Key Highlights

  • Second-quarter 2026 Revenue was $3.1 million, flat year on year, while bookings rose 59% to $2.1 million.
  • Cash and marketable securities were $546.2 million at 30 June 2026.
  • The GAAP net loss was $48.0 million, and the adjusted EBITDA loss widened to $37.1 million from $20.0 million.

Flat revenue, rising bookings

D-Wave Quantum Inc. (NASDAQ:QBTS) reported second-quarter 2026 results on 6 August 2026. Revenue was $3.1 million, essentially flat on the $3.1 million of a year earlier. Bookings were $2.1 million, up 59% from $1.3 million.

First-half bookings reached $35.5 million, including a $20 million system sale. Bookings are lumpy and are not revenue.

Revenue recognition follows delivery and contract terms. The release does not say how much of the first-half bookings is expected to convert to revenue or when, so the flat second-quarter revenue should not be read as a signal about the pipeline in either direction.

Losses and spending

The GAAP net loss was $48.0 million, or $0.13 per share, down from $167.3 million, or $0.55 per share. The prior-year loss included a $142.0 million non-cash Warrant remeasurement charge that did not recur. The improvement in the headline loss therefore reflects the absence of that charge rather than lower underlying costs. Excluding that charge, the prior-year loss would have been about $25 million, so the current loss is roughly double the comparable figure.

Adjusted EBITDA was a loss of $37.1 million, compared with $20.0 million in the second quarter of 2025. The company attributed the wider loss mainly to higher spending on product development and go-to-market efforts. Flat revenue alongside a larger cost base is the central tension in the quarter's numbers.

Cash position

Cash and marketable securities were $546.2 million at 30 June 2026, made up of $296.6 million in cash and $249.6 million in marketable securities. More than 90% of the year-on-year decline was attributed to the January 2026 Acquisition of Quantum Circuits.

At the second-quarter adjusted EBITDA loss, the balance equates to roughly fifteen quarters of spending. Adjusted EBITDA is not a cash-flow measure, so this is an illustration rather than a statement about funding needs. Cash use also includes Capital Expenditure and acquisitions, which adjusted EBITDA excludes. The release provided no forward financial guidance.

Technology and customers

D-Wave was named a Leader in the IDC MarketScape: Worldwide Quantum Computing 2026 assessment, and a Nature paper described a fast, high-fidelity two-qubit gate for its superconducting dual-rail architecture. It outlined a gate-model roadmap with a 17-qubit system in 2026, a 181-qubit system in 2028 and a 10-logical-qubit system in 2030. It also set a target of a 100,000-qubit annealing system by 2031, with a 20,000-qubit step in 2029. These are targets, not delivered products, and the dates are the company's own.

New or renewing customers included AT&T, Verafin, Unisys, Shionogi, Oki Electric and a large gambling and entertainment company. The company also received a $1,566,240 grant from the National Science Foundation. Chief Executive Alan Baratz said D-Wave is translating technical Leadership into commercial progress.

What to watch

Items to watch include third-quarter results, expected on 10 November 2026, conversion of bookings into revenue, progress against the 2026 gate-model milestone and the pace of cash use. Technical milestones and commercial traction can diverge in an early-stage field, so both deserve separate scrutiny.