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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Craig Ellis | B. Riley Securities | 6 questions · 0% challenging |
| Harsh Kumar | BMO Capital Markets | 6 questions · 0% challenging |
| Richard Shannon | Craig-Hallum | 5 questions · 0% challenging |
| Troy Jensen | Cantor Fitzgerald | 5 questions · 0% challenging |
| Quinn Bolton | Needham | 5 questions · 0% challenging |
| Suji Desilva | ROTH Capital Partners | 5 questions · 0% challenging |
| Kingsley Crane | Canaccord Genuity | 4 questions · 0% challenging |
| Dave Williams | StoneX | 4 questions · 0% challenging |
| John McPeake | Rosenblatt Securities | 3 questions · 0% challenging |
| Kevin Garrigan | Jefferies | 3 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| B. Riley Securities | 1 analyst | 6 questions · 0% challenging |
| BMO Capital Markets | 1 analyst | 6 questions · 0% challenging |
| Craig-Hallum | 2 analysts | 6 questions · 0% challenging |
| Needham | 2 analysts | 6 questions · 0% challenging |
| Cantor Fitzgerald | 1 analyst | 5 questions · 0% challenging |
| ROTH Capital Partners | 1 analyst | 5 questions · 0% challenging |
| StoneX | 2 analysts | 5 questions · 0% challenging |
| Canaccord Genuity | 1 analyst | 4 questions · 0% challenging |
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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.
Demand | Revenue Growth | Innovation & R&D | Capex Investment | Competitive Dynamics | Regulation Policy | M&A | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 4 | 1 | 1 | 1 | |||
| 2025Q1 | 1 | 4 | 2 | 1 | ||||
| 2025Q2 | 2 | 1 | 4 | 1 | 2 | 1 | ||
| 2025Q3 | 6 | 2 | 3 | 1 | 1 | 2 | ||
| 2025Q4 | 8 | 4 | 2 | 3 | 2 | 1 | 2 | |
| 2026Q1 | 4 | 4 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 1 | 2 | 6 | 8 | 4 |
| Revenue Growth | 4 | 4 | 1 | 2 | 4 | 4 |
| Innovation & R&D | 1 | 2 | 4 | 3 | 2 | 4 |
| Capex Investment | 1 | 1 | 3 | |||
| Competitive Dynamics | 1 | 2 | 2 | |||
| Regulation Policy | 1 | 2 | 1 | |||
| M&A | 2 | 2 | ||||
| Capital Allocation | 1 | 1 | 1 |
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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 Q1Selected | $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 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2026Earnings call May 12, 2026
FY2026 Q1 in brief
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%.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for D-Wave Quantum Inc. (QBTS), FY2026 Q1: 2/10. Scores: D-Wave Quantum Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: QBTS daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY -81.0% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What QBTS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the work that they are focused on with respect to leveraging GPU technology to aid in error correction is important work”
Asked about NVIDIA's quantum error-correction announcement, D-Wave said NVIDIA's GPU-based error-correction work is relevant to gate-model systems but only partly applicable to its more efficient dual-rail architecture.
“The Google team showed a way to break the Bitcoin protocol with 500,000 superconducting qubits.”
D-Wave contrasted Google's superconducting approach (fast but requiring 500,000 qubits) with neutral-atom efficiency, arguing its dual-rail technology captures both speed and efficiency, a competitive signal on Google's quantum research.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 10 | +40.2% | |
| HPQ HP Inc. | 5 | +6.9% | |
| IONQ IonQ, Inc. | 9 | +754.7% | |
| NTAP NetApp | 8 | +4.4% | |
| P Everpure, Inc. | 9 | +20.4% | |
| RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |