D-Wave Quantum Inc. (NYSE: QBTS) has announced its financial results for the third quarter ended September 30, 2026. The Palo Alto, California-based developer highlighted growing commercial adoption of its dual-platform approach—spanning production annealing quantum systems and dual-rail superconducting gate-model quantum computers—underpinned by a surge in multiquarter bookings, production-grade enterprise deployments, and the execution of a definitive $100 million CHIPS Act funding agreement.
The table below summarizes key GAAP financial metrics for Q3 2026 compared with the prior-year quarter (Q3 2025) and the first nine months of the fiscal year.
| Amounts in $M (except per share) | Q3 2026 | Q3 2025 | % YoY (Q3) | 9M 2026 | 9M 2025 | % YoY (9M) |
|---|---|---|---|---|---|---|
| Revenue | $4.51 | $3.74 | +20.7% | $10.45 | $21.84 | -52.2% |
| Gross Profit | $2.39 | $2.67 | -10.6% | $5.91 | $18.52 | -68.1% |
| Operating Expenses | $55.87 | $30.41 | +83.7% | $167.40 | $84.05 | +99.2% |
| Operating Loss | ($53.48) | ($27.74) | +92.8% | ($161.49) | ($65.53) | +146.4% |
| Net Loss | ($48.20) | ($139.99) | -65.6% | ($114.58) | ($312.74) | -63.4% |
| Cash and Short-Term Investments | $503.36* | $836.23* | -39.8% | $503.36* | $836.23* | -39.8% |
*Note: Cash and Short-Term Investments aggregates Cash and Cash Equivalents ($279.37M) and Marketable Investment Securities ($223.99M), totaling $503.36M as of September 30, 2026. The comparative baseline reflects September 30, 2025 balances ($836.23M in cash and cash equivalents). The sequential cash deployment reflects the all-cash acquisition of Quantum Circuits ($252.8M net of cash acquired) completed in January 2026, alongside ongoing R&D investments.
Financial Performance & Commercial Backlog
D-Wave generated $4.51 million in revenue for Q3 2026, up 20.7% year-over-year compared to $3.74 million in Q3 2025. Top-line growth was driven by an expansion in professional services revenue (up $1.5 million to $2.0 million) and Quantum Computing as a Service (QCaaS) revenue (up $0.8 million to $2.2 million), which offset a $1.5 million year-over-year reduction in upfront system sales revenue.
GAAP gross profit was $2.39 million (52.9% gross margin), compared to $2.67 million (71.4% margin) in Q3 2025, with the margin compression reflecting the higher proportion of professional services alongside an increase in non-cash stock compensation. On a non-GAAP basis, Non-GAAP Gross Profit was $2.87 million (63.6% margin).
Operating expenses totaled $55.87 million in Q3 2026, up 83.7% year-over-year from $30.41 million, driven by engineering and headcount additions following the Quantum Circuits acquisition, $10.22 million in operating stock-based compensation, and $4.91 million in depreciation and amortization. Operating loss widened to ($53.48) million.
GAAP Net Loss was ($48.20) million, or ($0.13) per share, narrowing substantially from a net loss of ($139.99) million, or ($0.41) per share, in Q3 2025. This bottom-line improvement was driven by the elimination of non-cash warrant liability remeasurement charges, which had added $121.86 million to net loss in Q3 2025 prior to the full redemption of all publicly traded warrants in November 2025. Non-GAAP Adjusted EBITDA Loss stood at ($37.66) million.
Multi-Year Booking Momentum
- Remaining Performance Obligations (RPO): Surged 1,221% year-over-year to $38.3 million as of September 30, 2026, compared to $2.9 million at the end of Q3 2025. Approximately 59% of the balance is scheduled for revenue conversion over the next 12 months, and 71% over the next 24 months.
- Year-to-Date Bookings: Bookings for the first nine months of 2026 reached $37.4 million, up 611% year-over-year from $5.3 million in 9M 2025.
- Customer Base: D-Wave recognized revenue from more than 100 customers in Q3 (and over 125 customers across 9M 2026), with 48% representing commercial enterprise accounts.
Definitive $100M CHIPS and Science Act Agreement
D-Wave finalized a definitive agreement with the U.S. Department of Commerce providing access to up to $100 million in milestone-based funding under the U.S. CHIPS and Science Act. Under the terms of the agreement, the Commerce Department received a minority, non-controlling equity stake in D-Wave.
The capital will fund research, fabrication, and packaging across both arms of D-Wave’s hardware roadmap:
- 100,000-Qubit Annealing System: Expanding beyond the current 4,400+ qubit Advantage2 platform toward 20,000-qubit (Advantage3) and 100,000-qubit processors utilizing multi-chip packaging and advanced superconducting interconnect fabrics.
- 10,000-Qubit Gate-Model System: Advancing D-Wave’s dual-rail superconducting architecture toward a 10,000-qubit machine designed to yield 100 fault-tolerant logical qubits capable of executing over 1 million quantum logic gates.
Commercial & Operational Milestones
- NTT DOCOMO Production Deployment: Japan’s largest mobile network operator deployed its second production application powered by D-Wave hybrid quantum solvers. The production application optimized tracking area lists across 333 base stations in five minutes, reducing daily peak location registration signals by 65.3% and paging signals by 7.0%.
- System Delivery in Italy: Shipped an Advantage2 annealing quantum computer (4,400+ qubits) to Villa Saporiti in Como, Italy, funded by Swiss Quantum Technology SA to anchor the Q-Alliance regional quantum ecosystem.
- Gate-Model Simulator Beta Launch: Rolled out the beta program for its dual-rail superconducting gate-model simulator, enabling enterprise partners—including BBVA, FirstQFM, Florida Atlantic University, and the Jülich Supercomputing Centre—to prototype error-aware quantum algorithms.
- SkyWater Manufacturing Extension & Fab Optimization: Executed a multi-year extension with SkyWater Technology to fabricate custom superconducting quantum processors. Concurrently, D-Wave completed a proof-of-technology project deploying quantum annealing to optimize maintenance scheduling inside SkyWater’s semiconductor fab, reducing wafer lot delays by up to 30%.
- Enterprise Channel Partnerships: Formed a global systems integration alliance with CGI to bring hybrid quantum solvers to logistics and retail enterprise clients, and signed an MOU with South Korea’s LG CNS for mathematical optimization services.
- Board Appointments: Appointed former BNP Paribas Group CIO Bernard Gavgani to the Cybersecurity Committee and veteran finance executive Kevan Krysler to the Audit Committee.
Resources and Further Reading
Additional details can be found in the D-Wave Q3 2026 financial press release here, the Q3 2026 Investor Presentation here, and the company’s SEC Form 8-K filing here.
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