D-Wave Quantum Inc. (NYSE: QBTS) has announced its financial results for the first quarter ended March 31, 2026. The quarter was highlighted by record-breaking bookings and the strategic acquisition of Quantum Circuits, Inc., marking D-Wave’s formal entry into the error-corrected gate-model market. The table below summarizes key GAAP financial metrics for Q1 2026 compared with the prior quarter (Q4 2025) and the year-ago quarter (Q1 2025).

Amounts in $MQ1’2026Q4’2025Q1’2025% vs Q4’2025% vs Q1’2025
Revenue$2.9$2.8$15.0+3.6%-80.7%
Operating Expenses$56.5$36.6$25.2+54.4%+124.2%
Operating Loss($54.7)($34.8)($11.3)+57.2%+384.1%
Net Loss($18.4)($42.3)($5.4)-56.5%+240.7%
Cash and Investments$588.4$884.5$304.3-33.5%+93.4%

Financial and Strategic Overview

D-Wave reported $2.9 million in revenue for the first quarter. While this represents a significant decrease compared to the $15.0 million reported in Q1 2025, the company noted that the prior year’s figure included a one-time $12.6 million system sale. However, the forward-looking indicators were exceptionally strong: Bookings hit a record $33.4 million, a nearly 2,000% increase year-over-year. This was driven by a $20 million system purchase by Florida Atlantic University (FAU) and a $10 million enterprise agreement with a Fortune 100 company.

The company’s Net Loss was ($18.4) million, an improvement from the prior quarter. This was aided by a $28.5 million income tax benefit stemming from the acquisition of Quantum Circuits. Operating expenses rose significantly to $56.5 million, reflecting $9.1 million in non-recurring acquisition costs and the integration of the Quantum Circuits team.

Liquidity remains robust with $588.4 million in cash and marketable securities. Although cash decreased sequentially from Q4 2025 due to the $250.8 million cash outflow for the Quantum Circuits acquisition, the balance is nearly double what the company held a year ago.

Technology Roadmap and Dual-Platform Strategy

D-Wave is now the industry’s only “dual-platform” company, offering both annealing and gate-model systems.

  • Quantum Circuits Acquisition: The integration of Quantum Circuits brings “dual-rail” superconducting qubits to D-Wave’s portfolio. These qubits feature built-in erasure detection, which D-Wave believes will allow them to reach logical qubits with far fewer physical qubits than competing architectures.
  • Gate-Model Roadmap: D-Wave unveiled an aggressive timeline for its new gate-model systems:
    • 2028: Dual-rail system with ~175 physical qubits.
    • 2030: 1,000 physical qubit system with 10 logical qubits.
    • 2032: System supporting 100 logical qubits, targeting initial quantum utility.
  • Annealing Milestones: The company published research on “multi-color annealing” protocols, which allow some gate-model operations to be performed natively on the Advantage2™ annealing system, further blurring the lines between the two modalities.

Commercial Momentum and Real-World Applications

  • Blockchain Security: Collaborated with Postquant Labs on a quantum-classical blockchain Testnet with 18,500 users. D-Wave’s Advantage2 QPU successfully outperformed classical nodes in mining operations.
  • Pharmaceutical AI: Completed the second phase of a project with Shionogi, delivering a 10-fold increase in the discovery of desirable drug-like molecules compared to classical machine learning algorithms.
  • Hybrid Solvers: Launched new capabilities for the Stride™ hybrid solver, allowing customers to incorporate surrogate machine learning models directly into optimization workflows for predictive maintenance and logistics.

Upcoming Events

D-Wave will host its first-ever Investor Day on June 1, 2026, at the New York Stock Exchange. The company expects to provide deeper technical details on its error-correction roadmap and long-term growth strategy.

Additional information regarding this report can be found in the D-Wave Q1 press release here, the Q1 2026 Results Presentation here, and the company’s SEC Form 8-K filing here.

May 12, 2026

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