The tail end of the summer may be giving investors in quantum computing a bit of whiplash. On the one hand, D-Wave Quantum Inc. NASDAQ: QBTS delivered one of the more underwhelming Q2 2026 earnings reports, missing on both earnings and revenue, with sales growth seemingly grinding to a halt while competitors saw healthy acceleration.
H1 bookings surged 1,120% YoY to $35.5 million, while RPO climbed 668% to $40.7 million. Nearly $23 million of contracted revenue could convert within 12 months, almost four times D-Wave's $5.9 million H1 revenue. Enterprise adoption is strengthening, with commercial customers generating 67.7% of H1 revenue and six customer applications now in production.
QBTS offers 71% price upside, but lofty valuation and weak technicals make bookings-to-revenue execution the key test for investors.
If there's one thing that proponents of D-Wave Quantum Inc. NASDAQ: QBTS are likely to keep in mind after the latest round of industry earnings reports, it's that quantum computing stocks seem never to move in straight lines.
D-Wave is expanding production annealing use while mapping a staged gate-model path to commercial relevance, as 2026 revenues skew heavily to Q4.
D-Wave Quantum shares fall 5.2% after a wider-than-expected Q2 loss and revenue miss, despite stronger bookings and commercial customer exposure.
D-Wave Quantum Inc. (QBTS) Q2 2026 Earnings Call Transcript
D-Wave Quantum shares QBTS fell about 5% on Thursday after the quantum computing company reported second-quarter revenue and earnings that missed Wall Street expectations, overshadowing a sharp increase in customer bookings. The Florida-based company reported second-quarter revenue of $3.08 million, below analysts' estimates of approximately $4.08 million.
D-Wave Quantum Inc. (QBTS) came out with a quarterly loss of $0.1 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to a loss of $0.55 per share a year ago.
QBTS and RGTI report Q2 results tomorrow as investors watch bookings, revenue growth and commercial execution after strong April-June stock rallies.
QBTS heads into Q2 earnings with strong bookings, revenue visibility and liquidity, while investors watch if execution kept pace through the June quarter.
D-Wave Quantum (QBTS) stock is ripping higher on Monday morning after the company revealed an expanded agreement with telecom giant AT&T (T). The quantum computing firm now looks headed to challenge its 20-day moving average (MA) – with a decisive break above $19.66 expected to boost upward momentum in the near-term.