QBTS earnings analysis
What we found in QBTS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Income Statement Declines
- Revenue fell 81% to $2.9 million from $15 million YoY.
- Operating Loss Surge
- Operating loss expanded to $54.7 million from $11.3 million YoY.
- Record Bookings Achieved
- Reported bookings increased 1,994% YoY to $33.4 million.
- Tax Benefit
- Income tax benefit amounted to $28.5 million, enhancing net results.
- Interest Income Growth
- Interest income rose 87% to $5.8 million from $3.1 million YoY.
- Cash Balance Robustness
- Cash & cash equivalents stood at $588.4 million as of Q1 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Increase in Operating Expenses
- Operating expenses ballooned 125% to $56.5 million compared to $25.2 million YoY.
- Future Loss Projections
- Accumulated deficit reached $1.0 billion, with future losses expected.
- Delayed Revenue Recognition
- Main revenue decline attributed to timing of system sales, affecting operational forecasts.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Gross margin
- 63.4%
What they said about what is next.
No numeric forward guidance provided; updates expected on June 1, 2026.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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