Key Takeaways
- QBTS declined more than 10% in premarket hours following Q2 revenue of $3.07 million versus Wall Street’s $4.03 million expectation
- The company reported a loss of $0.13 per share, wider than the anticipated $0.09 loss
- First-half 2026 bookings skyrocketed 1,120% compared to last year, reaching $35.5 million
- Operating deficit expanded to $53.3 million from last year’s $26.5 million, primarily due to elevated R&D investments
- Competitor IonQ gained 4.9% the same day following a nearly 300% quarterly revenue increase
Shares of D-Wave Quantum tumbled over 10% during premarket hours Thursday following the company’s second-quarter 2026 earnings report that missed Wall Street expectations on both top and bottom lines.
The quantum computing firm reported quarterly revenue of $3.07 million for the period ending June 30, significantly trailing analyst projections of $4.03 million. Premarket trading saw the stock hovering near $18.80, representing a decline from Wednesday’s closing price of $21.39.
Adding to investor concerns, the company’s loss per share reached $0.13, exceeding the Wall Street consensus of a $0.09 loss.
The disappointing performance stood in stark contrast to competitor IonQ, whose shares climbed 4.9% the same trading session after delivering nearly triple its year-ago quarterly revenue and raising full-year guidance.
The earnings shortfall proved particularly disappointing given the elevated investor sentiment entering the announcement. Just days prior, D-Wave published breakthrough research in the prestigious journal Nature, showcasing a two-qubit gate achieving 99.9% fidelity.
Additional positive developments included a newly announced partnership with Nasdaq Verafin focused on combating financial crimes through quantum computing. Further boosting optimism, Wedbush Securities launched coverage with an Outperform recommendation and established a $40 price target.
Wall Street had anticipated approximately 39% sequential growth from the first quarter’s $2.9 million revenue. The actual $3.07 million figure reinforced management’s previous characterization of revenue patterns as inherently “lumpy.”
Strong Bookings Growth Provides Silver Lining
Despite the revenue miss, certain metrics painted a more optimistic picture. Customer bookings exploded by more than 1,120% on a year-over-year basis, totaling $35.5 million for 2026’s first six months. The company categorizes bookings as committed customer orders anticipated to generate revenue in future periods.
Net losses improved to $48 million from the prior year’s $167 million, although operating losses grew to $53.3 million compared to $26.5 million previously. Company leadership pointed to accelerated investment in product development initiatives and commercial expansion activities as primary drivers of the widening operating deficit.
D-Wave serves prominent clients including defense technology company Anduril Industries. According to CEO Alan Baratz, this strategic relationship has facilitated introductions to additional potential partners.
Federal Partnerships Provide Strategic Foundation
D-Wave stands among a select group of publicly listed quantum computing firms that have established preliminary agreements with the Commerce Department, trading minority equity positions for government funding support.
During June’s investor day presentation, Baratz emphasized the significance of these government relationships, particularly relevant as the current administration expands quantum technology investments.
Founded in 1999, D-Wave pioneered commercial quantum computing, achieving a milestone in 2011 by delivering its first system to Lockheed Martin.
The broader technology sector offered minimal support Thursday, with the Nasdaq declining 0.4% while quantum computing stocks faced widespread selling pressure as market participants await clearer evidence of commercial viability.
For D-Wave, the first-half bookings figure of $35.5 million represents the most tangible metric pointing toward potential revenue materialization going forward.
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