D-Wave Quantum (QBTS) Q1 2026 earnings summary

Executive summary

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

• Revenue for Q1 2026 was $2.9M, down 81% YoY due to a large system sale in the prior year; commercial revenue comprised over 73% of total.

• Completed the acquisition of Quantum Circuits, Inc. in January 2026, enhancing gate-model quantum computing capabilities and introducing dual-rail qubit technology.

• Expanded commercial adoption with major deals, including a $20M system sale to Florida Atlantic University and a $10M enterprise QCaaS agreement.

• Launched new hybrid solver software, quantum-classical blockchain test net, and advanced quantum AI for drug discovery.

Financial highlights

• Q1 2026 revenue was $2.9M, down 81% YoY; QCaaS revenue grew 14.8% YoY to $1.8M, professional services up 26.4% to $982.8K.

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

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

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

• Adjusted EBITDA loss was $32.8M, up from $6.1M YoY; GAAP operating expenses were $56.5M, up 125% 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.

• Expecting 2–3 system sales in 2026, with at least two deliveries this year; pipeline and average deal size have more than doubled sequentially.

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

• QCaaS revenue anticipated to increase over time, with professional services supporting long-term growth.

• No specific forward financial guidance provided, but liquidity is deemed sufficient to fund the path to profitability.