave continues to increase spending on product development and go-to-market initiatives at a meaningful pace.
The company’s adjusted EBITDA loss widened significantly to $69.9 million in the first half of 2026, compared to $26.1 million during the same period a year prior.
D-Wave’s remaining liquidity still provides flexibility to advance both its annealing and gate-model quantum computing technologies on parallel tracks.
The company is also building out its quantum computing-as-a-service business, with first-half subscription revenues rising more than 30% year over year to $3.6 million.
Bookings reached $35.5 million while remaining performance obligations totaled $40.7 million at the end of June, offering visibility into future contracted revenues.
Stockholders’ equity stood at $1.08 billion, and the combination of liquidity and contracted business provides a foundation to support D-Wave’s technology roadmap.
However, continued investment and rising operating losses remain critical factors for investors assessing the company’s longer-term financial runway.
Among peers, IonQ (IONQ) ended June 2026 with approximately $3.0 billion in cash, equivalents, restricted cash, and investments before the SkyWater acquisition closed.
After accounting for cash used in that deal, IonQ’s cash equivalents and investments stood at roughly $2.0 billion, positioning the company well for continued investment.
IonQ’s remaining performance obligations climbed to $485 million as of June 30, 2026, up from $470 million at the end of March, with approximately half expected to convert to revenues within 12 months.
Operating cash outflow for IonQ totaled $254.8 million in the first half of 2026, underscoring the importance of maintaining ample liquidity across the quantum sector.
Microsoft (MSFT) also faces liquidity pressure as heavy infrastructure spending absorbs a growing share of its operating cash generation across the business.
MSFT’s cash, equivalents, and short-term investments totaled $76.8 billion as of June 30, 2026, down from $94.6 billion a year earlier.
Cash flow from operations rose roughly 30% year over year to $55.4 billion in fourth-quarter fiscal 2026, but free cash flow fell 23% to $19.6 billion as investment accelerated.
Microsoft expects free cash flow to return to positive growth during fiscal 2027, making execution on that recovery a closely watched milestone for investors.
MSFT’s net property and equipment increased to $313.1 billion from $205.0 billion a year earlier, expanding the asset base that must generate adequate returns going forward.
Long-term debt, including the current portion, stood at $31.1 billion as of fiscal 2026 year-end, leaving Microsoft with less financial flexibility should AI infrastructure demand develop more slowly than anticipated.
