Highlights

  • Revenue was flat at $3.1 million in the second quarter, while operating expenses rose 93% to $55.0 million.
  • Net loss was $48.0 million, or $0.13 per share, versus $167.3 million, which included a $142.0 million non-cash warrant charge.
  • Cash, equivalents and short-term investments were $546.2 million at June 30, 2026, after paying $252.8 million cash for Quantum Circuits.
  • Remaining performance obligations were $40.7 million, with about 57% expected to be recognized as revenue within the next 12 months.

D-Wave Quantum (NASDAQ:QBTS) shares were trading near their 52-week low at USD 12.17 on October 21, 2026, up 3.27%. The quantum computing company completed its acquisition of Quantum Circuits in January, moved its listing from the New York Stock Exchange to Nasdaq in July, and filed second quarter 2026 results on August 6.

Based in Palo Alto, California, D-Wave Quantum is a Delaware corporation that describes itself as the first commercial supplier of quantum computers and the first to offer both annealing and gate-model quantum computing. Customers use its Advantage2 annealing system on premises or through its Leap quantum cloud service. Revenue comes from quantum computing as a service, professional services and system sales. It leases four facilities in Burnaby, Richmond, Palo Alto and New Haven, and plans to move its headquarters to Boca Raton, Florida before the end of 2026, where it will open a key US research and development site.

Flat Revenue, Rising Spending

Revenue for the quarter ended June 30, 2026 was $3.1 million, essentially unchanged from $3.1 million a year earlier. Quantum computing as a service revenue rose $0.6 million and professional services rose $0.2 million, offset by a $0.8 million drop in system sales that the company tied to the timing of installation activity. Gross profit was $1.7 million versus $2.0 million.

Operating expenses grew 93% to $55.0 million. Research and development rose 122% to $28.2 million, with higher personnel costs, depreciation and stock-based compensation. General and administrative expense rose 68% to $15.4 million, and sales and marketing rose 71% to $11.4 million. The loss from operations was $53.3 million versus $26.5 million. Net loss was $48.0 million, compared with $167.3 million a year earlier, when a $142.0 million change in the fair value of warrant liabilities was recorded. No public warrants remain outstanding after the November 2025 redemption.

For six months, revenue fell 67% to $5.9 million as system sales declined by $13.3 million, reflecting timing of progress under the percentage-of-completion method. The operating loss was $108.0 million against $37.8 million. Net loss was $66.4 million versus $172.8 million, after a $28.4 million income tax benefit from a partial release of a valuation allowance tied to deferred tax liabilities assumed in the acquisition. The accumulated deficit was $1.0 billion, and the company said it expects to keep incurring significant losses for the foreseeable future.

Acquisition, Cash and Share Count

The Quantum Circuits deal closed on January 20, 2026 for 10,430,444 common shares and $250 million in cash, subject to adjustments. Cash used in investing activities reached $260.6 million for the half, mainly the acquisition. Operating activities used $73.5 million of cash, and cash and equivalents fell to $296.6 million from $635.3 million at year-end, with marketable investment securities of $249.6 million.

The company said it completed all issuances under its prior at-the-market and equity line programs by December 31, 2025. It reported 369,263,837 common shares outstanding as of August 5, 2026, plus 3,176,096 exchangeable shares.

Expense Outlook and Next Steps

The filing contains no numerical revenue or earnings guidance. Management expects research and development, general and administrative, and sales and marketing expenses to keep rising in dollar terms, as it advances its annealing systems, its gate-model computer and its Leap service. It expects quantum computing as a service to become a larger share of revenue over time, while system sales are expected to remain irregular. The headquarters move to Boca Raton is planned before the end of 2026.