D-Wave (QBTS) Earnings: Revenue Growth, Lower Bookings, and the Commercialization Test

D-Wave Quantum (QBTS) develops both quantum annealing and gate-model systems, and its shares have been highly volatile. The stock hit a 17-month low of $8.48 on November 5, then rebounded more than 35% over the next two sessions after IonQ’s results lifted sentiment across the sector. QBTS closed at $11.55 on November 9. After D-Wave released third-quarter results on November 10, the shares fell more than 4.5% after the open as investors reacted to weaker bookings.

Third-quarter revenue rose 20.6% year over year to $4.51 million, above market expectations. GAAP net loss narrowed to $48.2 million, or $0.13 per share. However, bookings fell 19% year over year to $1.9 million, while adjusted EBITDA loss widened. Remaining performance obligations were about $38.3 million, up 1,221%, but quarterly operating expenses were approximately $55.9 million, far above revenue. Management expects most annual revenue to be recognized in the fourth quarter, with deliveries of quantum annealing systems to two key customers.

D-Wave recently upgraded its Stride hybrid solver and introduced training to support applications such as logistics and supply-chain optimization. The company also secured up to $100 million in industry funding and plans to issue about 7.095 million shares at $14.093 to support next-generation system development, creating potential dilution. A securities class action alleges that the company overstated its business prospects; the lead-plaintiff deadline is December 15, 2026, and the allegations have not been adjudicated. Investors may watch bookings conversion, cash use, financing, and legal developments. This article is for informational purposes only and is not investment advice.