10-K · February 26, 2026
The 2025 Form 10-K emphasizes D‑Wave’s strategic position as the “first and only dual-platform quantum computing company” following the announced acquisition of Quantum Circuits and highlights product milestones…
Earnings analysis · 10-Q
QBTS earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
D-Wave Quantum (QBTS) reported Q1 2026 revenue of $2.9 million, significantly missing estimates of $4.3 million, while EPS was recorded at -$0.05 compared to an expectation of -$0.08. The company reported record…
Read full summary
D-Wave Quantum (QBTS) reported Q1 2026 revenue of $2.9 million, significantly missing estimates of $4.3 million, while EPS was recorded at -$0.05 compared to an expectation of -$0.08. The company reported record bookings of $33.4 million, a staggering year-over-year increase of 1,994%. Operating expenses surged due to high investments in R&D and general administrative costs, reflecting ongoing challenges amid their significant business strategy shifts.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
- Gross margin
- 63.4%
What stood out
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Income Statement Declines
Revenue fell 81% to $2.9 million from $15 million YoY.
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Operating Loss Surge
Operating loss expanded to $54.7 million from $11.3 million YoY.
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Record Bookings Achieved
Reported bookings increased 1,994% YoY to $33.4 million.
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Tax Benefit
Income tax benefit amounted to $28.5 million, enhancing net results.
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Interest Income Growth
Interest income rose 87% to $5.8 million from $3.1 million YoY.
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Cash Balance Robustness
Cash & cash equivalents stood at $588.4 million as of Q1 2026.
What to watch
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Significant Increase in Operating Expenses
Operating expenses ballooned 125% to $56.5 million compared to $25.2 million YoY.
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Future Loss Projections
Accumulated deficit reached $1.0 billion, with future losses expected.
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Delayed Revenue Recognition
Main revenue decline attributed to timing of system sales, affecting operational forecasts.
Management's outlook
No numeric forward guidance provided; updates expected on June 1, 2026.
Earlier filings 4
10-Q · August 7, 2025
Q2 2025 revenue beat: total revenue of $3,095,000 (vs $2,183,000 in Q2 2024) but GAAP results were driven negative by a large non‑cash warrant valuation charge. Management strengthened liquidity via equity raises; cash…
10-Q · August 8, 2024
Revenue improved modestly year-over-year to $2,183 (in thousands) while gross profit expanded to $1,388 (in thousands) driving a gross margin of 63.6%. Profitability metrics improved (net loss narrowed to $(17,778) and…
10-Q · November 9, 2023
D‑Wave reported Q3 revenue of $2,562,000 (up from $1,695,000 a year ago) and GAAP net loss of $15.8M (EPS $(0.12)), with gross profit of $1.529M. Liquidity improved materially during the period (cash $53.3M) from equity…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.