Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
D-Wave's second quarter of fiscal 2026 was defined by the acquisition of Quantum Circuits, which drove a more than doubling of R&D spending and significantly widened operating losses. Revenue was roughly unchanged year over year as a drop in system sales offset gains in cloud and services. Net loss improved substantially, however, due to the prior year's large non-cash warrant liability charge that did not recur. The acquisition also contributed to a sharp decline in cash balances, as the company paid $252.8 million in cash consideration.
Revenue
$3.08M
-0.61% YoY
EPS (Diluted)
-$0.13
+76.36% YoY
Gross Margin
55.4%
-8.4 pts YoY
Operating Income
-$53.28M
-101.03% YoY
Source: SEC XBRL
D-Wave Quantum (QBTS) reported Q2 FY2026 revenue of $3.08M, down 0.6% year over year. Operating margin was -1732.1%, against -856.3% a year earlier. QBTS's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | -0.10 | -0.09 | Miss -16.0% |
| Mar 2026 | -0.01 | -0.08 | Beat +87.2% |
| Dec 2025 | -0.09 | -0.07 | Miss -33.1% |
| Sep 2025 | -0.05 | -0.07 | Beat +27.2% |
Adjusted (non-GAAP) EPS of -$0.10 versus the -$0.09 analyst consensus — a -16.0% miss for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$0.13.
Compiled by AI from 10-Q Item 2 of this filing
The decline in system sales was primarily due to the timing of progress recognized under the percentage-of-completion method on the system contracted for delivery in each period, not a reduction in underlying demand.
Source: 10-Q Item 2 MD&A
The acquisition of Quantum Circuits in January 2026 for $250 million in cash and 10.4 million shares drove significant increases in R&D, including higher personnel, depreciation, and stock-based compensation costs.
Source: 10-Q Item 2 MD&A
In July 2026, the company voluntarily moved its stock listing from the NYSE to Nasdaq, retaining ticker QBTS, and remains subject to continued listing requirements.
Source: 10-Q Item 2 MD&A
A $28.4 million income tax benefit for the six months ended June 30, 2026 resulted from the partial release of a valuation allowance against deferred tax assets, triggered by deferred tax liabilities assumed in the Quantum Circuits acquisition.
Source: 10-Q Item 2 MD&A
Research and development expenses surged 122% to $28.2 million in Q2, driven by increases in personnel costs, depreciation from acquired assets, and stock-based compensation following the Quantum Circuits integration.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 4 high, 1 medium, 0 low
Following the transfer to Nasdaq, the company must meet continued listing requirements. Previous NYSE non-compliance notices for low share price indicate a risk of delisting, which would impair stock liquidity and capital raising.
Source: 10-Q Item 1A Risk Factors
The Quantum Circuits acquisition may strain management, operational, and financial resources. Integration difficulties could disrupt business, fail to achieve expected synergies, and lead to further dilution or operating losses.
Source: 10-Q Item 2 MD&A
Cash and equivalents fell to $296.6 million from $819.3 million, driven by the $252.8 million acquisition cost and operating cash outflows of $73.5 million in the first half of fiscal 2026. The company may need additional funding to sustain operations.
Source: 10-Q Cash Flow Statement (XBRL)
Revenue from quantum computing system sales can vary significantly based on the timing of installation progress under percentage-of-completion accounting, creating volatility in period-to-period results.
Source: 10-Q Item 2 MD&A
The company has a $1.0 billion accumulated deficit and expects to continue incurring significant losses as it invests in R&D and go-to-market initiatives, raising doubt about its ability to achieve profitability without additional capital.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 3.08 $M | 3.10 $M | -0.61% |
Cost of Revenue $M | 1.37 $M | 1.12 $M | +22.61% |
Gross Profit $M | 1.70 $M | 1.98 $M | -13.77% |
Operating Income $M | -53.28 $M | -26.50 $M | -101.03% |
Net Income $M | -48.03 $M | -167.33 $M | +71.30% |
EPS (Basic) $ | -0.13 $ | -0.55 $ | +76.36% |
EPS (Diluted) $ | -0.13 $ | -0.55 $ | +76.36% |
R&D Expense $M | 28.24 $M | 12.69 $M | +122.46% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
QBTS reported a sharp revenue decline of 80.9% YoY to $2.9M in Q1 2026, with operating losses widening dramatically to -$54.7M, while the company significantly bolstered its balance sheet through equity raises, ending the quarter with $338M in cash and $1.12B in stockholders' equity.
QBTS (D-Wave Quantum) delivered 178.5% revenue growth to $24.6M in FY2025, but net losses widened dramatically to -$355.1M as the company raised ~$779M in financing to fund its quantum computing expansion.