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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Craig Ellis | B. Riley Securities | 6 (0%) |
| Troy Jensen | Cantor Fitzgerald | 5 (0%) |
| Harsh Kumar | Piper Sandler | 5 (0%) |
| Quinn Bolton | Needham | 5 (0%) |
| Suji Desilva | ROTH Capital Partners | 5 (0%) |
| Richard Shannon | Craig-Hallum | 5 (0%) |
| Kingsley Crane | Canaccord Genuity | 4 (0%) |
| Dave Williams | Benchmark | 4 (0%) |
| Ruben Roy | Stifel | 3 (0%) |
| Mark Lipacis | Evercore ISI | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| B. Riley Securities | 1 | 6 (0%) |
| Craig-Hallum | 2 | 6 (0%) |
| Needham | 2 | 6 (0%) |
| Cantor Fitzgerald | 1 |
| 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% |
| 5 (0%) |
| Piper Sandler | 1 | 5 (0%) |
| ROTH Capital Partners | 1 | 5 (0%) |
| Rosenblatt Securities | 2 | 4 (0%) |
| Canaccord Genuity | 1 | 4 (0%) |
| -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 |
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).
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 |
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 read-through 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% | |
| 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% |