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D-Wave Quantum stock falls 8.6% despite Q3 revenue beat as losses widen

D-Wave Quantum posted third-quarter revenue of $4.5 million, up 21% year over year and topping expectations, but its stock slid 8.6% amid widening losses, lower quarterly bookings, and declining system sales.

A person holding a smartphone showing the D-Wave logo on the screen.
Image: @qz

D-Wave Quantum reported third-quarter revenue of $4.5 million, marking a 21% increase year over year and surpassing analyst estimates of $4.3 million to $4.33 million. The company posted an earnings per share loss of $0.13, compared against estimates of -$0.14 reported by Wall St Engine and -$0.10 reported by TrendSpider.[2][3]

Despite the top-line beat, shares fell 8.6% as operating losses widened and quarterly system sales dropped by $1.5 million, according to Quartz and Barron's. Third-quarter bookings dropped 19% year over year to $1.9 million, while GAAP gross margin shrank by 1,850 basis points to 52.9%. The company noted that a $121.9 million decrease in non-cash, non-operating charges from warrant liability remeasurements drove its GAAP net loss.[1][3][4]

Even with the quarterly slowdown in bookings, D-Wave highlighted longer-term momentum, with year-to-date bookings up 611% to $37.4 million and remaining performance obligations jumping 1,221% to $38.3 million. D-Wave closed the period with $503.4 million in cash and investments and over 100 customers, 48% of which are commercial enterprises. The company also announced up to $100 million in CHIPS funding linked to a 100,000-qubit annealing system, the delivery of a 4,400-plus-qubit Advantage2 system as Italy's first annealing computer, and mobile network optimization work with NTT DOCOMO.[3][4][5]

Key facts

  • D-Wave Quantum generated $4.5 million in Q3 revenue, up 21% year over year and topping forecasts.
  • D-Wave's stock declined 8.6% after the report as losses widened and system sales dropped by $1.5 million.
  • Q3 bookings decreased 19% year over year to $1.9 million, while GAAP gross margin dropped 1,850 basis points to 52.9%.
  • Year-to-date bookings jumped 611% to $37.4 million, and remaining performance obligations rose 1,221% to $38.3 million.
  • D-Wave held $503.4 million in cash and investments at the end of the quarter.
  • The company announced up to $100 million in CHIPS funding for a 100,000-qubit annealing system and delivered a 4,400-plus-qubit Advantage2 system to Italy.

Sources · 5 sources

  1. BA

    Barron's@barronsonlinePost on X ·

    D-Wave Quantum tops revenue estimates for the third quarter, but a drop in system sales and widening losses send the stock tumbling, https://t.co/eqDAexhnYn

    Open source
  2. TR

    TrendSpider@TrendSpiderPost on X ·

    $QBTS Q3 EARNINGS EPS: $(0.13) vs $(0.10) est ❌ Sales: $4.5M vs $4.33M est ✅ https://t.co/t874dMy8Cw

    Open source
  3. WS

    Wall St Engine@wallstenginePost on X ·

    D-WAVE QUANTUM $QBTS Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $4.5M (Est. $4.3M) 🟢; +21% YoY 🔹 EPS: -$0.13 (Est. -$0.14) 🟢 🔹 GAAP Gross Margin: 52.9%; -1,850 bps YoY Customers: 🔹 Customers: 100+; 48% commercial enterprises Announcements: 🔹 CHIPS Funding: Up to $100M; 100,000-qubit annealing system 🔹 Italy’s First Annealing Computer: 4,400+ qubit Advantage2 system delivered 🔹 NTT DOCOMO: 65.3% lower location signals; 7.0% lower paging signals Other Q3 Metrics: 🔹 Bookings: $1.9M; -19% YoY 🔹 YTD Bookings: $37.4M; +611% YoY 🔹 RPO: $38.3M; +1,221% YoY 🔹 Cash & Investments: $503.4M Key Updates: 🔹 Warrant Liability Remeasurement: $121.9M decrease in non-cash, non-operating charges driving GAAP net loss Comments: 🔸 “Our triple-digit increase in year-to-date bookings and robust pipeline reinforce our confidence in the opportunity ahead.”

    Open source
  4. QU

    Quartz@qzPost on X ·

    D-Wave Quantum stock fell 8.​6% after its quarterly operating loss widened: Revenue rose 21% to $4.​5 million, but bookings fell 19% in the quarter and system sales declined by $1.​5 million dlvr.​it/TWHdxJ https://t.co/IMFZ4KMpsS

    Open source
  5. CB

    Crypto BriefingArticle ·

    D-Wave Quantum Q3 revenue rises 21% to $4.5 million as bookings jump 611% D-Wave's revenue growth and strategic partnerships highlight quantum computing's rising global significance and potential market expansion. The post D-Wave Quantum Q3 revenue rises 21% to $4.5 million as bookings jump 611% appeared first on Crypto Briefing .

    Open source