D-Wave Quantum Inc. (QBTS), a quantum computing firm that builds both annealing and gate-model quantum systems, had a mixed first quarter in 2026. While demand looked strong, sales and loss figures still looked rough.
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High conviction QBTS bulls now have this Tradr ETFThe big positive was bookings. D-Wave booked $33.4 million in the quarter, up nearly 2,000% from last year. That total was helped by a $20 million system sale to Florida Atlantic University and a $10 million, two-year quantum computing-as-a-service deal with a Fortune 100 firm. In other words, more large buyers are showing real interest in D-Wave’s tech.
CEO Alan Baratz said the results show “strong execution, expanding commercial adoption, and differentiated technology leadership.”
Meanwhile, the market is slowly reacting to the results. However, QBTS shares rose about 2% in pre-market. This follows a solid 6.47% rise on Monday, closing at $24.03.
Revenue Fell, but Backlog Improved
As briefly mentioned, the income statement told a less clean story. Revenue fell 81% year-over-year to $2.9 million. That drop was mainly due to a tough comparison, since last year’s quarter included revenue from D-Wave’s first sale of an annealing quantum system.
At the same time, the company’s backlog got much stronger. Remaining performance obligations rose to $42.4 million, up 563% from last year. About 54% of that amount is expected to turn into revenue over the next 12 months. As a result, the weak revenue number may not tell the full story of the quarter, since a larger backlog points to stronger revenue potential over the next year.
Still, costs remain a key concern. Operating expenses more than doubled to $56.5 million, while the company posted a net loss of $18.4 million. Adjusted EBITDA loss also widened to $32.8 million. The rise in costs came as D-Wave spent more on staff, research, sales, marketing, and its purchase of Quantum Circuits.
Overall, D-Wave’s quarter was commercially strong but financially mixed. Bookings and backlog point to rising demand, while lower revenue and wider losses show that the company is still in a heavy-spending phase.
Is QBTS Stock a Good Buy Now?
On the Street, D-Wave Quantum Inc. has a Strong Buy consensus, based on 10 analysts’ ratings. The average QBTS price target is $35, implying a 45.65% upside from the current price.
