📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding QBTS

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	186.3K	$2.7M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

The CEO used excited language like 'remarkable first quarter results' and 'accelerating momentum', backed by detailed technical achievements (Advantage2, quantum supremacy), specific customer names (E.ON, GE Vernova), and a record cash position, indicating confidence in both technology and commercial progress.

Q3 2025

Confident Specific

Management repeatedly used phrases like 'only quantum computer that has demonstrated quantum supremacy on a useful real-world problem', 'laser-focused on a path to profitability built on customer value', and directly challenged competitors ('intellectually incapable of understanding the physics', 'noisy toys'). Specific customer results (BASF 14% latency reduction, North Wales Police 50% response time cut) were cited.

Q4 2025

Confident Specific

Management repeatedly uses definitive language like 'we delivered proof, we delivered revenue, we delivered real-world advantage', 'we are the only company to demonstrate quantum supremacy on a useful real-world problem', and 'record revenue of $24.6 million, up 179% year-over-year'. Specific numbers and achievements are cited throughout without hedging.

Q1 2026 latest

Confident Specific

Management repeatedly asserts leadership with concrete metrics (bookings up ~2000% YoY, pipeline doubled, RPO up 563%) and detailed technology differentiation. Phrases like 'clear leader', 'high degree of confidence', 'real work driving real value' signal strong conviction without hedging.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for D-Wave appears stronger after this call. The company delivered record bookings, dramatically grew its pipeline, and raised its system sales outlook—signals of accelerating commercial adoption. The dual-platform narrative (annealing + gate model with dual-rail qubits) differentiates D-Wave from pure-play gate-model competitors. However, revenue remains lumpy and heavily dependent on system sales, and adjusted EBITDA loss widened to $32.8M. Investors should watch for conversion of the $42.4M RPO into recognized revenue, especially the FAU system delivery timing, and evidence that gate-model customer interest (cloud/system sales) materializes into contracts. Next quarter’s revenue trajectory and any updates on blockchain/AI proof-of-benefit will be critical.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED D-Wave posts record Q1 bookings of $33.4M, targets 2-3 system sales per year

Revenue & Profitability

Revenue for Q1 2026 was $2.9 million, down 81% from $15.0 million in Q1 2025 which included a large system sale. GAAP net loss was $18.4 million ($0.05 per share), compared to a net loss of $5.4 million ($0.02 per share) a year ago. Adjusted EBITDA loss was $32.8 million, up from $6.1 million. GAAP gross profit was $1.8 million with a gross margin of 63.6%, down from 92.5% in Q1 2025.

Outlook

Management believes the quantum computing industry is shifting from promise to proof, with a shakeout ahead. Boston Consulting Group projects the optimization market alone at $100 billion to $220 billion, which D-Wave uniquely addresses. The company sees growing demand for real-world quantum solutions and positions itself as the leader in both annealing and gate model segments.

Growth Drivers

Key growth drivers include expanding system sales (expecting 2-3 per year, with two deliveries in 2026), and emerging applications in blockchain and AI. The PostQuant Labs blockchain test net has over 18,500 participants and 1,600 nodes, with D-Wave's Advantage2 QPU winning most blocks. Shionogi's AI drug discovery project reported a 10-fold increase in desirable molecules using D-Wave systems. The sales pipeline more than doubled sequentially in Q1.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

GAAP gross margin was 63.6% in Q1 2026, down from 92.5% a year ago due to the absence of a high-margin system sale. GAAP operating expenses rose 125% to $56.5 million, driven by acquisition costs and investments in R&D and sales. Non-GAAP adjusted operating expenses were $34.8 million. No specific margin guidance was provided.

Key Risks

Management did not explicitly discuss risks, but the Q&A revealed potential competitive threats from others entering annealing space, though the CEO downplayed them. Revenue recognition complexity for system sales is highlighted by the CFO. Emerging applications in blockchain and AI are still in validation phases and not yet proven.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Q2 2026 revenue was flat year-over-year, but bookings and commercial engagement surged, with over 37% of QCaaS revenue from production applications and a 1,120% increase in bookings. Peer-reviewed research validated technical leadership, and the sales pipeline and RPOs expanded sharply.

Q1 2026 Q1 2026 2026-05-12

Record Q1 bookings and a robust pipeline reflect accelerating commercial momentum, despite lower YoY revenue due to last year's large system sale. Dual-rail gate model technology and major deals position the company for leadership across the quantum market.

Q4 2025 Q4 2025 2026-02-26

Fiscal 2025 saw record revenue growth of 179% and major technical milestones, including quantum supremacy and a dual-platform strategy. Bookings and pipeline surged into 2026, with strong liquidity and expanding enterprise and government traction.

Q3 2025 Q3 2025 2025-11-06

Q3 2025 saw 100% revenue growth, strong bookings, and a major EUR 10M European contract. Gross margins improved, cash balance surged to $836M, and customer traction expanded, with over 100 revenue-generating clients and new U.S. government engagement.

Q2 2025 Q2 2025 2025-08-07

Q2 FY2025 saw strong revenue growth, major technical milestones with the Advantage2 quantum computer, and a record cash position after significant capital raises. The company is accelerating R&D and commercial efforts, with high customer retention and a robust sales pipeline.

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