D-Wave Quantum Inc

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 <a href="https://247wallst.com/investing/2026/03/14/d-wave-vs-ionq-isnt-the-only-quantum-battle-heres-the-real-race/">gate-model quantum roadmap</a> targeting 100 logical qubits by 2032, with additional details expected at its June 1 Investor Day.