D-Wave Quantum (QBTS) shares dropped 21.0% in the week ending October 14, 2026, closing at their lowest point in the past twelve months.
The sell-off left QBTS trading 73.1% below its highest level of the past year, a dramatic collapse that far outpaced the broader market’s 1.0% dip over the same period.
Year-to-date, QBTS has fallen 55.0%, while the S&P 500 has gained 12.5% and the Nasdaq-100 has climbed 15.8% over the same stretch.
Historical data shows D-Wave stock has traded through five market shocks since August 2022, falling an average of 51.2% during those events, roughly four and a half times the S&P 500’s average decline of 11.3%.
The company’s deepest drawdown came during the 2023 yield shock, when QBTS lost 73.0% while the broader index fell just 9.5%.
During the 2022 inflation shock, D-Wave shares fell 61.0%, and it took 30.7 months for the stock to recover to prior highs, finally clawing back to those levels in May 2025.
Across all five historical shocks, the median recovery time from a trough back to the prior peak stood at 3.0 months, though the two worst episodes required well over a year each.
On the financial side, D-Wave reported $3.08 million in revenue for the April-to-June 2026 quarter, essentially flat compared to the same period a year earlier, while full-year revenue over the twelve months ending June 2026 fell 44.2% versus the prior comparable period.
System sales drove the majority of the company’s 2025 revenue, generating $16.2 million out of a total $24.6 million, while the Quantum Computing as a Service business shrank 18.2% that year.
The operating picture deteriorated sharply, with D-Wave posting a $53.3 million operating loss in the most recent quarter, doubling its deficit from the same period a year earlier.
The company held $546 million in cash and short-term investments at the end of June 2026, down from $819 million the previous year, though that reserve still dwarfs its $48.1 million in total debt.
On August 6, D-Wave reported a per-share loss of $0.10 for its fiscal second quarter of 2026, wider than the $0.08 loss analysts had forecast, though narrower than the $0.55 loss posted a year earlier.
Despite the headline miss, D-Wave ended June with a signed-contract backlog of $40.7 million, with approximately $23.2 million expected to convert to revenue within 12 months and $29.3 million within two years.
The backlog growth offers some indication of future demand, but it does little to offset the near-term pressure on a stock that continues to lag far behind both the market and its own prior valuations.
