Insider Brief
- D-Wave reported essentially flat second-quarter revenue while bookings and contracted future revenue grew sharply.
- First-half bookings increased 1,120% year over year to $35.5 million, while remaining performance obligations rose 668% to $40.7 million, supported in part by a $20 million quantum computing system sale that will be recognized in future revenue.
- The company expanded both its annealing and gate-model quantum computing roadmaps, announced new research and government partnerships, and continued increasing investment in engineering and commercialization initiatives.
D-Wave Quantum reported flat second-quarter revenue but continued strong growth in bookings, underscoring growing customer demand as the company accelerated investment in both its annealing and gate-model quantum computing platforms.
The company reported second-quarter revenue of $3.1 million, essentially unchanged from a year earlier, while bookings increased 59% to $2.1 million. For the first half of 2026, bookings climbed to $35.5 million, a more than elevenfold increase from the same period last year, driven in part by a $20 million quantum computing system sale that will be recognized as revenue in future quarters.
“This quarter reinforced the strength and breadth of D-Wave’s leadership,” Dr. Alan Baratz, CEO of D-Wave, said in a statement. “We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap. The peer-reviewed validation of our dual-rail architecture and recognition by IDC as an industry Leader reflects growing confidence in both our ability to deliver customer value and our approach to building scalable quantum computer systems. D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates.”
Overall, the results reflect the rest of the quantum industry that continues to invest heavily in product development while building a larger pipeline of future revenue. D-Wave increased spending on research, engineering and commercialization during the quarter, contributing to wider operating losses even as customer demand broadened.
Unlike most quantum computing companies, D-Wave develops both annealing quantum computers, which are designed to solve optimization problems, and gate-model quantum computers, which are intended to support a broader range of future applications.
Bookings and Backlog
Although quarterly revenue remained flat, several commercial indicators improved. For instance, bookings reached $35.5 million during the first six months of the year, compared with $2.9 million during the same period in 2025. The company said the increase included a $20 million system sale that has not yet been recognized as revenue because the system has not been fully delivered.
Remaining performance obligations, a measure of contracted revenue yet to be recognized, rose to $40.7 million at the end of June, up 668% from a year earlier. D-Wave said approximately 57% of that backlog is expected to convert into revenue within the next 12 months.
The company’s customer mix also continued shifting toward commercial enterprises. Commercial customers generated 62.4% of second-quarter revenue, compared with 45.1% a year earlier, while customers from the Forbes Global 2000 accounted for nearly half of quarterly revenue. During the first half, D-Wave recognized revenue from more than 100 customers, with more than half representing commercial organizations.
The company also announced new or renewed customer engagements with organizations including AT&T, Nasdaq Verafin, Oki Electric Industry, Shionogi, Unisys and one of the world’s largest gambling and entertainment companies.
Investment Increases
D-Wave continued increasing investment across its engineering and product development organizations.
Second-quarter operating expenses rose 93% year over year to $55 million, driven primarily by higher personnel costs, stock-based compensation, depreciation and marketing expenses. The company said the additional spending supports accelerated product development and go-to-market initiatives.
The company reported a net loss of $48 million for the quarter, an improvement from a year earlier largely because 2025 results included substantial non-cash warrant-related accounting charges. However, adjusted EBITDA loss widened to $37.1 million as operating investments increased.
During the first half of the year, operating expenses also reflected costs associated with D-Wave’s acquisition of Quantum Circuits, Inc., which closed in January and expanded the company’s gate-model quantum computing capabilities.
Beyond its financial results, D-Wave used the quarterly report to detail progress across both of its quantum computing platforms.
On the annealing side, the company expanded its long-term roadmap, saying it expects future packaging and superconducting interconnect technologies to support multi-chip architectures capable of scaling to approximately 20,000 qubits by 2029 and ultimately 100,000 qubits by 2031. It also unveiled a prototype scalable input/output architecture intended to support larger systems without requiring a proportional increase in hardware connections.
For its gate-model platform, D-Wave published a roadmap extending through 2032, beginning with a 17-physical-qubit system this year and progressing toward systems capable of supporting logical qubits for fault-tolerant quantum computing. Fault tolerance refers to the ability of a quantum computer to detect and correct errors so that it can perform long, reliable computations.
The company also highlighted research published in Nature describing a new two-qubit gate designed to reduce the hardware overhead required for quantum error correction, one of the central technical challenges facing gate-model quantum computers.
Additional milestones included plans for an error-aware gate-model quantum computing simulator and continued support from U.S. government research programs, including funding from the National Science Foundation and the Northeast Regional Defense Technology Hub.
