D-Wave Quantum (QBTS) Earnings Dates, Call Summary & Reports

Q: When does D-Wave Quantum (QBTS) report earnings?

D-Wave Quantum (QBTS) is schdueled to report earning on May 20, 2026, After Close (Confirmed).

Q: What is D-Wave Quantum (QBTS) earnings time?

D-Wave Quantum (QBTS) earnings time is at May 20, 2026, After Close (Confirmed).

Q: Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

Q: What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

Q: What is QBTS EPS forecast?

QBTS EPS forecast for the fiscal quarter 2026 (Q1) is -0.08.

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Earnings Data

Report Date

May 20, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-0.08

Last Year’s EPS

-0.02

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 14 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 26, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized significant commercial and technical momentum — record revenue growth (179% YoY), major system sales and enterprise QCaaS deals closed post-year-end, a large pipeline expansion (+~1,500% YoY), strong gross margin improvement, and a strategic acquisition (Quantum Circuits) that advances a dual-platform strategy. These positives are tempered by large GAAP net losses driven by non-cash warrant remeasurement, rising adjusted operating losses and adjusted EBITDA, YoY bookings decline (offset by strong sequential recovery and post-period bookings), expected OpEx increases (~15% sequential growth), and supply/fab risks. On balance the results show accelerating commercialization and strong liquidity, but with deliberate near-term investment that increases adjusted losses and creates timing variability in revenue recognition.

Company Guidance

Management said it would not give formal guidance but provided specific parameters: fiscal 2025 results included $24.6M revenue (+179% YoY), $18.7M bookings (−22% YoY), GAAP gross profit $20.3M (82.6% margin), non‑GAAP gross profit $21.1M (86% margin), an adjusted net loss of $84.5M ($0.26/sh) and adjusted EBITDA loss of $71.8M; cash and marketable securities were $884.5M as of 12/31/2025 after raising >$800M in FY25 and receiving $63.7M of warrant exercises in Q4 (and a subsequent $250M cash investment in Quantum Circuits). For 2026 they said year‑to‑date bookings already exceed any prior full year, subsequent bookings totaled >$32.8M (including a $20M system and a $10M two‑year QCaaS deal), the sales pipeline is up ~1,500% YoY (700% more prospective transactions), and they expect incremental revenue growth in H2 vs H1 2026; system sales will be recognized mostly on percentage‑of‑completion (e.g., the €10M Italy booking to be recognized ratably over five years, the $10M QCaaS ratably over two years), gate‑model QCaaS revenue to begin in 2026 with a 17‑qubit system later in 2026 and system deliveries starting in 2027, R&D headcount in New Haven to grow at least 50%, and consolidated OpEx to increase ~15% sequentially quarter‑to‑quarter — all while management believes remaining liquidity is sufficient to fund a plan to profitability.

Record Annual Revenue and Strong YoY Growth

Fiscal 2025 revenue of $24.6M, up $15.8M or 179% year-over-year (FY2024: $8.8M). Revenue mix included $16.2M systems sales, $5.5M QCaaS subscription, and $2.7M professional services.

Material Improvement in Gross Profit and Margins

GAAP gross profit for FY2025 was $20.3M, up 265% YoY; GAAP gross margin rose to 82.6% (up 19.6 percentage points). Non-GAAP gross profit was $21.1M (up 229%) with non-GAAP gross margin of 86% (up 13.2 percentage points).

Exceptional Commercial Traction and Pipeline Expansion

Sales opportunity pipeline expanded nearly 1,500% year-over-year. Bookings in Q4 were $13.4M (second-highest quarterly bookings), up 471% sequentially vs Q3. Subsequent to year-end the company closed over $32.8M in bookings, including a $20M system sale and a $10M two-year enterprise QCaaS deal.

Major System Sales and Enterprise Deals

Closed notable system/customer wins: first Advantage sale to Jülich Supercomputing Center (prior year milestone), $20M Advantage2 sale to Florida Atlantic University, and a two-year $10M enterprise QCaaS contract with a Fortune 100 company.

Strategic Acquisition and Dual-Platform Positioning

Acquisition of Quantum Circuits completed (post-close $250M cash invested). Acquisition positions D-Wave as a dual-platform company (annealing + superconducting dual-rail gate-model), expanding long-term TAM and enabling early gate-model revenue and pipeline.

Technical Milestones — Quantum Supremacy and Gate-Model Advancements

Announced demonstration of quantum supremacy on a useful real-world problem using Advantage2 (claimed uniqueness among peers). Launched Advantage2 GA; demonstrated on-chip cryogenic control for gate-model qubits; eight-qubit gate-model system available to select customers and 17-qubit expected later in 2026.

Government & Defense Relevance

Launched dedicated U.S. government solutions unit. Demonstrated missile defense simulation results: 10x faster time-to-solution, 9%–12% improvement in threat mitigation, and 45–60 additional intercepts in a 500-missile scenario, generating strong government interest.

Strong Liquidity Position

Consolidated cash and marketable securities of $884.5M as of 12/31/2025, a 397% increase YoY (prior year $178.0M). Raised over $800M in gross proceeds during FY2025 from equity programs and exercises, and management states remaining liquidity supports a fully funded plan to profitability.

D-Wave Quantum (QBTS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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QBTS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 20, 2026	2026 (Q1)	-0.08 / -	-0.02	―	―	―
Feb 26, 2026	2025 (Q4)	-0.06 / -0.09	-0.08	-12.50% (>-0.01)
Nov 06, 2025	2025 (Q3)	-0.07 / -0.05	-0.072	30.56% (+0.02)
Aug 07, 2025	2025 (Q2)	-0.05 / -0.08	-0.084	4.76% (<+0.01)
May 08, 2025	2025 (Q1)	-0.04 / -0.02	-0.074	72.97% (+0.05)
Mar 13, 2025	2024 (Q4)	-0.06 / -0.08	-0.063	-26.98% (-0.02)
Nov 14, 2024	2024 (Q3)	-0.08 / -0.07	-0.12	40.00% (+0.05)
Aug 08, 2024	2024 (Q2)	-0.08 / -0.08	-0.2	58.00% (+0.12)	―
May 13, 2024	2024 (Q1)	-0.07 / -0.07	-0.145	48.97% (+0.07)		―
Mar 28, 2024	2023 (Q4)	-0.08 / -0.06	-0.1	37.00% (+0.04)		―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

QBTS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 26, 2026	$19.65	$20.14	+2.49%
Nov 06, 2025	$31.02	$28.39	-8.48%
Aug 07, 2025	$17.58	$17.17	-2.33%
May 08, 2025	$6.89	$10.42	+51.23%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.