PALO ALTO, California, May 11, 2026, 15:53 PDT
D-Wave Quantum Inc. reports first-quarter results Tuesday, drawing attention to whether its latest run of contract wins will show up quickly enough in revenue to sustain the quantum-computing stock’s rally. The company will release earnings for the March 31 quarter before the market opens May 12.
Timing mattered. D-Wave shares closed up 6.5% at $24.03 on Monday, then pushed even higher in after-hours trading. Shares didn’t just float sideways before earnings—they spiked.
Analysts are penciling in a quarterly loss around 8 cents a share, with revenue just over $4 million. Consensus revenue figures come in at $4.14 million, according to Seeking Alpha, while TipRanks puts the estimate a bit higher, at $4.19 million. Both numbers, though, are a far cry from the $15 million D-Wave posted last year, thanks to a spike in system sales.
D-Wave Quantum (QBTS) is running into a short-term obstacle. Through Feb. 25, the company logged first-quarter-to-date bookings above $32.8 million—a figure boosted by a $20 million system deal with Florida Atlantic University and a $10 million, two-year quantum computing-as-a-service agreement with a Fortune 100 company. These bookings, which reflect customer commitments set to be recognized as revenue, include service contracts that provide clients remote access to D-Wave’s quantum hardware rather than a physical sale.
Rosenblatt Securities’ John McPeake is keeping his Buy rating and $43 price target in place before the results, according to TipRanks. McPeake points to D-Wave’s “dual-platform position” and momentum on the commercial front as offering “good optionality” as quantum tech picks up steam. Even so, he’s looking for more details: updates on the FAU install, the Fortune 100 service rollout, plus any post-quarter booking numbers. TipRanks
D-Wave is pushing to drop its “science project” image. January saw the company close its acquisition of Quantum Circuits Inc., bringing gate-model tech—the mainstay of quantum research—onto its platform. This adds to D-Wave’s annealing systems, which focus on optimization problems such as scheduling and routing. D-Wave Quantum
Alan Baratz, the chief executive, is zeroing in on execution. Ahead of D-Wave’s first investor day—set for June 1 at the New York Stock Exchange—Baratz made his stance clear: leaders in the industry will be determined by “proof, not potential.” D-Wave Quantum
The sector’s under the microscope, no question. Rigetti Computing plans to roll out its first-quarter numbers Monday after the close. IonQ? Already out with a strong quarter, plus it raised its full-year revenue target, according to Zacks. The matchup’s not exact, but it’s the right idea—investors aren’t content with lab results alone anymore. They’re tracking revenue, backlogs, and real-world customer uptake.
Some in the sector could benefit from government spending, though gains are unlikely to be spread evenly. Mizuho analyst Vijay Rakesh told Investing.com the UK is targeting about $2.7 billion for quantum-computing initiatives, and Canada’s earmarking close to $1 billion for defense quantum work. Whether those dollars translate to real contracts for companies like D-Wave, instead of just funding headlines, remains to be seen.
The warning signs are stacking up. D-Wave has missed earnings expectations in three of the past four quarters, Zacks data shows, while its forward price-to-sales ratio remains elevated relative to software industry norms. Factor in the integration expenses tied to Quantum Circuits, escalating operating costs, and the slow pace of revenue recognition from major system deals—the combined effect could make it tough for the income statement to capture any momentum seen in bookings.
D-Wave provides quantum hardware and software, with offerings that include the Leap quantum cloud and the Advantage system. Headquartered in Palo Alto, California for its U.S. operations, the company’s technology is used by clients working on complex scheduling problems, routing, resource allocation, and other intensive computing tasks.
D-Wave opens its conference call at 8:00 a.m. ET on Tuesday, with CEO Baratz and CFO John Markovich set to discuss the numbers and share what’s next. Revenue, bookings, cash burn—these will be in focus, and investors will be looking for specifics about when current orders might finally translate to recognized sales.
