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Here's How D-Wave Quantum's Commercial Momentum Is Gaining Strength
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Key Takeaways
D-Wave Quantum's Q2 revenues held at $3.1M, while commercial customers accounted for 62.4% of sales.
QCaaS subscription revenues rose 50% to $1.9M, while first-half bookings surged 1,120%.
Remaining performance obligations jumped 668% to $40.7M, with 57% expected within 12 months.
D-Wave Quantum Inc. (QBTS - Free Report) is showing improving commercial momentum despite second-quarter 2026 revenues remaining essentially flat at $3.1 million. Commercial customers represented 62.4% of second-quarter revenues versus 45.1% a year earlier. QCaaS subscription revenues rose 50% to $1.9 million, while first-half bookings surged 1,120%, including a $20 million annealing system sale to Florida Atlantic University.
Revenue visibility also strengthened, with remaining performance obligations rising 668% to $40.7 million. About 57% of this backlog is expected to be recognized within the next 12 months. Commercial enterprises accounted for 62.4% of second-quarter revenues versus 45.1% a year earlier. Production applications accounted for 37.3% of first-half QCaaS revenues versus 9.8% in the prior-year period.
D-Wave is also advancing its gate-model roadmap, with a 17-qubit dual-rail system targeted for year-end and longer-term milestones aimed at achieving fault-tolerant computing. Together, rising bookings, backlog and production adoption provide a stronger pathway from quantum research to broader commercial applications.
Peer Update
Quantum Computing (QUBT - Free Report) or QCi’s second-quarter 2026 revenues climbed to $5.6 million from $61,000 a year earlier and $3.7 million in the first quarter, with all business units contributing.
QCi also sold, delivered and installed its DIRAC-3 quantum optimization system at a global consulting firm, while its NeuraWave platform reached deployment readiness. In addition, a framework agreement with Planck Dynamics provides for the potential deployment of multiple dozens of systems as customer milestones are achieved.
Rigetti’s (RGTI - Free Report) second-quarter results reinforced its execution-focused investment case, as revenues rose 185% year over year to $5.1 million, driven by on-premises Novera QPU sales. The company also advanced its 108-qubit Cepheus-1 platform, reaffirmed its chiplet-based roadmap toward 1,000 qubits, and secured a letter of intent from the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding.
QBTS’ Price Performance
Over the past year, QBTS’ shares have risen 10.9%, far outpacing the broader Internet Software industry’s 12.6% decline.
Image Source: Zacks Investment Research
QBTS’ Expensive Valuation
QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 90.60X compared with the industry average of 3.97X.
Image Source: Zacks Investment Research
QBTS Stock Estimate Trend
In the past 30 days, the company’s loss per share estimate for 2026 has moved south to 29 cents.
View the Zacks #1 Rank List
Image: Bigstock
Here's How D-Wave Quantum's Commercial Momentum Is Gaining Strength
Key Takeaways
D-Wave Quantum Inc. (QBTS - Free Report) is showing improving commercial momentum despite second-quarter 2026 revenues remaining essentially flat at $3.1 million. Commercial customers represented 62.4% of second-quarter revenues versus 45.1% a year earlier. QCaaS subscription revenues rose 50% to $1.9 million, while first-half bookings surged 1,120%, including a $20 million annealing system sale to Florida Atlantic University.
Revenue visibility also strengthened, with remaining performance obligations rising 668% to $40.7 million. About 57% of this backlog is expected to be recognized within the next 12 months. Commercial enterprises accounted for 62.4% of second-quarter revenues versus 45.1% a year earlier. Production applications accounted for 37.3% of first-half QCaaS revenues versus 9.8% in the prior-year period.
D-Wave is also advancing its gate-model roadmap, with a 17-qubit dual-rail system targeted for year-end and longer-term milestones aimed at achieving fault-tolerant computing. Together, rising bookings, backlog and production adoption provide a stronger pathway from quantum research to broader commercial applications.
Peer Update
Quantum Computing (QUBT - Free Report) or QCi’s second-quarter 2026 revenues climbed to $5.6 million from $61,000 a year earlier and $3.7 million in the first quarter, with all business units contributing.
QCi also sold, delivered and installed its DIRAC-3 quantum optimization system at a global consulting firm, while its NeuraWave platform reached deployment readiness. In addition, a framework agreement with Planck Dynamics provides for the potential deployment of multiple dozens of systems as customer milestones are achieved.
Rigetti’s (RGTI - Free Report) second-quarter results reinforced its execution-focused investment case, as revenues rose 185% year over year to $5.1 million, driven by on-premises Novera QPU sales. The company also advanced its 108-qubit Cepheus-1 platform, reaffirmed its chiplet-based roadmap toward 1,000 qubits, and secured a letter of intent from the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding.
QBTS’ Price Performance
Over the past year, QBTS’ shares have risen 10.9%, far outpacing the broader Internet Software industry’s 12.6% decline.
Image Source: Zacks Investment Research
QBTS’ Expensive Valuation
QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 90.60X compared with the industry average of 3.97X.
Image Source: Zacks Investment Research
QBTS Stock Estimate Trend
In the past 30 days, the company’s loss per share estimate for 2026 has moved south to 29 cents.
Image Source: Zacks Investment Research
QBTS stock currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.