Earnings Releases·Nov 10, 2026, 7:01 AM ET

D-Wave Quantum Inc. — Third Quarter 2026 Earnings Summary

Q3 2026 revenue rose 21% year-over-year to $4.5 million, driven by $1.5 million in professional services and $0.8 million in QCaaS growth, though offset by a $1.5 million decline in system sales; GAAP net loss narrowed to $48.2 million ($0.13/share), a $91.8 million improvement year-over-year primarily due to a $121.9 million reduction in non-cash warrant liability charges.
Remaining Performance Obligations (RPO) surged 1,221% to $38.3 million as of September 30, 2026, with 59% expected to be recognized within 12 months, while year-to-date bookings increased 611% to $37.4 million despite a 19% sequential drop in Q3 bookings to $1.9 million.
The company secured a definitive agreement for up to $100 million in CHIPS and Science Act funding and formed strategic partnerships with CGI and LG CNS, while advancing development on a 100,000-qubit annealing system and a 10,000-qubit gate-model computer targeting 100 logical qubits.
GAAP gross margin contracted 18.5 percentage points to 52.9% due to a revenue mix shift toward lower-margin professional services, while GAAP operating expenses rose 84% year-over-year to $55.9 million driven by increased personnel costs and stock-based compensation.
Consolidated cash and marketable securities totaled $503.4 million as of September 30, 2026, and the company completed the redemption of all remaining publicly traded warrants in November 2025.