D-Wave Quantum (QBTS) Q2 2026 earnings summary

Executive summary

• Quantum computing market is at an inflection point, with accelerating scientific progress, expanding customer interest, and over 100 customers in 1H 2026, more than 65% of revenue from commercial clients, and 45% from Forbes Global 2000 companies.

• Recognized as a leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment, with strengths in enterprise accessibility and hybrid adoption frameworks.

• Major technical milestones achieved, including quantum supremacy on a real-world problem, peer-reviewed breakthroughs in error correction, and a new scalable architecture roadmap.

• Completed the acquisition of Quantum Circuits, Inc. in January 2026, enhancing gate-model quantum computing capabilities and adding dual-rail qubit technology.

• Signed major agreements with AT&T, Optum, and NTT Docomo, demonstrating production value and operational efficiencies.

Financial highlights

• Q2 2026 revenue was $3.1M (flat year-over-year); first half 2026 revenue was $5.9M, down 67% due to a large system sale in 2025.

• Q2 2026 commercial customer revenue reached $1.9M, up from $1.4M in Q2 2025; QCaaS revenue for Q2 2026 was $1.9M, a 37.6% increase year-over-year.

• Q2 2026 GAAP gross margin was 55.4%, down from 63.8% last year, mainly due to increased personnel costs; first half 2026 gross margin was 41%.

• Q2 2026 net loss was $48M ($0.13/share), improved from $167.3M ($0.55/share) YoY; first half 2026 net loss was $66.4M ($0.18/share), improved from $172.8M ($0.59/share) in 2025.

• Bookings for the first half totaled $35.5M, up 1,120% year-over-year, driven by a $20M system sale; remaining performance obligations at June 30, 2026: $40.7M, up 668% YoY.

Outlook and guidance

• Roadmap targets delivery of two annealing quantum computer systems in Q4 2026, with related revenue carrying into 2027, and development of 20,000- and 100,000-qubit systems by 2029 and 2031.

• Gate-model roadmap includes a 17-qubit system in 2026, 49-qubit in 2027, 181-qubit in 2028, and scaling to 100 logical qubits by 2032.

• Q3 revenue expected to be up modestly from Q2; Q4 revenue expected to be significantly higher and comprise the majority of annual revenue.

• Targeting two to three system deals annually going forward and accelerating the timeline to scalable, error-corrected gate-model quantum computers.

• QCaaS revenue anticipated to grow as a share of total revenue, with professional services seen as a strategic enabler.