Jun 2026 (Q2 FY26) — Aug 6, 2026
D-Wave Quantum Inc. Q2 FY26 — Commercial Momentum and Gate-Model Validation
Read the full callD-Wave Quantum (QBTS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
D-Wave Quantum earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3.1 | −0.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -1732.0 | −875.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -48.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
5 of 7 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 revenue vs Q1 FY26 revenue ($2.9M) | likely to be up modestly from the first quarter | Mar 2026 | Revenue in the second quarter of 2026 was $3.1 million | Achieved |
| Gate-model Quantum Compute as a Service (QCaaS) revenue generation | expect to start generating some Quantum Compute as a Service revenue from our gate-model systems this year | Dec 2025 | I don't think we see significant QCaaS revenue on those systems until we get back out into the 2032 time frame | Diluted |
| 17-qubit dual-rail gate-model system availability | a 17-qubit system later in 2026 | Dec 2025 | We're still on track to deliver the 17 cubit dual-rail system before the end of this year. | On Track |
2 of D-Wave Quantum Inc.'s 20 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.
Claimed
- QCaaS subscription revenue increased 50% year-over-year to $1.9 million in Q2 FY26.
- Bookings for Q2 FY26 increased 59% year-over-year to $2.1 million, with first half bookings up 1,120% to $35.5 million.
- Remaining Performance Obligations (RPO) grew 668% year-over-year to $40.7 million as of June 30, 2026.
- IDC named D-Wave a leader in its Worldwide Quantum Computing 2026 Vendor Assessment.
- Peer-reviewed research in Nature validated the dual-rail gate-model architecture with 99.9% fidelity and 500 nanosecond gate times.
Qualified
- GAAP gross profit decreased 14% year-over-year to $1.7 million, with GAAP gross margin declining 8.4% to 55.4% due to increased personnel costs.
- Adjusted EBITDA loss increased 85% year-over-year to $37.1 million, driven by investments in product development and go-to-market initiatives.
- Cash and marketable investment securities decreased 33% year-over-year to $546.2 million, primarily due to the $250 million acquisition of Quantum Circuits.
Price
$11.83 +0.42% · +$0.05
Performance −69.1% 1Y
1Y: $38.33 on 17 Oct 2025 → $11.83. High $38.33 (17 Oct 2025), low $11.78 (16 Oct 2026).
- Previous close
- $11.78
- 52-week range
- $11.78 – $37.06
- One year
- −65.61%
Overview
- Symbol
- QBTS
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 7 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 revenue vs Q1 FY26 revenue ($2.9M) | likely to be up modestly from the first quarter | Mar 2026 | Revenue in the second quarter of 2026 was $3.1 million | Achieved |
| Gate-model Quantum Compute as a Service (QCaaS) revenue generation | expect to start generating some Quantum Compute as a Service revenue from our gate-model systems this year | Dec 2025 | I don't think we see significant QCaaS revenue on those systems until we get back out into the 2032 time frame | Diluted |
| 17-qubit dual-rail gate-model system availability | a 17-qubit system later in 2026 | Dec 2025 | We're still on track to deliver the 17 cubit dual-rail system before the end of this year. | On Track |
Claimed
- QCaaS subscription revenue increased 50% year-over-year to $1.9 million in Q2 FY26.
- Bookings for Q2 FY26 increased 59% year-over-year to $2.1 million, with first half bookings up 1,120% to $35.5 million.
- Remaining Performance Obligations (RPO) grew 668% year-over-year to $40.7 million as of June 30, 2026.
- IDC named D-Wave a leader in its Worldwide Quantum Computing 2026 Vendor Assessment.
- Peer-reviewed research in Nature validated the dual-rail gate-model architecture with 99.9% fidelity and 500 nanosecond gate times.
Qualified
- GAAP gross profit decreased 14% year-over-year to $1.7 million, with GAAP gross margin declining 8.4% to 55.4% due to increased personnel costs.
- Adjusted EBITDA loss increased 85% year-over-year to $37.1 million, driven by investments in product development and go-to-market initiatives.
- Cash and marketable investment securities decreased 33% year-over-year to $546.2 million, primarily due to the $250 million acquisition of Quantum Circuits.
The full ledger
Open D-Wave Quantum Inc.’s full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 12, 2026
D-Wave Q1 FY26 — Record Bookings Driven by System Sales and Quantum Circuits Acquisition
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
D-Wave Quantum Q4 FY25 — Inflection Point with Record Revenue and Dual-Platform Leadership
Read the full callEvery analysed call
D-Wave Quantum earnings calls (QBTS)
Financials
What the filings say
Net profit, year on year: +71% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2 | 2 | 15 | 3 | 4 | 3 | 3 | 3 |
| Operating profit | -21 | -20 | -11 | -27 | -28 | -35 | -55 | -53 |
| Operating margin | −1103.5% | −876.2% | −75.3% | −856.3% | −741.8% | −1266.0% | −1914.9% | −1732.0% |
| Other income | -2 | -66 | 6 | -141 | -112 | -7 | 8 | 5 |
| Interest | — | — | 0 | 0 | — | — | 0 | 0 |
| Profit before tax | — | — | -5 | -167 | — | — | -47 | -48 |
| Tax rate | — | — | 0.0% | 0.0% | — | — | 60.8% | −0.0% |
| Net profit | -23 | -86 | -5 | -167 | -140 | -42 | -18 | -48 |
| EPS ($ per share) | -0.11 | — | -0.02 | -0.55 | -0.41 | — | -0.05 | -0.13 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 |
| Reserves | -306 | -347 | -400 | -483 | -627 | -982 |
| Total liabilities | 15 | 48 | 56 | 84 | 137 | 64 |
| Fixed assets | — | 3 | 2 | 3 | 4 | 8 |
| Investments | — | — | — | — | 0 | 249 |
| Total assets | 36 | 29 | 27 | 59 | 200 | 916 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | -29 | -35 | -45 | -61 | -43 | -72 |
| Cash from investing | -1 | -2 | -0 | -1 | -3 | -251 |
| Cash from financing | 43 | 25 | 43 | 96 | 182 | 779 |
| Net cash flow | 13 | -12 | -2 | 34 | 137 | 457 |
| Capital expenditure | -1 | -2 | -0 | -1 | -2 | -4 |
| Free cash flow | -30 | -37 | -46 | -61 | -45 | -76 |
QBTS revenue by segment
Q Caa S shrank from 86% to 60% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Q Caa S | 86% | 73% | 10% | 40% | 37% | 49% | 62% | 60% | +49.9% |
| Professional Services | 14% | 30% | 5% | 25% | 13% | 25% | 34% | 30% | +18.3% |
| System Sales | — | — | 84% | 33% | — | — | 3% | 8% | -75.1% |
| Product and Service Other | 0% | -2% | <1% | 1% | 1% | 2% | 1% | 1% | -27.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
QBTS operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Bookings | $13.4MAnd critically, we transitioned that technical leadership into commercial performance with record revenue of $24.6 million in fiscal 2025, up 179% year-over-year, $13.4 million in Q4 bookings, the second highest quarterly bookings in the company's history and up 471% from the immediately preceding third quarter and a sales opportunity pipeline that expanded by nearly 1,500% year-over-year.Source: earnings call transcript | $33.4MDuring the first quarter, we closed bookings of $33.4 million, a nearly 2,000% increase over Q1 bookings a year ago and up 149% from the very strong bookings in the fourth quarter of 2025.Source: earnings call transcript | $2.1MBookings for the second quarter totaled $2.1 million, an increase of approximately $800,000 or 59% when compared to the second quarter of 2025 bookings of $1.3 million.Source: earnings call transcript | -93.7% |
| Remaining performance obligation (RPO) | — | $42.4MAs of March 31, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts totaled $42.4 million.Source: earnings call transcript | $40.7MAs of June 30, 2026, the aggregate amount of remaining performance obligations, otherwise referred to as RPOs or backlog that were unsatisfied or partially unsatisfied related to customer contracts totaled $40.7 million that represents a $35.4 million or 668% increase over the June 30, 2025, RPO balance of $5.3 million.Source: earnings call transcript | -4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 71% ↑ 45 pt
- Other Geographical Areas 16%
- JP 4% ↓ 5 pt
- CA 4% ↓ 8 pt
- DE 4% ↓ 22 pt
As QBTS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
86 filings between Nov 11, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
$1.8K
1 purchase by 1 insider
Sales
$107.11M
39 sales by 7 insiders
54% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 10
- Award — granted as compensation
- 10
- Option exercise — converted options into shares
- 25
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BARATZ ALAN E | — | $70.04M | Jun 8, 2026 |
| Markovich John M. | — | $32.63M | Jun 15, 2026 |
| Nguyen Diane | — | $2.38M | May 21, 2026 |
| Ghai Rohit | — | $776.1K | Jun 15, 2026 |
| DiLullo John D | — | $574.6K | Sep 8, 2026 |
| AMES SOPHIE C | — | $554.5K | Jul 20, 2026 |
| Nielsen Kirstjen | — | $158.3K | Dec 3, 2025 |
| WEST STEVEN M | $1.8K | — | Nov 18, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Tax withheld | 4,066 | $48.9K |
| Oct 15, 2026 | BARATZ ALAN E President & CEO | Tax withheld | 52,320 | $629.4K |
| Oct 15, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Tax withheld | 3,180 | $38.3K |
| Oct 15, 2026 | GOLKOV GREGORY Acting CFO & SVP, Finance | Tax withheld | 15,859 | $190.8K |
| Sep 18, 2026 | GAVGANI BERNARD Director | Award | 16,493 | $0 |
| Sep 17, 2026 | GOLKOV GREGORY Acting CFO & SVP, Finance | Award | 27,081 | $0 |
| Sep 15, 2026 | GOLKOV GREGORY Acting CFO & SVP, Finance | Tax withheld | 1,132 | $19.1K |
| Sep 15, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Tax withheld | 1,544 | $26.0K |
| Sep 15, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Tax withheld | 3,191 | $53.7K |
| Sep 15, 2026 | BLACK STANLEY T Exec. Vice President & CISO | Tax withheld | 1,535 | $25.8K |
| Sep 8, 2026 | DiLullo John D Director | Sale 10b5-1 plan | 1,100 | $19.8K |
| Aug 17, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Tax withheld | 4,042 | $85.6K |
| Aug 17, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Tax withheld | 23,850 | $504.9K |
| Jul 20, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Sale 10b5-1 plan | 3,070 | $52.0K |
| Jul 14, 2026 | BARATZ ALAN E President & CEO | Tax withheld | 52,320 | $976.3K |
| Jul 14, 2026 | Markovich John M. Chief Financial Officer | Tax withheld | 8,607 | $160.6K |
| Jul 14, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Tax withheld | 3,180 | $59.3K |
| Jul 14, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Tax withheld | 4,066 | $75.9K |
| Jun 15, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Tax withheld | 1,544 | $36.1K |
| Jun 15, 2026 | BLACK STANLEY T Exec. Vice President & CISO | Tax withheld | 1,535 | $35.9K |
| Jun 15, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Tax withheld | 3,191 | $74.6K |
| Jun 15, 2026 | Ghai Rohit Director | Sale 10b5-1 plan | 13,518 | $357.1K |
| Jun 15, 2026 | Markovich John M. Chief Financial Officer | Tax withheld | 10,584 | $247.3K |
| Jun 15, 2026 | Markovich John M. Chief Financial Officer | Sale | 100,000 | $2.57M |
| Jun 15, 2026 | Markovich John M. Chief Financial Officer | Sale | 100,000 | $2.58M |
| Jun 12, 2026 | Markovich John M. Chief Financial Officer | Sale | 46,043 | $1.11M |
| Jun 9, 2026 | Markovich John M. Chief Financial Officer | Sale | 70 | $1.9K |
| Jun 8, 2026 | BARATZ ALAN E President & CEO | Option exercise | 474,395 | $431.7K |
| Jun 8, 2026 | Markovich John M. Chief Financial Officer | Sale | 50,979 | $1.34M |
| Jun 8, 2026 | BARATZ ALAN E President & CEO | Sale | 687,627 | $17.97M |
| Jun 8, 2026 | BARATZ ALAN E President & CEO | Option exercise | 213,232 | $180.4K |
| Jun 5, 2026 | DiLullo John D Director | Sale 10b5-1 plan | 7,850 | $191.8K |
| Jun 4, 2026 | Biscay Roger Director | Award | 9,357 | $0 |
| Jun 4, 2026 | WEST STEVEN M Director | Award | 9,357 | $0 |
| Jun 4, 2026 | Holt Sharon E Director | Award | 9,357 | $0 |
| Jun 4, 2026 | Nielsen Kirstjen Director | Award | 9,357 | $0 |
| Jun 4, 2026 | Ghai Rohit Director | Award | 9,357 | $0 |
| Jun 4, 2026 | DiLullo John D Director | Award | 9,357 | $0 |
| Jun 2, 2026 | Markovich John M. Chief Financial Officer | Sale | 2,908 | $90.1K |
| May 22, 2026 | Markovich John M. Chief Financial Officer | Sale | 328,752 | $9.11M |
| May 22, 2026 | Markovich John M. Chief Financial Officer | Option exercise | 120,826 | $102.2K |
| May 22, 2026 | Markovich John M. Chief Financial Officer | Option exercise | 207,926 | $191.3K |
| May 21, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Sale 10b5-1 plan | 40,000 | $1.00M |
| May 20, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Sale 10b5-1 plan | 23,025 | $436.9K |
| May 13, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Tax withheld | 23,850 | $533.0K |
| May 13, 2026 | Nguyen Diane EVP, Chief Legal Officer & GC | Tax withheld | 2,459 | $55.0K |
| May 13, 2026 | BARATZ ALAN E President & CEO | Tax withheld | 18,542 | $414.4K |
| Apr 30, 2026 | BARATZ ALAN E President & CEO | Award | 753,941 | $0 |
| Apr 20, 2026 | AMES SOPHIE C Exec. Vice President & CHRO | Sale 10b5-1 plan | 3,070 | $65.5K |
| Apr 13, 2026 | BARATZ ALAN E President & CEO | Tax withheld | 33,778 | $481.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for D-Wave Quantum Inc.
Free account. Everything above stays public.
Write why you follow D-Wave Quantum Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading