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Earnings season has been a pivotal moment for quantum computing stocks, and D-Wave Quantum’s first-quarter 2026 results drew attention for both growth signals and lingering profitability concerns. Following the report in early May, the shares fell 7% on May 12, reversing a mini-rally that began in April.
D-Wave reported quarterly bookings of $33.4 million in Q1 2026, a record for the quarter and an increase of about 2,000% year over year. The company also highlighted momentum in its quantum-computing-as-a-service (QCaaS) business, with QCaaS revenue rising 15% year over year to $1.8 million. D-Wave cited a $10-million enterprise QCaaS agreement from Q1 as a key driver.
At the same time, the company’s top-line performance disappointed. Revenue in Q1 2026 was $2.9 million, down more than 80% year over year and about $1.3 million below analyst predictions. Losses per share beat expectations by 3 cents, but still widened by 3 cents versus the prior-year quarter.
D-Wave’s sales pipeline showed continued improvement, growing by more than 100% sequentially to Q1 2026. The company expects system sales—the largest component of its revenue so far—to total two or three per year going forward, with at least two projected for 2026.
While system sales can be large, they may not translate directly into recurring revenue, underscoring why investors are watching QCaaS as a potential stabilizer for future results.
Beyond commercial metrics, D-Wave pointed to technological progress during the first three months of 2026. The company highlighted its roadmap to 100 logical qubits, which it believes can be achieved by 2032.
Investors have also been monitoring whether D-Wave can maintain its cash position. The company reported more than $588 million in cash and equivalents as of the end of the quarter.
One factor behind the sharp year-over-year revenue decline is timing. D-Wave noted that Q1 2025 included the sale of a quantum annealing computer system for nearly $13 million. With revenue so low overall, a single large transaction can materially affect quarterly results.
That volatility also highlights the company’s current reliance on one-off system deals, even as it works to build a more predictable revenue stream through QCaaS.
Although QCaaS performance suggests progress toward a more recurring model, the quarter also showed widening losses and a sizable gap between expected and reported revenue. The article also noted that peers are moving, citing that Rigetti announced on the same day that its Q1 2026 revenue roughly tripled year over year to $4.4 million.
Despite the post-earnings selloff, D-Wave shares were described as a “Moderate Buy,” with 14 out of 17 analysts bullish on the stock.
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