D-Wave Quantum Inc. (NASDAQ:QBTS) shares are trading lower Thursday morning as second-quarter revenue and earnings fall short of Wall Street estimates despite surging long-term bookings.
- D-Wave Quantum stock is showing downward bias. What should traders watch with QBTS?
Q2 Earnings and Revenue Fall Short of Wall Street Projections
The quantum computing firm posted a net loss of 13 cents per share for the quarter ended June 30, falling short of the consensus estimate of 10 cent loss per share. Quarterly revenue remained essentially flat year-over-year at $3.1 million, missing Wall Street projections of $4.03 million.
Operating expenses rose significantly to $55.0 million, up 93% from $28.5 million in the prior-year period, driven by investments in product development and go-to-market strategies.
Strong Bookings and Commercial Enterprise Growth Signal Long-Term Potential
Despite the top- and bottom-line shortfall, D-Wave highlighted key growth metrics. Bookings for the first six months of 2026 jumped 1,120% year-over-year to $35.5 million, supported by customer expansion among commercial enterprises. Forbes Global 2000 clients generated 47.7% of second-quarter revenue, up from 20.4% a year earlier.
Management Highlights Technical Leadership and Commercial Momentum
Management expressed optimism regarding the company’s long-term commercial direction. “This quarter reinforced the strength and breadth of D-Wave’s leadership,” stated Dr. Alan Baratz, Chief Executive Officer of D-Wave. “We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap.
“D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates.”
QBTS Shares Slide Thursday Morning
QBTS Price Action: D-Wave Quantum shares were trading lower by 7.15% at $19.86 on Thursday, according to Benzinga Pro data.
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