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D-Wave Reports Third Quarter 2026 Results

QBTS
  • D-Wave Quantum Inc. reported third-quarter 2026 revenue of $4.5 million, representing a 21% increase year over year.
  • Bookings for the first nine months of 2026 totaled $37.4 million, a 611% increase year over year.
  • Remaining Performance Obligations (RPO) reached $38.3 million as of September 30, 2026, marking a 1,221% year-over-year increase.
  • The company executed a definitive agreement with the U.S. Department of Commerce to access up to $100 million in CHIPS and Science Act funding for next-generation quantum computer development.
  • NTT DOCOMO deployed a second production application using D-Wave's hybrid quantum technology, reducing daily peak location registration signals by 65.3%.
  • D-Wave delivered Italy's first annealing quantum computer, a 4,400+ qubit Advantage2™ system, to Villa Saporiti in Como, Italy.
  • The company launched a beta program for its gate-model quantum computing simulator to enable error-aware programming ahead of future system releases.
  • D-Wave extended its partnership with SkyWater for semiconductor process development while completing a proof-of-technology project that reduced fab lot delays by up to 30%.
  • Strategic partnerships were formed with CGI to integrate quantum platforms into IT services, and with LG CNS to advance quantum adoption in South Korea.
  • D-Wave was recognized as a Market Shaper in Gartner's Emerging Market Quadrant for Quantum Computing as of November 2026.
  • Bernard Gavgani and Kevan Krysler were appointed to the Board of Directors to enhance cybersecurity expertise and financial reporting oversight.
  • GAAP net loss for the quarter was $48.2 million, a significant decrease from the prior year due to the absence of non-cash warrant liability charges.
  • As of September 30, 2026, consolidated cash and marketable investment securities totaled $503.4 million.
  • GAAP operating expenses increased 84% year over year to $55.9 million, driven by higher personnel costs and non-cash stock-based compensation.
  • Non-GAAP Adjusted Operating Expenses rose 72% to $40.5 million to support accelerated product development and go-to-market initiatives.
  • Revenue was generated from more than 100 customers, with 48% classified as commercial enterprises.