New York, Feb 26, 2026, 16:03 EST — After-hours action
- QBTS ended the day 2.4% higher, tacking on modest gains in after-hours as D-Wave released its 2025 results.
- D-Wave reported year-to-date bookings for 2026 hit $32.8 million as of Feb. 25, with a $20 million system sale and a $10 million QCaaS license fueling the total.
- Quantum-computing peers climbed as well, keeping the spotlight on the group heading into Friday’s session
D-Wave Quantum Inc finished Thursday up 2.4% at $20.13, with shares nudging a bit higher after hours as the market reacted to its year-end numbers and a new bookings snapshot. The day’s range: $19.72 to $21.70. Volume topped 37 million shares.
This shift is significant: the quantum-computing trade has thrived on headlines and order flow. Traders have been searching for a clear sign that real enterprise demand is materializing—actual signed deals, not just more demo activity.
D-Wave lands squarely in that middle zone. Revenue remains modest—one contract can tip an entire quarter—so bookings have turned into the go-to measure for spotting momentum or slowdown in demand.
D-Wave reported a sharp jump in fourth-quarter bookings to $13.4 million, up from the previous quarter. For the first quarter of 2026, year-to-date bookings had already topped $32.8 million by Feb. 25. The company considers these bookings as future revenue from customer orders. QCaaS — quantum computing as a service — refers to paid cloud-based access to D-Wave’s systems. “We are entering 2026 with exceptional momentum,” Chief Executive Alan Baratz said, highlighting a $20 million system sale to Florida Atlantic University and a $10 million, two-year QCaaS enterprise license sold to a Fortune 100 company. D-Wave also pointed to customer activity from names like LG CNS, Sharp, and Italy’s CINECA, with both new and renewed deals. D-Wave
D-Wave turned in fourth-quarter revenue of $2.75 million, up from $2.31 million a year ago. For the full year, revenue hit $24.59 million, compared with $8.83 million in 2024. Net loss for the quarter landed at $42.33 million, widening to $355.06 million for the year, weighed down by $270.54 million in other expenses connected to shifts in warrant liability fair value. Year-end cash and cash equivalents stood at $635.35 million, alongside $249.13 million in marketable securities.
D-Wave, in its latest SEC filing, flagged a record $884.5 million in cash and marketable investment securities. The company also called attention to wrapping up its Quantum Circuits acquisition, rolling out a U.S. government business unit under Jack Sears Jr, plus teaming up with Davidson Technologies and Anduril Industries on quantum-classical hybrid projects aimed at air and missile defense planning.
This rally didn’t just stick to one name. IonQ popped over 20% on the day. Rigetti Computing and Quantum Computing Inc rose too, the entire quantum pocket holding its gains despite some choppy action in broader tech.
Still, risks remain. Bookings might drop, contracts sometimes get pushed back, and quantum spending can shrink quickly if clients judge the returns are too distant. D-Wave, for its part, continues to report hefty GAAP losses.
Next up: Friday’s session on Feb. 27. Traders will be eyeing QBTS to see if it can keep its gains after the initial earnings buzz dies down. The story here is whether those early 2026 bookings show up as revenue soon enough to sustain the stock’s momentum play.
