D‑Wave Q2 2026 revenue $3.1M; H1 bookings jump over 12x to $35.5M

【Article Title】 D‑Wave Q2 2026 revenue $3.1M; H1 bookings jump over 12x to $35.5M 【Article Body】 AI TRANSLATION This article is an AI-generated translation of the original Japanese article. For the authoritative version, please refer to the original. Read the original Japanese article → (https://quantumindex.jp/dwave-q2-2026-financial-results/) D‑Wave Quantum announced its second‑quarter 2026 results on August 6, 2026. Revenue was $3.1 million, nearly flat with the prior year period, and net loss was $48.0 million. Meanwhile, first‑half bookings expanded 1,120% year‑over‑year to $35.5 million, and the company published development roadmaps for both its annealing and gate approaches. Summary of the announcement Q2 revenue flat, expenses rose on development investments Second‑quarter 2026 revenue was $3.1 million, essentially unchanged from $3.1 million a year earlier. GAAP gross profit was $1.7 million, with a gross margin of 55.4%, down from 63.8% in the prior‑year quarter. GAAP operating expenses rose 93% year‑over‑year to $55.0 million. Increases were driven by higher personnel costs and stock‑based compensation, depreciation, and external professional services, resulting in a net loss of $48.0 million and an adjusted EBITDAadjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss of $37.1 million. The narrowing of the net loss versus the prior year was largely due to a reduction in non‑cash, non‑operating expense from remeasurement of warrant liabilities. H1 bookings and remaining performance obligations grow First‑half 2026 bookings totaled $35.5 million, up 1,120% from $2.9 million in the prior‑year period. Of this, $20.0 million was system sales that are expected to be recognized as revenue in future quarters. Remaining performance obligations as of the end of June were $40.7 million, a 668% increase year‑over‑year. The company expects to recognize about 57% of this amount as revenue over the next 12 months and 72% over the next two years. First‑half revenue was $5.9 million, down 67% year‑over‑year, reflecting the absence of $13.7 million in annealing quantum computer system sales that were recorded in the prior‑year period. Of QCaaS revenue in the first half, $1.3 million came from production applications, representing 37.3% of total QCaaS revenue, up from 9.8% a year earlier. Two‑track development roadmap unveiled For its annealing approach, the company outlined goals for a multi‑chip Advantage3 system scaled to 20,000 qubitsqubitsQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. by 2029 and 100,000 qubits by 2031. For the gate approach, the plan is to expand from 17 physical qubitsphysical qubitsPhysical Qubit / Physical QubitIndividual qubits that are physically created and manipulated on a quantum processor. They are also used to form logical qubits.QI NoteA large number of physical qubits does not by itself indicate practical computational capability. Error rates, connectivity, and the number of physical qubits required per logical qubit are also important. in 2026 to 10 logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability. by 2030 and 100 logical qubits by 2032. The company also published research in Nature on a two‑qubit entangling gate that preserves the error‑correction properties of superconducting dual‑rail qubits. Additionally, D‑Wave revealed plans for a gate‑model simulator designed for programming that accounts for errors. Key points • Q2 2026 revenue was $3.1 million, net loss was $48.0 million, and adjusted EBITDA loss was $37.1 million. • First‑half bookings rose 1,120% year‑over‑year to $35.5 million, including $20.0 million of system sales. • Remaining performance obligations at the end of June were $40.7 million, a 668% increase year‑over‑year, with about 57% expected to be recognized as revenue in the next 12 months. • Annealing roadmap targets 20,000 qubits by 2029 and 100,000 qubits by 2031. • Gate roadmap targets 10 logical qubits by 2030 and 100 logical qubits by 2032, and the company reported dual‑rail research results. Technical and business implications The increase in bookings and remaining performance obligations indicates a growing backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. that could convert to future revenue. The rising share of revenue coming from commercial customers and the higher proportion of QCaaS revenue derived from production applications also suggest expanding enterprise adoption. However, with Q2 revenue flat and increased development and go‑to‑market investment driving higher operating expenses and a larger adjusted EBITDA loss, the timing of when bookings growth will translate into improved profitability remains unclear. Technically, the company’s strategy to pursue large‑scale quantum annealingquantum annealingQuantum Annealing / Quantum AnnealingA computational method that uses quantum fluctuations to search for good solutions to combinatorial optimization problems and the like. Problems are solved by mapping them into a form where one searches for low-energy states.QI NoteQuantum annealing, unlike general-purpose gate-model quantum computers, is a scheme specialized for solving optimization problems. It was theoretically proposed in the 1990s by Hidetoshi Nishimori and others, and today D-Wave develops representative commercial systems. When evaluating performance, one should check not only the number of qubits but also how the problem is embedded and the comparison conditions with classical methods. and error‑tolerant gate development in parallel has become clearer. That said, targeted qubit counts and error‑reduction rates are future goals; the actual performance of systems at each stage and the feasibility of commercial delivery will need to be validated going forward. What to watch next Key near‑term issues include whether the bookings that include $20.0 million of system sales and the broader remaining performance obligations convert to revenue in line with company expectations. On the technical front, it will be important to see whether the 17‑physical‑qubit gate system in 2026 can demonstrate logical error rates below physical error rates, and whether those results can be scaled to larger qubit counts. Progress on the implementation and interconnect technologies needed for Advantage3 multi‑chip systems and sustained growth in the share of QCaaS revenue from production applications should also be monitored. ✍️ Quantum Index Analysis The metric worth focusing on from this quarter is not merely the 1,120% increase in bookings, but whether the contracted backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. actually begins to convert into recognized revenue. First‑half revenue fell 67% year‑over‑year and Q2 revenue was flat, so a clear gap remains today between bookings growth and operating performance. The $20.0 million of system bookings and $40.7 million of remaining performance obligations provide a base for future revenue. However, operating expenses rose 93% and the adjusted EBITDAadjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss widened. The narrowing of net loss was driven more by warrant liability remeasurement than by an improvement in business profitability, so it’s premature to call earnings performance improved. The roadmaps targeting a 20,000‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. annealer by 2029 and a 100‑logical‑qubit gate system by 2032 are notable but represent different kinds of objectives and cannot be compared solely by qubit counts. For the annealer, the impact of multi‑chip scaling on connectivity, noise, and the practical problem sizes that can be addressed will matter more than raw qubit numbers. The gate roadmap to 100 logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability. is ambitious but set for 2032, and given the dual‑rail approach from Quantum Circuits, it cannot be dismissed outright. The immediate tests to watch are whether the 17‑physical‑qubit system can achieve logical error rates below physical error rates, and whether that achievement can be extended to multi‑qubit devices. Related articles • D‑Wave and Nasdaq Verafin agree on PoC for financial‑crime detection using quantum annealing (https://en.quantumindex.jp/dwave-nasdaq-verafin-financial-crime-poc/) • Ranking the capabilities and prospects of 29 quantum companies (Summer 2026) (https://en.quantumindex.jp/top-29-quantum-companies-ranking-summer-2026/) • Xanadu Q2 2026: revenue $1.5M; improvements to photonic components and QROM (https://en.quantumindex.jp/xanadu-q2-2026-results/) Sources Read the original press release (https://www.dwavequantum.com/company/newsroom/press-release/d-wave-reports-second-quarter-2026-results/) If you found this article useful, please consider sharing it. ──────────────────── 【AI Evaluation Request】 Evaluate the following article critically, not based on the quality of its writing, but on its **original informational value as a specialist publication**. Do not give a high rating to summaries, paraphrases, explanations of technical terms, or generic observations such as "this will be worth watching" or "the timeline remains uncertain" if they could easily be produced by a general-purpose generative AI, even if they are well written. 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D‑Wave Quantum announced its second‑quarter 2026 results on August 6, 2026. Revenue was $3.1 million, nearly flat with the prior year period, and net loss was $48.0 million. Meanwhile, first‑half bookings expanded 1,120% year‑over‑year to $35.5 million, and the company published development roadmaps for both its annealing and gate approaches.

Summary of the announcement

Q2 revenue flat, expenses rose on development investments

Second‑quarter 2026 revenue was $3.1 million, essentially unchanged from $3.1 million a year earlier. GAAP gross profit was $1.7 million, with a gross margin of 55.4%, down from 63.8% in the prior‑year quarter. GAAP operating expenses rose 93% year‑over‑year to $55.0 million. Increases were driven by higher personnel costs and stock‑based compensation, depreciation, and external professional services, resulting in a net loss of $48.0 million and an adjusted EBITDAadjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss of $37.1 million. The narrowing of the net loss versus the prior year was largely due to a reduction in non‑cash, non‑operating expense from remeasurement of warrant liabilities.

H1 bookings and remaining performance obligations grow

First‑half 2026 bookings totaled $35.5 million, up 1,120% from $2.9 million in the prior‑year period. Of this, $20.0 million was system sales that are expected to be recognized as revenue in future quarters. Remaining performance obligations as of the end of June were $40.7 million, a 668% increase year‑over‑year. The company expects to recognize about 57% of this amount as revenue over the next 12 months and 72% over the next two years. First‑half revenue was $5.9 million, down 67% year‑over‑year, reflecting the absence of $13.7 million in annealing quantum computer system sales that were recorded in the prior‑year period. Of QCaaS revenue in the first half, $1.3 million came from production applications, representing 37.3% of total QCaaS revenue, up from 9.8% a year earlier.

Two‑track development roadmap unveiled

For its annealing approach, the company outlined goals for a multi‑chip Advantage3 system scaled to 20,000 qubitsqubitsQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. by 2029 and 100,000 qubits by 2031. For the gate approach, the plan is to expand from 17 physical qubitsphysical qubitsPhysical Qubit / Physical QubitIndividual qubits that are physically created and manipulated on a quantum processor. They are also used to form logical qubits.QI NoteA large number of physical qubits does not by itself indicate practical computational capability. Error rates, connectivity, and the number of physical qubits required per logical qubit are also important. in 2026 to 10 logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability. by 2030 and 100 logical qubits by 2032. The company also published research in Nature on a two‑qubit entangling gate that preserves the error‑correction properties of superconducting dual‑rail qubits. Additionally, D‑Wave revealed plans for a gate‑model simulator designed for programming that accounts for errors.

Key points

• Q2 2026 revenue was $3.1 million, net loss was $48.0 million, and adjusted EBITDA loss was $37.1 million.
• First‑half bookings rose 1,120% year‑over‑year to $35.5 million, including $20.0 million of system sales.
• Remaining performance obligations at the end of June were $40.7 million, a 668% increase year‑over‑year, with about 57% expected to be recognized as revenue in the next 12 months.
• Annealing roadmap targets 20,000 qubits by 2029 and 100,000 qubits by 2031.
• Gate roadmap targets 10 logical qubits by 2030 and 100 logical qubits by 2032, and the company reported dual‑rail research results.

Technical and business implications

The increase in bookings and remaining performance obligations indicates a growing backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. that could convert to future revenue. The rising share of revenue coming from commercial customers and the higher proportion of QCaaS revenue derived from production applications also suggest expanding enterprise adoption. However, with Q2 revenue flat and increased development and go‑to‑market investment driving higher operating expenses and a larger adjusted EBITDA loss, the timing of when bookings growth will translate into improved profitability remains unclear.

Technically, the company’s strategy to pursue large‑scale quantum annealingquantum annealingQuantum Annealing / Quantum AnnealingA computational method that uses quantum fluctuations to search for good solutions to combinatorial optimization problems and the like. Problems are solved by mapping them into a form where one searches for low-energy states.QI NoteQuantum annealing, unlike general-purpose gate-model quantum computers, is a scheme specialized for solving optimization problems. It was theoretically proposed in the 1990s by Hidetoshi Nishimori and others, and today D-Wave develops representative commercial systems. When evaluating performance, one should check not only the number of qubits but also how the problem is embedded and the comparison conditions with classical methods. and error‑tolerant gate development in parallel has become clearer. That said, targeted qubit counts and error‑reduction rates are future goals; the actual performance of systems at each stage and the feasibility of commercial delivery will need to be validated going forward.

What to watch next

Key near‑term issues include whether the bookings that include $20.0 million of system sales and the broader remaining performance obligations convert to revenue in line with company expectations. On the technical front, it will be important to see whether the 17‑physical‑qubit gate system in 2026 can demonstrate logical error rates below physical error rates, and whether those results can be scaled to larger qubit counts. Progress on the implementation and interconnect technologies needed for Advantage3 multi‑chip systems and sustained growth in the share of QCaaS revenue from production applications should also be monitored.

✍️ Quantum Index Analysis

The metric worth focusing on from this quarter is not merely the 1,120% increase in bookings, but whether the contracted backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. actually begins to convert into recognized revenue. First‑half revenue fell 67% year‑over‑year and Q2 revenue was flat, so a clear gap remains today between bookings growth and operating performance.

The $20.0 million of system bookings and $40.7 million of remaining performance obligations provide a base for future revenue. However, operating expenses rose 93% and the adjusted EBITDAadjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss widened. The narrowing of net loss was driven more by warrant liability remeasurement than by an improvement in business profitability, so it’s premature to call earnings performance improved.

The roadmaps targeting a 20,000‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. annealer by 2029 and a 100‑logical‑qubit gate system by 2032 are notable but represent different kinds of objectives and cannot be compared solely by qubit counts. For the annealer, the impact of multi‑chip scaling on connectivity, noise, and the practical problem sizes that can be addressed will matter more than raw qubit numbers. The gate roadmap to 100 logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability. is ambitious but set for 2032, and given the dual‑rail approach from Quantum Circuits, it cannot be dismissed outright. The immediate tests to watch are whether the 17‑physical‑qubit system can achieve logical error rates below physical error rates, and whether that achievement can be extended to multi‑qubit devices.

Related articles

• D‑Wave and Nasdaq Verafin agree on PoC for financial‑crime detection using quantum annealing
• Ranking the capabilities and prospects of 29 quantum companies (Summer 2026)
• Xanadu Q2 2026: revenue $1.5M; improvements to photonic components and QROM

Sources

Read the original press release