The quarter missed the near-term financial bar. Published consensus was roughly $4.03 million of revenue and a $0.08 per-share loss; D-Wave delivered $3.08 million and a $0.13 loss. Revenue was essentially flat year over year, so the result did not show the acceleration investors were expecting. (Income Statement)
| Metric | Q2 2026 | Q2 2025 | Market expectation / comparison |
|---|---|---|---|
| Revenue | $3.08 million | $3.10 million | Consensus: ~$4.03 million |
| Net loss per share | $(0.13) | $(0.55) | Consensus: $(0.08) |
| GAAP gross margin | 55.4% | 63.8% | Down 8.4 percentage points |
| Adjusted EBITDA loss | $(37.1) million | $(20.0) million | Loss widened 85% |
| Operating cash flow | $(73.5) million | $(34.6) million | Cash use more than doubled |
| Cash and marketable securities | $546.2 million | $819.3 million | Down 33% year over year |
Demand indicators are much better than recognized revenue. First-half bookings reached $35.5 million, including a $20 million system order whose revenue is still ahead, while remaining performance obligations rose to $40.7 million; 57% is expected to convert to revenue within 12 months. That supports a future revenue pipeline, but it does not fix the current-quarter miss or prove that the orders will convert on schedule. (Bookings; Remaining Performance Obligations)
The cost structure is moving sharply against the company. GAAP operating expenses rose 93% to $55.0 million, and even adjusted operating expenses increased 76% to $39.1 million, reflecting heavier spending on research, sales, marketing, and the Quantum Circuits integration. The result was a $48.0 million quarterly net loss and a $37.1 million adjusted EBITDA loss, with the improvement versus last year largely reflecting the absence of last year’s $142.0 million warrant remeasurement charge rather than stronger underlying operations. (Income Statement; Non-GAAP Adjusted Operating Expenses; Adjusted EBITDA reconciliation)
The balance sheet remains funded, but the acquisition has consumed substantial liquidity. Cash and marketable securities totaled $546.2 million at June 30, while operating cash burn was $73.5 million for the first half and the Quantum Circuits acquisition used $252.8 million in cash. The company still has substantial liquidity, but the filing shows a business spending considerably faster before revenue has begun to scale. (Balance Sheet; Cash Flow statement)
Net read: strong backlog and strategic progress do not offset the earnings miss. The filing reinforces the longer-term commercial pipeline, but versus the immediate market expectation it delivered lower revenue, a wider operating loss, heavier cash consumption, and no evidence of near-term revenue acceleration. The favorable bookings story is therefore a deferred benefit, not a quarterly beat.
Read the original 8-K on SEC EDGAR ↗