Quantum computing company reports $4.5 million in revenue, strong year-to-date bookings, and potential access to $100 million in federal funding.
D-Wave Quantum Inc. (NASDAQ: QBTS) reported third-quarter 2026 revenue of $4.5 million, representing a 21% increase year-over-year as demand for quantum computing solutions continued expanding.
The company recorded a net loss of $48.2 million, or $0.13 per share, compared with a significantly larger loss during the previous year.
Despite quarterly bookings declining 19% to $1.9 million, year-to-date bookings surged 611% to $37.4 million, reflecting substantial growth in customer commitments.
Remaining performance obligations reached $38.3 million, an increase of 1,221% year-over-year, providing improved visibility into future revenue.
D-Wave served more than 100 customers during the quarter, with commercial enterprises representing 48% of its customer base.
The company also secured conditional access to up to $100 million in funding under the U.S. CHIPS and Science Act to support development of advanced quantum computing systems, including a planned 100,000-qubit annealing computer.
However, GAAP gross margin declined to 52.9%, while operating expenses increased amid continued investment in research and commercialization.
D-Wave ended September with $503.4 million in cash and marketable investments.
Looking ahead, management remains focused on expanding commercial adoption, advancing quantum technology, and converting its growing pipeline into sustainable revenue growth.
