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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for D-Wave Quantum Inc. (QBTS) is 2/10.
D-Wave's first-quarter 2026 revenue fell 81% to $2.9 million, but the drop was entirely a comparison against the prior-year quarter's one-time $12.6 million Jülich system sale; underlying QCaaS revenue grew nearly 15% and professional services over 26%. Bookings reached a record $33.4 million, including the $20 million Florida Atlantic University system sale, and remaining performance obligations rose 563% to $42.4 million. Operating expenses climbed 125% to $56.5 million, including $9.1 million of Quantum Circuits acquisition costs, widening the net loss to $18.4 million and the adjusted EBITDA loss to $32.8 million. Management raised its system-sales outlook to two or three deals per year and detailed a dual-rail gate-model roadmap targeting 100 logical qubits by 2032.
Scored from D-Wave Quantum Inc.’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2M | -20.5% | $-0.37 | -270.0% | -876.2% | -3727.9% | $1M |
| FY2025 Q1 | $15M | +508.6% | $-0.02 | +82.8% | -75.3% | -36.1% | $-20M |
| FY2025 Q2 | $3M | +41.8% | $-0.57 | -470.0% | -856.3% | -5406.4% | $-16M |
| FY2025 Q3 | $4M | +99.9% | $-0.41 | -272.7% | -741.8% | -3743.9% | $-20M |
| FY2025 Q4 | $3M | +19.2% | $-0.12 | +67.6% | -1266.0% | -1538.0% | $-20M |
| FY2026 Q1 | $3M | -80.9% | $-0.05 | -164.6% | -1914.9% | -642.3% | $-46M |
| FY2026 Q2 | $3M | -0.6% | $-0.13 | +77.2% | -1732.1% | -1561.4% | $-33M |
On August 19, 2026, CFO John Markovich notified D-Wave Quantum of his intention to retire, resigning effective September 2, 2026. CEO Alan Baratz credited Markovich's role in the 2022 public listing and over $900 million of capital raised. Greg Golkov, age 49, senior vice president of finance, will become acting CFO and principal financial and accounting officer. The company said the resignation was not the result of any disagreement.