D-Wave Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
D-Wave Q3 2026 earnings review
Revenue rose 21% and beat consensus, while the GAAP net loss per share missed the estimate.
D-Wave Quantum Inc. · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources
1 · D-Wave Quantum (QBTS) Q3 2026 earnings review
Revenue rose 21% and beat consensus, while the GAAP net loss per share missed the estimate
- 1.Revenue of $4.51M rose 21% and beat the $4.34M Yahoo Finance consensus
- 2.GAAP net loss was -$48.2M, or -$0.13 a share, versus the Yahoo Finance estimate of -$0.12
- 3.Q3 bookings were $1.9M, down 19% year on year; nine-month bookings were $37.4M, up 611%
- 4.Remaining performance obligations rose to $38.3M, up 1,221% year on year
- 5.The regular-session share-price reaction is shown in the results table
Note: Yahoo Finance revenue consensus is the Nov 10, 2026 average of 16 analysts. The EPS comparison uses the Yahoo Finance GAAP estimate of -$0.12. The company did not issue formal quarterly or full-year numerical guidance in the release. Bookings and remaining performance obligations are operating metrics defined in the release.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 10, 2026 close
2 · Executive summary
Revenue beat the Yahoo Finance consensus by 4.0%, and GAAP diluted EPS missed the estimate
Q3 2026 results vs. Yahoo Finance consensus (Nov 10, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenue | $4.51M | $4.34M | +$0.17M / +4.0% | Beat |
| Q3 GAAP diluted EPS | -$0.13 | -$0.12 | -$0.01 / +8.3% | Miss |
Share price, Nov 9 regular close to Nov 10 regular-session close
| D-Wave Quantum (Nasdaq) | Nov 9 close | Nov 10 close, 4:00 PM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| QBTS | $11.47 | $10.48 | -$0.99 | -8.6% |
Both prices are from the CNBC quote page. The Nov 10 figure is the regular-session close. CNBC does not state a reason for the move.
Note: Yahoo Finance also publishes a normalized EPS average of -$0.10 from 16 analysts. The comparison above uses the Yahoo Finance GAAP estimate of -$0.12 against official basic and diluted GAAP EPS of -$0.13.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 10, 2026 close
3 · Q3 results vs. consensus
Remaining performance obligations rose to $38.3M, and year-to-date bookings were $37.4M
Note: The company did not publish formal numerical revenue or earnings guidance for Q4 or the full year in Exhibit 99.1. Year-to-date 2026 bookings include $2.3 million of Quantum Circuits bookings closed immediately before that acquisition in January 2026. CHIPS Act funding is available in installments upon satisfying specified milestones and conditions. No third-party consensus for these operating metrics was used.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
4 · Business update
Revenue rose 21%, while the GAAP operating loss widened to -$53.5M
- Revenue increasedRevenue rose 21% to $4.51M. Professional services revenue increased by $1.5 million and QCaaS revenue increased by $0.8 million, partly offset by a $1.5 million decline in system sales revenue.
- Gross profit declinedGAAP gross profit fell 11% to $2.39M.
- The net loss narrowedThe GAAP net loss narrowed to -$48.2M from -$140.0M, mainly because last year included a large warrant-liability charge.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $3.74M | $4.51M | 21% |
| GAAP gross profit | $2.67M | $2.39M | down 11% |
| Loss from operations | -$27.7M | -$53.5M | 92.8% |
| GAAP diluted EPS ($) | -$0.41 | -$0.13 | (68.3%) |
Note: QCaaS is quantum computing as a service. The release rounds revenue to $4.5 million; the income statement shows $4.513 million. All remaining publicly traded warrants were redeemed in November 2025.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
5 · Q3 key financials
Q3 bookings fell 19%, while remaining performance obligations rose 1,221%
Bookings and remaining performance obligations
$M unless noted
| Metric | Q3 2026 |
|---|---|
| Q3 bookings | $1.9M |
| Q3 bookings, year on year | down 19% |
| Nine-month bookings | $37.4M |
| Remaining performance obligations | $38.3M |
The company recognized revenue from more than 100 customers, 48% of which were commercial enterprises“From Seoul to Como to Washington, we are seeing growing interest in D-Wave’s differentiated dual-platform approach and a determination to put our quantum computing technology to work today. Our triple-digit increase in year-to-date bookings and robust pipeline reinforce our confidence in the opportunity ahead.” Dr. Alan Baratz, CEO
Note: The release says Q3 bookings declined by about $0.4 million, or 19%, and that bookings in any single quarter can vary with the timing of larger transactions. A precise year-earlier Q3 bookings dollar amount is not stated beyond that approximation.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
6 · Bookings and RPO
Revenue rose 21%, or $0.77M, year on year
Revenue
$M, Q3 2025 vs Q3 2026
The release does not publish a full current-period revenue split by professional services, QCaaS and system sales
Note: QCaaS is quantum computing as a service. Only the year-on-year changes by line are disclosed in the highlights: professional services +$1.5 million, QCaaS +$0.8 million, system sales -$1.5 million.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
7 · Revenue
The Adjusted EBITDA loss widened 83% to -$37.7M
Adjusted EBITDA Loss
$M, Q3 2025 vs Q3 2026
The release attributes the wider loss mainly to higher operating expenses for product development and go-to-market work
Note: Adjusted EBITDA Loss is a non-GAAP measure; the reconciliation is in Exhibit 99.1. The company describes the $37.7 million loss as an increase of $17.0 million, or 83%.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
8 · Adjusted EBITDA
The GAAP operating loss widened to -$53.5M as operating expenses grew faster than gross profit
GAAP operating loss bridge
$M, Q3 2025 to Q3 2026
Research and development rose $17.5M
Note: The prior-year warrant-liability charge sits below operating loss and is not in this bridge.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
9 · Operating loss bridge
GAAP gross margin was 52.9%, a decrease of 18.5% year on year
Note: The release attributes the margin decline mainly to a higher share of lower-margin professional services revenue, and, for GAAP, to a $0.2 million increase in stock-based compensation in cost of revenue.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
10 · Margin analysis
Cash and marketable securities were $503.4M at Sep 30, 2026
- Nine-month operating cash use increasedNine-month cash used in operating activities was -$109.0M, compared with -$53.6M a year earlier.
- Capital expenditure increasedNine-month purchases of property and equipment were $13.0M.
- Liquidity remains large versus the quarterly lossThe release states consolidated cash and marketable investment securities of $503.4M at Sep 30, 2026.
Cash flow, nine months
| $M | Nine months 2025 | Nine months 2026 |
|---|---|---|
| Operating cash flow | -$53.6M | -$109.0M |
| Purchases of property and equipment | $2.2M | $13.0M |
Note: The Exhibit 99.1 cash-flow statement is for the nine months only. Nine-month investing cash flow also includes a $252.8 million business acquisition, net of cash acquired. No quarterly cash-flow statement is presented.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
11 · Cash flow and financing
The company gained access to up to $100M of U.S. CHIPS Act funding, subject to milestones
- CHIPS Act agreement signedA definitive agreement with the U.S. Department of Commerce provides access to up to $100M in installments upon satisfying specified milestones and conditions.
- Roadmap covers annealing and gate-model systemsThe funding is intended to support a 100,000-qubit annealing system and a 10,000-qubit gate-model system designed for 100 logical qubits.
- Backlog coverage improvedAbout 59% of remaining performance obligations is expected to be recognized as revenue within 12 months.
Funding and RPO
| Metric | Q3 2026 |
|---|---|
| CHIPS Act funding, up to | $100M |
| Remaining performance obligations | $38.3M |
| Share of RPO expected within 12 months | 59% |
Note: The release also cites a 71% share of remaining performance obligations expected within 24 months. Funding is not recognized as revenue in the quarter.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
12 · Funding and roadmap
Total assets rose to $1.1B after the Quantum Circuits acquisition
- Cash declined from year-end, securities remainCash and cash equivalents were $279.4M, and marketable investment securities were $224.0M.
- Intangible assets and goodwill increasedGoodwill was $342.6M and intangible assets, net, were $208.4M, versus almost none at year-end 2025.
- Equity increasedTotal stockholders equity was $1.0B.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $635.3M | $279.4M |
| Cash and marketable securities | $884.5M | $503.4M |
| Total assets | $915.8M | $1,123.2M |
| Total stockholders equity | $852.2M | $1,037.3M |
Note: Goodwill and most of the intangible assets arose with the Quantum Circuits acquisition. An uncollected equity-issuance proceeds line of $100 million is on the equity section of the balance sheet.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
13 · Balance sheet and debt
Bookings timing, a wider cost base and acquisition integration are the main watch items
Indicator
What to watch
Implication
Latest reading
Quarterly bookings volatility
Q3 bookings declined 19% even as year-to-date bookings rose 611%
Near-term revenue can lag remaining performance obligations
Q3 bookings $1.9M
Operating expense growth
GAAP operating expenses rose 84% year on year
Losses can stay wide even if revenue grows
GAAP operating expenses $55.9M
Gross margin mix
A higher share of professional services reduced margin
Mix can keep gross margin below last year
GAAP gross margin 52.9%
CHIPS Act milestones
Up to $100 million is contingent on specified conditions
Funding may be delayed or smaller than the headline access
Access of up to $100 million
Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
14 · Key risks to outlook
Appendix: disclosed revenue changes
| Claim | Evidence | Calculation |
|---|---|---|
| Total revenue | $3.74M to $4.51M | 21% year on year |
| Professional services revenue change | Increase of $1.5 million | As stated in the release highlights |
| QCaaS revenue change | Increase of $0.8 million | As stated in the release highlights |
| System sales revenue change | Decrease of $1.5 million | As stated in the release highlights |
QCaaS is quantum computing as a service. Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
15 · Appendix: Revenue detail
Appendix: GAAP to non-GAAP items
| Claim | Evidence | Calculation |
|---|---|---|
| GAAP gross profit | $2.39M | Income statement |
| Non-GAAP gross profit | $2.87M | Adds back stock-based compensation and depreciation in cost of revenue |
| Non-GAAP Adjusted Operating Expenses | $40.5M | Excludes depreciation, stock-based compensation and other items |
| Adjusted EBITDA Loss | -$37.7M | Company non-GAAP measure |
Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
16 · Appendix: Non-GAAP items
Appendix: bookings and performance obligations
| Claim | Evidence | Calculation |
|---|---|---|
| Q3 bookings | $1.9M | down 19% year on year |
| Nine-month bookings | $37.4M | 611.0% year on year |
| Remaining performance obligations | $38.3M | 1,221% from $2.9M a year earlier |
| Share expected within 12 months | 59% | From the release |
Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
17 · Appendix: Bookings and RPO
Appendix: cash and securities
| Claim | Evidence | Calculation |
|---|---|---|
| Cash and cash equivalents | $279.4M | Sep 30, 2026 |
| Marketable securities | $224.0M | Sep 30, 2026 |
| Cash and marketable securities | $503.4M | Sum of the two balance-sheet lines |
| Total loans payable | $42.0M | Current plus non-current |
Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
18 · Appendix: Liquidity
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $3.74M | $4.51M | 21% |
| Cost of revenue | $1.07M | $2.13M | 98.8% |
| Research and development | $14.1M | $31.5M | 124.1% |
| Sales and marketing | $6.9M | $11.2M | 61.6% |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Loss from operations | -$27.7M | -$53.5M | 92.8% |
| Change in warrant liabilities | -$121.9M | $0.0M | n.m. |
| Net loss | -$140.0M | -$48.2M | (65.6%) |
| Adjusted EBITDA Loss | -$20.6M | -$37.7M | 83% |
Note: n.m. means not meaningful. The warrant-liability charge was $121.9 million in Q3 2025 and nil in Q3 2026.Source: D-Wave Quantum Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Filing: D-Wave Quantum Form 8-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1907982/000190798226000180/0001907982-26-000180-index.html
- Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1907982/000190798226000180/qbts-20261110xexx991.htm
- Investor relations release, Nov 10, 2026 — https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Reports-Third-Quarter-2026-Results/default.aspx
- Consensus: Yahoo Finance, Nov 10, 2026 — https://finance.yahoo.com/quote/QBTS/analysis/
- Share price: CNBC QBTS quote, Nov 9, 2026 regular close and Nov 10, 2026 regular-session close at 4:00 PM EST — https://www.cnbc.com/quotes/QBTS
- Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Non-GAAP figures follow the company's reconciliation tables. Bookings and remaining performance obligations are operating metrics defined in the release.
- Chart and table values link to the model in the spreadsheet tabs of this file.
Built with DeepCell / deepcell.net
20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from D-Wave Quantum's Form 8-K of November 10, 2026 (Exhibit 99.1). Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.
Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.
Date of analysis. The share prices are the CNBC regular-session closes on November 9, 2026 and November 10, 2026.
Built with DeepCell / deepcell.net
21 · Disclosures
Sources
- D-Wave Quantum Form 8-K Exhibit 99.1, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1907982/000190798226000180/qbts-20261110xexx991.htm Filing
- D-Wave Quantum Form 8-K index, filed Nov 10, 2026 (accession 0001907982-26-000180) — https://www.sec.gov/Archives/edgar/data/1907982/000190798226000180/0001907982-26-000180-index.html Filing
- D-Wave IR, Third Quarter 2026 Results, Nov 10, 2026 — https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Reports-Third-Quarter-2026-Results/default.aspx Filing
- Yahoo Finance QBTS analysis, Nov 10, 2026 — https://finance.yahoo.com/quote/QBTS/analysis/ Filing
- CNBC QBTS quote: Nov 9, 2026 regular close $11.47; Nov 10, 2026 regular-session close $10.48 at 4:00 PM EST — https://www.cnbc.com/quotes/QBTS Filing
Not investment advice; no rating or price target.
Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.
Share this review
Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.
More earnings reviews
All earnings reviewsOndas · Q3 2026
Ondas (ONDS) Q3 2026
Q3 revenue rose to a record $167.5M, but GAAP gross margin fell to 21.8% from 43.1% in Q2.
Nov 12, 202619 slides
Intuitive Machines · Q3 2026
Intuitive Machines (LUNR) Q3 2026
Q3 revenue rose to a record $269.3M, and adjusted EBITDA turned positive at $8.3M.
Nov 12, 202619 slides
Hudbay Minerals · Q3 2026
Hudbay Minerals Q3 2026 earnings review
Q3 revenue was a record $765.9M, and adjusted EBITDA rose to $413.4M from $142.6M.
Nov 12, 202618 slides
YETI · Q3 2026
YETI Q3 2026 earnings review
Q3 adjusted EPS rose 49% to $0.91, but YETI cut its 2026 adjusted EPS outlook to $2.90–$2.95.
Nov 12, 202618 slides
Brookfield Corporation · Q3 2026
Brookfield Corporation Q3 2026 earnings review
Q3 distributable earnings per share rose 16% to $0.73, and net income rose to $1.9B.
Nov 12, 202618 slides