D-Wave Quantum Q3 Revenue Rises 21% to $4.5 Million as Net Loss Narrows to $48.2 Million
D-Wave Quantum grew third-quarter revenue 21% to $4.5 million and reported a much smaller net loss than a year ago, though operating spending kept climbing as the company pushes its product roadmap, according to an earnings release filed Tuesday in an 8-K.
The net loss was $48.2 million, or $0.13 per share, compared with $140.0 million, or $0.41 per share, in the third quarter of 2025. The company said the improvement came mainly from a $121.9 million drop in non-cash charges tied to remeasuring its warrant liability. Its remaining public warrants were redeemed in November 2025.
Operating costs moved sharply higher. GAAP operating expenses rose 84% to $55.9 million, driven largely by $12.3 million more in personnel costs. The adjusted EBITDA loss widened 83% to $37.7 million.
Bookings and backlog
Quarterly bookings slipped 19% to $1.9 million, and the company noted that bookings in any one quarter can swing with the timing of large deals. For the first nine months of 2026, bookings reached $37.4 million, up 611%.
Remaining performance obligations, a measure of contracted future revenue, rose to $38.3 million from $2.9 million a year earlier, an increase of 1,221%.
Revenue mix weighed on profitability. GAAP gross margin fell to 52.9% as lower-margin professional services made up a bigger share of sales, while system sales revenue declined $1.5 million.
Funding
D-Wave ended September with $503.4 million in cash and marketable investment securities. During the quarter it signed a definitive agreement with the U.S. Department of Commerce giving it access to up to $100.0 million of CHIPS and Science Act funding, paid in installments as it meets specified milestones.
"Our triple-digit increase in year-to-date bookings and robust pipeline reinforce our confidence in the opportunity ahead," Chief Executive Alan Baratz said in the release.
By the numbers
- Q3 revenue: $4.5 million, up 21%
- Net loss: $48.2 million, or $0.13 per share
- GAAP operating expenses: $55.9 million, up 84%
- Nine-month bookings: $37.4 million, up 611%
- Remaining performance obligations: $38.3 million
- Cash and marketable securities: $503.4 million
Sources
- Form 8-K with Exhibit 99.1 earnings release, D-Wave Quantum Inc., filed Nov. 10, 2026, accession 0001907982-26-000180
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