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fool.comAUG 136 min read$QBTS

D-Wave Quantum (QBTS) Q2 2026 Earnings Call Transcript

D-Wave Quantum (QBTS) reported Q2 2026 revenue of $3.1 million, flat vs Q2 2025. H1 revenue fell to $5.9 million, down 67% from $18.1 million due to a non-recurring 2025 system sale. Q2 bookings were $2.1 million. GAAP net loss was $48 million. Cash and marketable securities were $546.2 million. Guidance: two system deliveries in 2026, with most revenue in Q4.

Original reporting
fool.com
Published Aug 13, 2026, 5:45 PM UTC
Analysis
alphai AI DeskAI-generated
Added to alphai Aug 13, 2026, 6:06 PM UTC. Informational, not investment advice.
How this was made
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D-Wave Quantum (QBTS) Q2 2026 Earnings Call Transcript — source image
Source · fool.com
Decision brief

The 30-second read

$QBTSNeutralMed
01

Why it matters

Key trading inputs are the maintained 2026 delivery guidance (two systems), the expected Q4 revenue weighting, and the mix shift toward commercial customers and QCaaS production applications. Margin compression and cash decline temper the bullish narrative.

02

Market read

Traders can reassess QBTS’s revenue timing risk (Q4 weighting), conversion of bookings into revenue (RPO and 12-month recognition), and margin/cash trajectory based on the call’s quantified updates.

03

What to watch

Cash declined 33% year over year, gross margin fell 8.4 points, and Q4 is expected to carry most of 2026 revenue, increasing quarter-to-quarter earnings risk.

Relevance 8/10Novelty 8/10Timing: earnings call transcript, reported Aug. 6, 2026 (pre-market context)

Background

The article is a transcript of D-Wave Quantum’s Q2 2026 earnings call, covering financial results, bookings/RPO, guidance, and technology roadmap updates.

Company-level read

Ticker impact

$QBTSNeutralMedium confidence
Context

D-Wave reported Q2 revenue of $3.1M, GAAP net loss of $48M, and maintained guidance for two system deliveries in 2026.

Expected impact

Likely modest volatility around margin and cash burn details, with upside bias if investors focus on rising commercial mix and RPO conversion.

Evidence & confidence

The article contains a full earnings call with multiple new figures (revenue, bookings, RPO, cash, margin) plus explicit guidance for 2026 deliveries and Q4 revenue weighting, which can move sentiment even without a major one-off corporate event.

Market effects

Sector

Highlights continued shift from research to enterprise production deployments and QCaaS subscription growth, reinforcing demand narrative for quantum-as-a-service.

Regional

US NSF grant and US university contract underscore US public funding and academic-to-enterprise commercialization pathways.

Global

Nature peer-reviewed validation and enterprise adoption examples support global investor confidence in dual-rail roadmap execution.

Counterpoint

What could challenge this read

Despite strong bookings and RPO growth, revenue remains small and losses are large, so investors may discount roadmap targets until system deliveries translate into sustained GAAP profitability.

Key entities

  • company
    D-Wave Quantum Inc.

    QBTS, reported Q2 2026 results and reiterated guidance for two system deliveries in 2026, with Q4 expected to drive most of 2026 revenue.

  • executive
    Alan Baratz

    CEO, discussed dual-rail architecture validation, gate-model simulator plans, and commercialization constraints.

  • executive
    John Markovich

    CFO, discussed gross margin decline drivers and expectations for annual system deals and pricing.

  • customer
    Florida Atlantic University

    Named as source of a $20M system contract driving H1 bookings growth.

  • government_funder
    U.S. National Science Foundation

    Awarded $1.57M for the ERASE project.

Read at source← All news

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