$QBTS · D-Wave Quantum Inc.
D-Wave reported Q3 2026 results: revenue of $4.5M (up 21% YoY), GAAP net loss of $48.2M ($0.13/share), and Adjusted EBITDA loss of $37.7M. Bookings for the first nine months of 2026 were $37.4M (up 611% YoY), and remaining performance obligations hit $38.3M (up 1,221% YoY). Cash and marketable securities totaled $503.4M as of Sept 30, 2026, plus access to up to $100M in CHIPS Act funding.
- Revenue $4.5M, up 21% YoY; GAAP gross margin fell to 52.9% from 71.4%
- Net loss $48.2M, helped by a $121.9M drop in warrant liability charges
- Nine-month bookings $37.4M, up 611% YoY; RPO $38.3M, up 1,221% YoY
- Cash and marketable securities $503.4M; up to $100M CHIPS Act funding secured
- GAAP operating expenses $55.9M, up 84% YoY on personnel and stock-based compensation
Extended-hours trading shows shares at $11.12, down 3.05% from the $11.47 regular close, suggesting a mildly negative initial reaction despite the narrowed loss.
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D-Wave's dual-platform (annealing + gate-model) positioning and CHIPS Act backing contrast with peers focused solely on gate-model quantum computing.
Operating expenses grew 84% YoY to $55.9M, and Adjusted EBITDA loss widened 83% to $37.7M, signaling heavy cash burn despite the narrowed GAAP loss.