Quantum computing company beats earnings expectations, reports $503 million in liquidity, and advances major technology initiatives across global markets.
D-Wave Quantum (QBTS) reported third-quarter 2026 revenue of $4.5 million, exceeding Wall Street expectations of $4.3 million and representing a 21% increase year-over-year.
The company posted a loss of $0.13 per share, slightly better than analysts’ projected loss of $0.14. However, GAAP gross margin declined 1,850 basis points to 52.9%, highlighting ongoing profitability pressures.
D-Wave reported more than 100 customers, with commercial enterprises accounting for 48% of its customer base.
Quarterly bookings totaled $1.9 million, down 19% year-over-year. Nevertheless, year-to-date bookings surged 611% to $37.4 million, while remaining performance obligations increased 1,221% to $38.3 million, providing greater visibility into future revenue opportunities.
The company also highlighted several technological developments, including potential funding of up to $100 million under the CHIPS program to support a 100,000-qubit quantum annealing system.
International expansion continued with the delivery of Italy’s first quantum annealing computer, featuring D-Wave’s Advantage2 system with more than 4,400 qubits.
Additionally, a collaboration with NTT DOCOMO demonstrated reductions of 65.3% in location signals and 7% in paging signals.
D-Wave ended the quarter with $503.4 million in cash and investments, strengthening its financial position.
Looking ahead, management emphasized its expanding commercial pipeline and substantial year-to-date bookings growth as indicators of increasing demand for practical quantum computing applications across industries worldwide.
