Q2 26 EPS GAAP
$-0.13
MISS 42.23%
Est. $-0.09
Q2 26 Revenue
$3.1M
MISS 23.63%
Est. $4.0M
vs S&P Since Q2 26
-4.5%
TRAILING MARKET
QBTS -3.9% vs S&P +0.5%
Market Reaction
Did QBTS Beat Earnings? Q2 2026 Results
D-Wave Quantum delivered a bruising second quarter, missing on both the top and bottom lines as the company's heavy investment cycle collided with near-flat revenue growth. GAAP EPS came in at $-0.13, missing the $-0.09 consensus by 42.23%, while rev… Read more D-Wave Quantum delivered a bruising second quarter, missing on both the top and bottom lines as the company's heavy investment cycle collided with near-flat revenue growth. GAAP EPS came in at $-0.13, missing the $-0.09 consensus by 42.23%, while revenue of $3.08 million fell 23.63% short of the $4.03 million estimate and was essentially unchanged from $3.10 million a year ago, a decline of just 0.6%. The headline shortfall, however, obscures a meaningful shift in business composition: commercial customers represented 62.4% of revenue versus 45.1% a year ago, and Forbes Global 2000 clients climbed to 47.7% from 20.4%. The more striking figure sits in the bookings line, where first-half 2026 bookings surged to $35.50 million from $2.90 million, driven largely by a $20 million system sale whose revenue will land in later quarters, a dynamic that explains the widening gap between reported results and the underlying commercial pipeline. Remaining performance obligations of $40.70 million, up 668% year-over-year, suggest near-term recognition is forthcoming, though operating expenses nearly doubled to $54.98 million as D-Wave pursues its dual annealing and gate-model roadmap.
Key Takeaways
- • Commercial customer revenue mix increased to 62.4% of Q2 2026 revenue from 45.1% in Q2 2025
- • Forbes Global 2000 customers accounted for 47.7% of Q2 2026 revenue vs 20.4% in Q2 2025
- • QCaaS production application revenue reached 37.3% of total QCaaS revenue in H1 2026 vs 9.8% in H1 2025
- • Average booking size increased over 87% year-over-year in Q2 and over 1,120% in H1
- • Warrant liability remeasurement charges decreased by $142 million year-over-year, improving net loss
QBTS Forward Guidance & Outlook
D-Wave's remaining performance obligations of $40.7 million as of June 30, 2026 provide forward revenue visibility, with approximately 57% expected to be recognized within 12 months and 72% within two years. First-half bookings of $35.5 million, including a $20 million system sale to be recognized in subsequent quarters, indicate strong near-term revenue pipeline. The company continues to invest aggressively in R&D and go-to-market, with operating expenses nearly doubling year-over-year to support accelerated product development and commercialization. The gate-model roadmap targets a 17-physical-qubit system in 2026, scaling to 100 logical qubits by 2032, while the annealing roadmap targets 20,000 qubits by 2029 and 100,000 qubits by 2031.
QBTS YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
QBTS Revenue by Segment
Business unit performance breakdown
“This quarter reinforced the strength and breadth of D-Wave's leadership. We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap. The peer-reviewed validation of our dual-rail architecture and recognition by IDC as an industry Leader reflects growing confidence in both our ability to deliver customer value and our approach to building scalable quantum computer systems. D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates.”
— Alan Baratz, Q2 2026 Earnings Press Release
QBTS Earnings Trends
QBTS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
QBTS EPS Trend
Earnings per share: estimate vs actual
QBTS Revenue Trend
Quarterly revenue: estimate vs actual
QBTS Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $-0.09 | $-0.13 | -42.23% | $3.1M | -23.63% |
| Q1 26 BEAT | $-0.08 | $-0.05 | +34.55% | $2.9M | -30.95% |
| Q4 25 MISS FY | $-0.06 | $-0.12 | -94.49% | $2.8M | -26.40% |
| FY Full Year | $-0.22 | $-1.11 | -411.76% | $24.6M | -4.10% |
| Q3 25 BEAT | $-0.07 | $-0.05 | +24.59% | $3.7M | +23.50% |
| Q2 25 MISS | $-0.05 | $-0.55 | -912.89% | $3.1M | +21.79% |
| Q1 25 BEAT | $-0.04 | $-0.02 | +44.44% | $15.0M | +42.85% |