Key Highlights

  • D-Wave Quantum (NASDAQ:QBTS) reported remaining performance obligations of USD 38.3 million at September 30, 2026, up 1,221% from USD 2.9 million, against third-quarter Revenue of USD 4.5 million.
  • Rigetti Computing (NASDAQ:RGTI) cut its GAAP net loss to USD 3.1 million from about USD 201 million, yet its operating loss widened to USD 33.2 million from USD 20.5 million.
  • Xanadu Quantum Technologies (NASDAQ:XNDU) posted an adjusted EBITDA loss of USD 26.3 million, up from USD 15.4 million a year earlier, as Research and Development spending reached about USD 25.6 million.
  • Lightwave Logic (NASDAQ:LWLG) now expects Volume production to begin in 2028 instead of the second half of 2027, after a net loss of about USD 7.2 million.

D-Wave Quantum (NASDAQ:QBTS): Backlog Surges While Revenue Stays Small

D-Wave Quantum (NASDAQ:QBTS) reported third-quarter results on November 10, 2026. Remaining performance obligations reached USD 38.3 million at September 30, 2026, up 1,221% from USD 2.9 million, and about 59% is expected to be recognized as revenue within 12 months. Quarterly revenue was USD 4.5 million, up 21%, so the backlog is roughly 8.5 times a single quarter of sales (simple arithmetic on two reported figures). Bookings for the quarter were USD 1.9 million, down about 19%, although nine-month bookings were USD 37.4 million, up 611%. The company noted that bookings can swing with the timing of large transactions. Non-GAAP gross Margin was 63.6%, down 14.1 points, because professional services carry lower margins. GAAP operating expenses rose 84% to USD 55.9 million, and the non-GAAP adjusted EBITDA loss was USD 37.7 million. The GAAP net loss of USD 48.2 million looks smaller than a year earlier only because Warrant remeasurement charges fell by USD 121.9 million. Cash and marketable Investment securities were USD 503.4 million, and a definitive agreement offers up to USD 100 million of CHIPS and Science Act funding as milestones are met. The release gives no revenue guidance.

Rigetti Computing (NASDAQ:RGTI): A Tiny Net Loss Built on Non-Cash Warrant Swings

Rigetti Computing (NASDAQ:RGTI) filed its Quarterly Report and held its call on November 10, 2026. Its GAAP net loss of USD 3.137 million, against USD 200.968 million a year earlier, mostly reflects Fair Value changes on derivative warrant and earn-out liabilities, which are non-cash. The operating loss moved the other way, widening to USD 33.2 million as operating expenses rose to USD 34 million. Quarterly revenue was USD 1.4 million against USD 1.9 million, though nine-month revenue of USD 10.9 million compares with USD 5.2 million. Management expects about USD 20 million of 2026 revenue, which assumes customer acceptance of a 108-qubit system in the fourth quarter and implies roughly USD 9 million for that quarter (calculated). Cash and available-for-sale investments were USD 497.1 million with no debt, down from USD 541.3 million at June 30. A September 4, 2026 Commerce Department agreement offers up to USD 100 million, with USD 43.9 million available at signing and the rest tied to milestones. Management said it may raise more Capital sooner than planned, and the diluted loss per share in the filing was USD 0.08.

Xanadu Quantum Technologies (NASDAQ:XNDU): Chip Fabrication Spending Widens the Adjusted Loss

Xanadu Quantum Technologies (NASDAQ:XNDU) reported its third-quarter 2026 results on a call whose transcript is dated November 12, 2026. The adjusted EBITDA loss was USD 26.3 million, against USD 21.3 million in the second quarter and USD 15.4 million a year earlier. Research and development expense was about USD 25.6 million, up USD 5.9 million from the second quarter, on wafer spend for chip tape-outs, a foundry collaboration and more engineers. Headcount reached 361 from 306. The net loss of USD 32.2 million was lower than USD 42.1 million in the second quarter only because that quarter carried earn-out and derivative charges, so it does not signal cost control. Revenue was USD 1.3 million, which management does not expect to be a material driver. Cash ended at USD 286.5 million, down USD 26.3 million, with about USD 232.8 million still available under a synthetic at-the-market facility, management said. The company signed an agreement for about USD 140 million of Canadian government funding, received as qualifying spending is incurred, and management expects costs to grow again in the fourth quarter. The call gave no per-share figures.

Lightwave Logic (NASDAQ:LWLG): Foundry Delays Push Volume Production to 2028

Lightwave Logic (NASDAQ:LWLG) held its third-quarter 2026 call on November 11, 2026. Management now expects volume production to begin in 2028, instead of the second half of 2027 discussed on the previous call, citing slower silicon photonics foundry cycles and process qualification. The net loss was about USD 7.2 million, or USD 0.05 a share, against about USD 5.1 million, while net sales were about USD 38,000 against about USD 29,000. Research and development expense was about USD 4.3 million and general and administrative expense about USD 3.7 million. Cash and marketable securities were about USD 87.8 million, down from about USD 95.9 million at June 30, and management said Liquidity funds its plan into 2028, close to the new production date. Foxconn and Marvell, plus three other customers, are at Stage 3 of the design win process, and Stage 4 means a fully qualified product ready for volume shipment. Management described the Foxconn transceiver demonstration as a step toward qualification, not volume production. The call gave no revenue guidance. All figures were spoken on the call and rounded.

Where Things Stand

Partly, because the backlog is large only against very small revenue. D-Wave Quantum (NASDAQ:QBTS) must convert about 59% of USD 38.3 million within 12 months while costs rise faster than sales. Rigetti Computing (NASDAQ:RGTI) owes its small net loss to accounting, and its USD 20 million revenue target depends on one system acceptance. Xanadu Quantum Technologies (NASDAQ:XNDU) guides to higher spending, with Canadian funding arriving only as costs are incurred. Lightwave Logic (NASDAQ:LWLG) has funding into 2028 but a production date that has just moved to 2028. The next markers are backlog conversion, system acceptance, fourth-quarter spending and foundry wafer deliveries.