Q1 26 EPS
$-0.05
BEAT +34.55%
Est. $-0.08
Q1 26 Revenue
$2.9M
MISS 30.95%
Est. $4.1M
Did QBTS Beat Earnings? Q1 2026 Results
D-Wave Quantum posted a sharply bifurcated first quarter for fiscal 2026, with headline revenue collapsing 81% year over year to $2.86 million while forward-demand metrics told a dramatically different story. The revenue decline traced almost entirel… Read more D-Wave Quantum posted a sharply bifurcated first quarter for fiscal 2026, with headline revenue collapsing 81% year over year to $2.86 million while forward-demand metrics told a dramatically different story. The revenue decline traced almost entirely to the absence of a $12.60 million annealing system sale that padded the year-ago period, a comparison that also compressed GAAP gross margin to 63.6% from 92.5%. Yet bookings surged to $33.40 million, up nearly 2,000% year over year, anchored by a $20.00 million system agreement with Florida Atlantic University and a $10.00 million enterprise deal with an undisclosed Fortune 100 company, lifting remaining performance obligations to $42.40 million. The quarter's defining event was the acquisition of Quantum Circuits, Inc., which added $9.10 million in transaction costs and helped widen the GAAP net loss to $18.36 million, or $0.05 per share, though a $28.45 million tax benefit cushioned the blow. With $588.40 million in cash, D-Wave is funding an ambitious gate-model quantum roadmap targeting 100 logical qubits by 2032, with additional details expected at its June 1 Investor Day.
Key Takeaways
- • Record quarterly bookings of $33.4 million driven by $20M FAU system purchase and $10M Fortune 100 QCaaS agreement
- • Remaining performance obligations grew 563% YoY to $42.4 million
- • Revenue declined 81% YoY due to absence of prior-year $12.6 million system sale
- • $28.5 million income tax benefit from Quantum Circuits acquisition partially offset higher operating losses
- • Over 100 individual customers with over 50% being commercial enterprises
QBTS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
QBTS Revenue by Segment
Business unit performance breakdown
“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.”
— Alan Baratz, Q1 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% |