NEW YORK, August 8, 2026, 15:49 EDT
- U.S. cash markets remained shut for the weekend.
- D-Wave finished Friday at $20.76, up 14.8% for the week.
- Nearly 94% of bookings for the first half were made ahead of the second quarter.
D-Wave Quantum Inc. NASDAQ:QBTS ended trading on Friday at $20.76, marking a 6.98% increase. Over the past week, shares rose 14.8%, even after a 9.3% drop following earnings on Thursday. The stock remains 2.9% under Wednesday’s closing price.
The recovery concealed a notable divide in the firm’s order figures. Bookings in the first half totaled $35.5 million, yet only $2.1 million came during the second quarter. That means approximately $33.4 million, or 94%, was booked in the first quarter.
A $20 million system sale accounted for 56% of bookings in the first half, highlighting increased demand while also underscoring D-Wave’s dependence on sizeable and irregular deals.
The market capitalization on Friday, at $7.70 billion, represented roughly 189 times the company’s total remaining performance obligations. It was also 332 times the amount projected to convert to revenue within 12 months. These are reference ratios rather than standard valuation multiples.
The drop on Thursday was attributed to the second-quarter report. Revenue fell short of the FactSet forecast by around 23%, and expenses almost doubled.
| Q2 measure | 2026 | 2025 | Change | Market reference |
|---|---|---|---|---|
| Revenue | $3.08 million | $3.10 million | -0.6% | FactSet consensus: $4.0 million |
| Bookings | $2.1 million | $1.3 million | +59% | — |
| GAAP gross margin | 55.4% | 63.8% | -8.4 points | — |
| GAAP operating expenses | $55.0 million | $28.5 million | +93% | — |
| Adjusted EBITDA loss | $37.1 million | $20.0 million | +85% | — |
The company’s numbers are unaudited. Revenue is compared against a FactSet forecast.
GAAP net loss decreased to $48.0 million from $167.3 million, largely due to a prior-year warrant-liability charge. However, the operating result worsened, with adjusted EBITDA loss increasing by $17.1 million.
Some segments saw higher revenue quality. Commercial clients accounted for 62.4% of revenue for the quarter, compared with 45.1% in the same period last year. The share from large global firms reached 47.7%, an increase from 20.4%. Chief Executive Alan Baratz said D-Wave was “translating technical leadership into commercial progress.” SEC
Bookings represent orders anticipated to produce future revenue. Remaining performance obligations refer to noncancellable contracted projects. This difference is significant.
| Order-book measure | Value | Investor calculation |
|---|---|---|
| First-half bookings | $35.5 million | 100% |
| Implied first-quarter bookings | Roughly $33.4 million | Close to 94.1% |
| Second-quarter bookings | $2.1 million | Roughly 5.9% |
| Largest disclosed system sale | $20.0 million | 56.3% of bookings in the first half |
| Total RPO | $40.7 million | 668% year-on-year increase |
| Expected RPO revenue within 12 months | Roughly $23.2 million | 57% of overall RPO |
| Market value divided by total RPO | — | Estimated at 189 times |
| Market value divided by 12-month RPO | — | Estimated at 332 times |
Figures are based on rounded company data. Bookings for the first half incorporate $2.3 million received by Quantum Circuits prior to the completion of its acquisition.
Liquidity stays robust. In June, D-Wave reported $546.2 million in cash and marketable securities. The company’s operating cash outflow in the first half more than doubled to $73.5 million. D-Wave additionally invested $252.8 million for its acquisition of Quantum Circuits.
The valuation premium is also evident when compared to recently reported quantum peers.
| Company | Q2 revenue | Year-on-year change | Friday market value | Market value / annualized Q2 revenue |
|---|---|---|---|---|
| D-Wave Quantum | $3.08 million | -0.6% | $7.70 billion | 626 times |
| IonQ Inc. NYSE:IONQ | $80.1 million | +287% | $16.49 billion | 51 times |
| Rigetti Computing Inc. NASDAQ:RGTI | $5.14 million | +185% | $5.98 billion | 291 times |
The last column represents reported quarterly revenue multiplied by four. This is not a projection and does not account for changes in business mix.
Analysts maintained a bullish stance following the report, though they lowered their price targets. The average target from three confirmed reductions dropped by 16.7% to $35.
| Research firm | Analyst | Recommendation | New target | Previous | Upside to Friday close |
|---|---|---|---|---|---|
| Roth Capital | Suji Desilva | Buy | $30 | $40 | 44.5% |
| Canaccord Genuity Group Inc. (TSE:CF) | Kingsley Crane | Buy | $35 | $41 | 68.6% |
| Jefferies Financial Group Inc. NYSE:JEF | Not disclosed in report | Buy | $40 | $45 | 92.7% |
Canaccord called the quarter one of “meaningful technological and commercial progress.” The firm also pointed to moderate gains in short-term revenue and bookings. Jefferies is anticipating “a significant Q4 bump” driven by the shipment of two systems. TipRanks
D-Wave released gate-model research in Nature last week, showing two-qubit fidelity of roughly 99.9% alongside 500-nanosecond gate times. The company aims for 100 logical qubits and one million operations in its roadmap by 2032. The timeline is still extended.
Risks: Orders could continue to be uneven, and contract schedules might postpone when revenue is booked. Operating expenses and cash outflows are increasing at a pace exceeding present sales levels. The valuation provides limited tolerance for any delays in system shipments or potential technical issues.
The sector review is set for Monday next week. Quantum Computing Inc. NASDAQ:QUBT will release its second-quarter earnings. For those holding shares of D-Wave, attention is focused on whether the company can translate its $40.7 million in contracted backlog into recognized revenue.
Related articles: NASDAQ:QBTS
