D-Wave Quantum (QBTS) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 bookings of $33.4M, up 1,994% year-over-year, driven by major system sales, enterprise agreements, and commercial traction with over 100 customers, more than half from commercial enterprises.

• Completed the acquisition of Quantum Circuits, Inc., enhancing gate-model quantum computing capabilities with dual-rail qubit technology and strengthening talent and IP portfolio.

• Commercial momentum supported by landmark deals, including a $20M system sale to Florida Atlantic University and a $10M enterprise QCaaS agreement with a Fortune 100 company.

• Expanded R&D and North American presence with new headquarters in Boca Raton, FL.

• Launched new developer tools, hybrid solver software, and a top-ranked quantum computing podcast.

Financial highlights

• Q1 2026 revenue was $2.9M, down 81% year-over-year due to a large system sale in Q1 2025; over 73% of revenue was commercial.

• Q1 bookings reached $33.4M, up 1,994% year-over-year and 149% sequentially; remaining performance obligations rose to $42.4M, up 563% year-over-year.

• GAAP gross profit was $1.8M (down 87% YoY); GAAP gross margin was 63.6% (down from 92.5% YoY).

• Net loss was $18.4M ($0.05/share), compared to $5.4M ($0.02/share) in Q1 2025, due to higher operating expenses and lower gross profit.

• Adjusted EBITDA loss was $32.8M, up from $6.1M YoY.

Outlook and guidance

• Roadmap targets a dual-rail system with 175 physical qubits by 2028, 1,000 by 2030, and 100 logical qubits by 2032; 2–3 system sales expected in 2026, with at least two deliveries this year.

• Q2 2026 revenue expected to be modestly up from Q1, with most revenue recognized in the second half of the year.

• Over half of the $42.4M in remaining performance obligations expected to be recognized as revenue in the next 12 months.

• No specific forward financial guidance provided, but liquidity is considered sufficient to reach profitability.

• Expectation of continued significant operating losses as investments in R&D and go-to-market initiatives persist.