Key Highlights

  • Third-quarter 2026 Revenue was USD 4.5 million, up 21% from a year earlier, as professional services rose USD 1.5 million and Quantum Computing as a service rose USD 0.8 million, partly offset by USD 1.5 million lower system sales.
  • Remaining performance obligations reached USD 38.3 million at September 30, 2026, up 1,221% from USD 2.9 million, with about 59% expected to be recognized as revenue within 12 months.
  • The GAAP net loss was USD 48.2 million, or USD 0.13 per share, a decline of USD 91.8 million from a year earlier, mainly because Warrant remeasurement charges fell by USD 121.9 million.
  • Cash and marketable Investment securities totaled USD 503.4 million at quarter end, while the company also has access to up to USD 100 million of CHIPS and Science Act funding subject to milestones.

Backlog Surges While Quarterly Revenue Stays Small

D-Wave Quantum (NASDAQ:QBTS), which sells annealing and gate-model quantum computing systems, software and cloud access, reported third-quarter results on November 10, 2026. Revenue was USD 4.5 million. Bookings for the quarter were USD 1.9 million, down about 19% from a year earlier, but nine-month bookings were USD 37.4 million, up 611%, including USD 2.3 million from Quantum Circuits closed just before that Acquisition in January 2026. About 71% of the USD 38.3 million Backlog is expected to turn into revenue within 24 months. The company noted that bookings in a single quarter can swing with the timing of large transactions, and that its backlog figure excludes unexercised renewals.

Margins Slip as Costs Rise Sharply

GAAP Gross Profit was USD 2.4 million, down 11%, and GAAP gross Margin was 52.9%. Non-GAAP gross margin was 63.6%, down 14.1 points from a year earlier, because professional services carry lower margins. GAAP operating expenses were USD 55.9 million, up 84%, with personnel costs up USD 12.3 million. Non-GAAP adjusted operating expenses were USD 40.5 million, and the non-GAAP adjusted EBITDA loss was USD 37.7 million, up USD 17.0 million. The much smaller GAAP net loss comparison is explained by warrants: the net loss a year earlier was about USD 140.0 million (calculated from the USD 91.8 million decline), driven by non-cash warrant remeasurement.

Government Funding, Customers and Roadmap Commitments

The company signed a definitive agreement with the U.S. Department of Commerce for up to USD 100 million of CHIPS and Science Act funding, paid in installments as milestones are met. It is meant to support a 100,000-qubit annealing system and a 10,000-qubit gate-model system. Customer items included NTT DOCOMO's second production application, a 4,400-plus qubit Advantage2 system delivered in Italy, a multi-year agreement with SkyWater and a Partnership with CGI. The company recognized revenue from more than 100 customers, 48% of them commercial. The funding is conditional on milestones, and the release gives no revenue guidance, so conversion of backlog to sales remains the main test.

Where Things Stand

Partly, on the company's own schedule. D-Wave Quantum (NASDAQ:QBTS) expects about 59% of the USD 38.3 million backlog to become revenue within 12 months, roughly USD 22.6 million (calculated), against USD 4.5 million of quarterly revenue now. Costs are rising faster than sales, with a USD 37.7 million adjusted EBITDA loss, though USD 503.4 million of cash gives room. Next markers are bookings, system deliveries and milestone-based government funding.