| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 2.86 | 80.9% |
| Total Income | 2.86 | 80.9% |
| Expenditure | 57.59 | 119.1% |
| PBT | -46.81 | |
| Net Profit | -18.36 | 238.8% |
| OPM | — | |
| NPM | — | |
| EPS | -0.05 | 150.0% |
D-Wave Reports Q1 2026 Results: Bookings Up Nearly 2,000% Y-o-Y
12 May 2026 · 12 May, 4:37 pm
Summary
D-Wave Quantum Inc. announced its financial results for the first quarter ended March 31, 2026. The company reported a decrease in revenue to $2.9 million, down 81% from $15.0 million in the same quarter of the previous year, which included a significant system sale. However, bookings saw a substantial increase, reaching $33.4 million, up nearly 2,000% year-over-year. The company's remaining performance obligations also increased significantly, reaching $42.4 million. D-Wave acquired Quantum Circuits, Inc. to accelerate its gate-model quantum computing development.
Key Highlights
- 1
D-Wave reported record quarterly bookings of $33.4 million for the first quarter of 2026, an increase of nearly 2,000% year-over-year.
- 2
The company's quarter-end cash position was $588 million, up 93% year-over-year.
- 3
First quarter bookings included a $20 million system purchase by Florida Atlantic University and a $10 million Quantum Computing as a Service agreement with a Fortune 100 company.
- 4
D-Wave acquired Quantum Circuits, Inc., a developer of error-corrected superconducting gate-model quantum computing systems.
- 5
Revenue for the first quarter of 2026 was $2.9 million, a decrease of 81% compared to $15.0 million in the first quarter of 2025.
- 6
Remaining performance obligations totaled $42.4 million as of March 31, 2026, an increase of 563% from the first quarter of 2025.
- 7
GAAP gross margin for the first quarter of 2026 was 63.6%, a decrease of 29% from the 92.5% for the first quarter of 2025.
Management Comments
Alan Baratz
D-Wave’s first quarter performance highlights what sets this company apart: strong execution, expanding commercial adoption, and differentiated technology leadership across both annealing and gate model quantum computing. As the only quantum computing company pursuing both annealing and gate-model quantum computing systems, we believe that D-Wave is uniquely positioned to participate in the full addressable quantum computing market. Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a service agreement with a Fortune 100 company reinforced growing demand for our annealing systems. We believe that D-Wave’s combination of commercial proof, technical breadth, and a differentiated path to gate-model error correction and scaling will be increasingly prominent as this market matures.
Informational and educational content only. Not investment advice.