Key Highlights

  • Third quarter Revenue was USD 4.5 million against an estimated USD 4.36 million, up 21% year over year.
  • Loss per share of USD 0.10 matched the estimate, while GAAP net loss was USD 48.2 million, or USD 0.13.
  • Nine-month bookings reached USD 37.4 million, up 611%, though third quarter bookings fell 19% to USD 1.9 million.
  • Subscription revenue rose 56% to USD 2.2 million, and professional services revenue rose 318% to USD 2.0 million.

D-Wave Quantum (NASDAQ:QBTS) reported third quarter 2026 revenue of USD 4.5 million, up about 21% from a year earlier and ahead of the USD 4.36 million estimate. Loss per share of USD 0.10 matched the estimate on the basis used for the comparison. GAAP net loss was USD 48.2 million, or USD 0.13 per share, an improvement of USD 91.8 million from the year-earlier quarter.

The company recognized revenue from more than 100 customers. Commercial enterprises accounted for 52% of revenue, up from 31% in the third quarter of 2025.

Revenue and Bookings Detail

Quantum computing as a service subscription revenue was USD 2.2 million, up 56%. Professional services revenue was USD 2.0 million, up 318%, driven primarily by a significant engagement with a Fortune 100 customer and paid research projects related to gate model computing. System sales contributed roughly USD 0.36 million.

Third quarter bookings were USD 1.9 million, a decrease of USD 435,000, or 19%, from a year earlier. Management noted that bookings can vary significantly with the timing of larger transactions, and that bookings for the first nine months of 2026 were USD 37.4 million, up 611%.

GAAP operating expenses were USD 55.9 million, up USD 25.5 million, or 84%. Increases included USD 12.3 million in personnel costs, USD 4.1 million of non-cash stock-based compensation, USD 4.6 million of non-cash Depreciation and amortization, USD 1.1 million in professional fees and USD 1.1 million in marketing. Non-GAAP adjusted operating expenses were USD 40.5 million, up USD 17 million, or 72%. The adjusted EBITDA loss was USD 37.7 million, a USD 17 million increase, which the company tied to product development and go-to-market spending. That compares with an adjusted EBITDA loss of about USD 20.7 million a year earlier, and prior-year GAAP operating expenses of about USD 30.4 million. The two sets of figures show spending rising faster than revenue over the period.

Technology and Commercial Milestones

In October the company delivered what it described as Italy's first annealing quantum computer, an Advantage2 system installed at Villa Saporiti in Como. Its gate model roadmap targets completing a 17-qubit system, and management said it is already in discussions on orders for delivery in 2027. The roadmap also lays out a timeline for a first fully error-corrected logical qubit by 2028 and 100 logical qubits by 2032.

Longer-range designs referenced include a 100,000-qubit annealing system and a 10,000-qubit gate model system intended to enable 100 logical qubits capable of executing more than one million operations. These are company targets and not delivered products.

What the Figures Show

Revenue growth, bookings Volatility and a widening Operating Expense base are the figures to follow. The company's release carries the Balance Sheet and cash position.