D-Wave Quantum Inc.

Revenue in Q2 2026 was $3.1 million, essentially flat versus Q2 2025. QCaaS subscription revenue was $1.9 million, up 50% year over year; professional services revenue was about $900,000, up over 18%; and systems/other revenue was about $300,000. Bookings were $2.1 million, up about $800,000 or 59% year over year, and average booking size increased by over 87%. GAAP gross profit was $1.7 million, down about $300,000 or 14%, and GAAP gross margin was 55.4%, down 8.4 points from 63.8%. Net loss was $48 million, or $0.13 per share, versus a net loss of $167.3 million, or $0.55 per share, in Q2 2025; the smaller loss reflected a lower warrant remeasurement charge. Adjusted EBITDA loss was $37.1 million, versus $20 million a year ago. For the first half, revenue was $5.9 million, down $12.2 million or 67%; bookings were $35.5 million, up $32.6 million or 1,120%; GAAP gross profit was $3.5 million, down $12.4 million; GAAP gross margin was 59.4%, down from 87.6%; net loss was $66.4 million, or $0.18 per share; and adjusted EBITDA loss was $69.9 million. Cash and marketable investment securities totaled $546.2 million at June 30, 2026. For guidance, management said Q3 revenue is likely to be modestly up from Q2, Q4 revenue should be significantly higher than Q3, and Q4 will comprise the majority of the year's total revenue. The company still expects to ship two annealing systems over the balance of the year, likely in Q4, with some related revenue carrying into 2027.

Alan Baratz framed the quarter as evidence that D-Wave is gaining credibility in a quantum market that he said is reaching an inflection point. He emphasized differentiation, enterprise readiness, and execution, pointing to IDC recognition, six production customer applications, and expanding work with larger commercial and government customers. He was notably confident on the technical roadmap, saying the Nature paper validated the dual-rail architecture and that the company is on track for its 17-qubit system by year-end.

John Markovich focused on the mix shift toward commercial customers and the strength in bookings and backlog. He cited Q2 revenue of $3.1 million, 55.4% gross margin, a $37.1 million adjusted EBITDA loss, and $546.2 million of cash and marketable securities, while noting that over 90% of the cash decline year over year was tied to the Quantum Circuits acquisition. He also highlighted first-half bookings of $35.5 million, RPO of $40.7 million, and said two annealing systems are expected to ship in Q4, which should push most of the year’s revenue into that quarter.

Analysts pressed on the pace of QCaaS monetization, whether the AT&T work implies a broader enterprise pipeline, and how to think about revenue tied to the gate-model roadmap. Management said the pipeline is expanding rapidly, larger deals are being signed, and some customers can move from proof of technology directly to production depending on data readiness. On gate-model revenue, Alan said early revenue is coming from government contracts now, with some system sales to universities or research institutions likely next, but meaningful commercial application revenue would not come until the 2032 timeframe when the company targets 100 logical qubits and more than 1 million reliable operations.