Key Highlights

  • First-half bookings surged 1,120% to $35.5 million, boosted by a $20 million system sale, while remaining performance obligations jumped 668% to $40.7 million.
  • Management indicated most of the Backlog should convert to Revenue within two years.
  • D-Wave announced an expanded deployment with NTT DOCOMO for a second production quantum application in network operations.
  • The company holds roughly $546 million in cash and investments, giving it runway to continue investing in research and commercialization.

D-Wave Quantum Inc. (NASDAQ:QBTS) reported a dramatic surge in bookings in its second-quarter 2026 Earnings report, signaling growing commercial Demand for its quantum annealing computing technology.

D-Wave's bull case rests on its position as one of the few commercially revenue-generating quantum-computing companies, with a growing share of quantum-cloud-as-a-service revenue coming from production applications rather than research pilots.

The company's August 6, 2026 earnings report highlighted the bookings surge alongside continued expansion of its commercial partnerships.

The Bookings Surge

Second-quarter bookings rose 59% to $2.1 million, while first-half bookings surged 1,120% to $35.5 million, boosted by a $20 million system sale. Remaining performance obligations, a proxy for contracted future revenue, jumped 668% to $40.7 million, with management indicating most of that backlog should convert to revenue within two years.

This bookings growth reflects a significant acceleration in commercial demand for D-Wave's Quantum Computing systems, even as reported revenue for the period remained more modest relative to the surging bookings figures.

Commercial Deployments

Since the earnings report, D-Wave has kept up a steady drumbeat of smaller announcements, including an expanded deployment with NTT DOCOMO for a second production quantum application in network operations. Approximately 37% of quantum-cloud-as-a-service revenue in the most recent quarter came from production applications rather than research pilots, according to the company.

This shift toward production applications represents an important indicator of the technology's maturing commercial viability beyond the research and pilot phase.

Financial Position

D-Wave entered the back half of 2026 with a substantial cash cushion, reporting roughly $546 million in cash and investments as of its most recent quarter, a war chest built through Equity raises and Warrant exercises during the quantum-computing enthusiasm of the past two years.

Operating expenses more than doubled year over year as management leaned into product development, customer integration, and go-to-market spending, reflecting the company's continued Investment in scaling its commercial operations.

The Investment Case

BMO Capital reportedly initiated coverage with an Outperform rating, citing D-Wave's emerging commercial traction as a differentiating Factor within the broader quantum computing sector. The company's position as a commercially revenue-generating quantum computing player sets it apart from some peers still earlier in their commercialization journey.

D-Wave remains unprofitable and trades at a valuation many multiples of trailing revenue, reflecting the market's expectations for continued growth in quantum computing adoption across research and commercial applications.

What Comes Next

Investors tracking QBTS should watch the pace at which the $40.7 million remaining performance obligation converts into recognized revenue over the next several quarters, and third-quarter 2026 results, which will show whether bookings momentum persists.

Further commercial deployment news from anchor customers like AT&T and NTT DOCOMO, along with any additional analyst initiations following BMO's Outperform call, are also worth watching.

Surging Bookings Signal Commercial Momentum

D-Wave Quantum's dramatic bookings surge and growing share of production-application revenue reflect meaningful progress in the company's commercialization journey within the quantum computing sector.

The bookings growth and expanding commercial footprint are genuine positives, and the Balance Sheet remains well capitalized to support continued investment in research and commercialization.