Quarterly ResultMay 12, 2026, 07:07 AM
D-Wave Acquires Quantum Circuits; Q1 Bookings $33.4M (+1,994%)
AI Summary
D-Wave Quantum Inc. reported record first-quarter 2026 bookings of $33.4 million, a nearly 2,000% increase year-over-year, and ended the quarter with $588.4 million in cash, up 93%. The company also announced the acquisition of Quantum Circuits, Inc., a developer of error-corrected superconducting gate-model quantum computing systems, which is expected to accelerate the delivery of scalable gate-model systems. Despite strong bookings, Q1 revenue decreased by 81% to $2.9 million, and net loss widened to $18.4 million.
Key Highlights
- Acquired Quantum Circuits, Inc. to accelerate gate-model quantum system development.
- Q1 2026 Bookings reached a record $33.4 million, up 1,994% year-over-year.
- Quarter-end cash and marketable securities totaled $588.4 million, up 93% year-over-year.
- Signed a $20 million system purchase agreement with Florida Atlantic University.
- Secured a $10 million, two-year QCaaS agreement with a Fortune 100 company.
- Remaining Performance Obligations (RPOs) increased 563% year-over-year to $42.4 million.
- Q1 2026 Revenue was $2.9 million, an 81% decrease from $15.0 million year-over-year.
- Net loss for Q1 2026 was $18.4 million, compared to $5.4 million in Q1 2025.