D-Wave Quantum Inc. (QBTS) reported its second-quarter 2026 earnings on August 6, delivering a mixed set of results that highlighted the gap between demand signals and recognized revenue.
Quarterly revenue came in at $3.1 million, essentially flat compared to the same period a year earlier, underscoring the company’s ongoing challenge converting bookings into top-line growth.
D-Wave reported a GAAP loss per share of $0.13, which missed analyst expectations of $0.10, representing a shortfall of roughly 30% against consensus estimates.
Despite the revenue stagnation, bookings rose 59% year over year, offering investors a more optimistic read on underlying commercial demand for the company’s quantum computing services.
Higher personnel costs weighed on profitability during the quarter, reducing GAAP gross profit and pushing gross margin down by 8.4 percentage points compared to the prior year period.
Operating expenses nearly doubled as D-Wave accelerated investment in its product roadmap and pushed more aggressively into commercial market expansion efforts.
The narrower GAAP net loss was largely an accounting effect rather than a sign of improved core operations, driven by a sharp decline in non-cash warrant-liability charges following a corporate action in late 2025.
Specifically, non-cash charges from warrant-liability remeasurement fell by $142.0 million after D-Wave redeemed its remaining publicly traded warrants in November 2025, flattering the headline GAAP figure.
Adjusted EBITDA loss widened by 85% year over year, reflecting the true trajectory of core profitability as development and go-to-market spending accelerated significantly throughout the quarter.
D-Wave is currently funding multiple technology milestones simultaneously while integrating Quantum Circuits, an acquisition that accounted for most of the year-over-year reduction in the company’s cash and marketable securities balance.
The stronger bookings figure and a more commercial customer mix were noted as positives, though neither factor translated into meaningful quarterly revenue growth during the reported period.
Execution against both the commercial and technical roadmaps will be critical for D-Wave as it manages its cash position and attempts to scale revenue in coming quarters.
Analysts are currently projecting a loss per share of $0.09 for the company’s next reported quarter, with the next earnings announcement expected on November 5, 2026.
