Key Highlights

  • D-Wave Quantum (NYSE:QBTS) shares fell about 8% to around USD 10.59 in morning trading on November 10, 2026, after third-quarter results.
  • Revenue rose 21% to USD 4.51 million, ahead of a forecast near USD 4.33 million, but bookings fell 19% to USD 1.9 million and the adjusted EBITDA loss widened 83% to USD 37.7 million.
  • Peer Quantum Computing Inc reported Revenue of USD 9.5 million against an expected USD 7.21 million, but a loss of USD 0.07 per share missed a USD 0.05 forecast and its shares dipped.
  • D-Wave holds about USD 503.4 million of cash and marketable securities, and nine-month bookings of USD 37.4 million include a USD 20 million system sale due largely in the fourth quarter.

D-Wave: A Revenue Beat With Softer Orders

D-Wave Quantum (NYSE:QBTS) builds annealing quantum computers and is also developing gate-model systems. Its third-quarter revenue rose 21% to USD 4.51 million, slightly ahead of forecasts, driven by professional services and cloud access, which offset a USD 1.5 million drop in system sales. The concern was orders. Bookings fell 19% to USD 1.9 million from a year earlier and were also below the second quarter. Remaining performance obligations, a measure of contracted future revenue, were USD 38.3 million, down from USD 40.7 million at the end of June, though far above a year ago. Gross Margin fell to 52.9% from 71.4% because of a heavier mix of lower-margin services and higher stock compensation. Operating expenses rose 84% as Research and Development spending more than doubled, and the adjusted EBITDA loss widened to USD 37.7 million. The net loss of USD 48.2 million, or USD 0.13 per share, improved sharply from a year earlier because Warrant charges fell, while the adjusted loss of USD 0.11 per share was a cent worse than forecasts.

Quantum Computing Inc: Growth With a Wider Loss

Quantum Computing Inc, which develops photonic quantum and optical computing products, reported third-quarter revenue of USD 9.5 million, comfortably above the USD 7.21 million forecast and up from just USD 0.384 million a year earlier. The company had generated USD 9.2 million in the whole first half of its fiscal year, so the quarter represented a step change in sales. Even so, the loss of USD 0.07 per share was wider than the USD 0.05 expected, and the shares dipped. The pattern mirrors D-Wave: revenue progress is real but small in absolute terms, while spending to build out technology and Manufacturing capacity keeps losses high. Investors in the sector are increasingly focused on whether revenue gains come with any improvement in operating losses.

Balance Sheets and What to Watch

Both companies raised large amounts of Capital during the quantum rally, which gives them runway. D-Wave ended September with USD 503.4 million of cash and securities, down from USD 546.2 million at the end of June, and has an agreement for up to USD 100 million of CHIPS Act funding from the Department of Commerce. Management said its sales pipeline was up more than 75% in dollar terms since June. Its nine-month bookings include USD 20 million from a system sale to Florida Atlantic University, which should be recognised largely in the fourth quarter. The shares were down about 56% year to date before the report, showing how far sentiment has cooled. Investors will watch fourth-quarter revenue recognition, the trend in new bookings, and whether D-Wave (NYSE:QBTS) can narrow losses as gate-model research continues alongside its commercial annealing business.

Where Things Stand

D-Wave Quantum (NYSE:QBTS) fell about 8% on November 10, 2026 as a 21% revenue gain to USD 4.51 million was overshadowed by a 19% drop in bookings and a wider adjusted EBITDA loss. Quantum Computing Inc beat on revenue at USD 9.5 million but missed on earnings. Both hold large cash balances, and the sector's next test is whether rising revenue starts to narrow losses.