Updated 10 November 2026, 13:15 GMT, before the US market open. D-Wave Quantum (QBTS) closed Monday at $11.47 and traded near $10.93 in the premarket at 8:11 a.m. ET, down about 4.7 percent after its third-quarter report (Yahoo Finance data). Verdict: revenue beat a very small estimate, but quarterly bookings fell to $1.9 million and the adjusted loss was wider than forecast. Reference levels: $12.28 above, $9.05 below.
Key facts
- Q3 revenue: $4.5 million, up 21 percent from a year earlier (D-Wave release). Estimates were about $4.33 million (IBES, via Rallies) and $4.37 million (TipRanks).
- Loss per share: $0.13 adjusted, against about $0.10 expected (Seeking Alpha; TipRanks). The net loss was $48.2 million.
- Q3 bookings: $1.9 million, down 19 percent from a year earlier (D-Wave release).
- Nine-month bookings: $37.4 million, up 611 percent (D-Wave release).
- Contracted revenue still to recognise (RPO): $38.3 million at 30 September, against $40.7 million at 30 June (D-Wave releases).
- Cash and marketable securities: $503.4 million (D-Wave release).
- Federal funding: a signed agreement with the US Department of Commerce for up to $100 million of CHIPS Act money, paid in instalments on milestones (D-Wave release).
- 52-week range: $8.48 to $32.39 (Yahoo Finance data).
What the numbers showed
D-Wave’s revenue rose by about $0.8 million from a year earlier, and the mix explains why margins fell. Professional services added $1.5 million and cloud access (QCaaS) added $0.8 million, while system sales dropped by $1.5 million. Professional services carry a lower margin, the company said, and GAAP gross margin came in at 52.9 percent. Gross profit fell 11 percent to $2.4 million.
Costs moved much faster than sales. GAAP operating expenses rose 84 percent to $55.9 million, about 12 times the quarter’s revenue. The increase includes $12.3 million more in personnel costs. The adjusted EBITDA loss widened 83 percent to $37.7 million.
The net loss looks better than it was a year ago, down by $91.8 million, but D-Wave attributes that to a $121.9 million fall in non-cash charges on warrants it has since redeemed. It says little about how the business performed.
Why bookings are the number to read
D-Wave’s headline figure of 611 percent nine-month bookings growth is accurate, but the pace has slowed. The first half produced $35.5 million, including a $20 million system sale, and the third quarter added only $1.9 million. The company cautions that single-quarter bookings can swing with the timing of large deals.
Remaining performance obligations show the same thing. The balance slipped by $2.4 million from June to September, which fits a quarter in which D-Wave recognised $4.5 million of revenue and booked $1.9 million of new orders. The year-on-year comparison, up 1,221 percent, reflects the large deals signed earlier in 2026. About 59 percent of the balance is expected to turn into revenue within 12 months, or roughly $22.6 million by simple multiplication.
The fourth quarter now carries the year
On the second-quarter call in August, management said Q3 revenue would rise modestly and that Q4 would increase significantly and account for most of 2026 revenue, because of system shipments. It also said some installation and calibration work could carry into 2027, according to a Nasdaq summary of the call. The Q3 outcome matched the first half of that statement, with revenue up from $3.1 million in Q2.
The results release itself gives no numeric forecast, and the conference call started at 8:00 a.m. ET, shortly before this was published. Any change to the Q4 timing would matter more than today’s small revenue beat. The release does record the delivery of a 4,400-plus qubit Advantage2 system to Como, Italy, for installation at Villa Saporiti.
Cash buys time
With $503.4 million on hand and an adjusted EBITDA loss of $37.7 million in the quarter, D-Wave has roughly 13 quarters of funding at the current rate, by simple division and before any capital spending. The CHIPS agreement could add up to $100 million, but only as D-Wave meets specified milestones. The money is intended for a 100,000-qubit annealing system and a 10,000-qubit gate-model machine.
The comparison with its larger rival is stark. IonQ reported $173.8 million of Q3 revenue and raised its full-year guide last week, though part of that growth came from consolidating the SkyWater foundry business. IonQ’s stock rose 23.4 percent the next day. D-Wave’s premarket move today is going the other way.
What analysts are saying
StockAnalysis lists a Strong Buy consensus from 17 analysts polled by S&P Global, with an average target of $33.21 in a range of $18.36 to $43. Those figures predate today’s report. Targets were already falling before it: B. Riley cut its target to $22 from $27 on 9 November, and Wedbush cut to $30 from $37 on 5 November, both keeping Buy ratings. We found no target changes published after the results. Even the lowest target is well above the current price, so these numbers say more about long-range expectations than about this week. Our D-Wave forecast page has a longer view, and our earlier piece on the second-quarter report gives the background.
D-Wave stock: bull, base and bear after earnings
| Scenario | QBTS | What has to happen | Anchor |
|---|---|---|---|
| Bear | $9.05 | Investors focus on the bookings slowdown and the rebound of the past two sessions fades. | The 5 November close, the lowest close of the past three weeks; about 17.2 percent below the premarket price. |
| Base | $10.47-$11.79 | The stock stays inside Monday’s range while the market waits for evidence on Q4 shipments. | Monday’s low and high. |
| Bull | $12.28 | Management confirms a strong Q4 on the call and buyers return to the sector. | The 28 October high, the top of the range since 20 October; about 12.4 percent above the premarket price. |
The bear case sits below the current price. These are reference levels measured from Monday’s and recent daily prices in Yahoo Finance data, not forecasts. Premarket trading is thin and the regular session may open at a different price.
What to watch next
- Today, 14:30 GMT: the regular open, the first full-volume reaction to the results.
- Conference call: any change to the timing of Q4 system shipments and revenue.
- $11.79: Monday’s high.
- $8.48: the 52-week low, set on 5 November.
- Analyst notes: target changes after the report, which were not yet available at the time of writing.
Quick take: D-Wave’s $4.5 million of revenue beat estimates, but bookings of $1.9 million and a wider adjusted loss took the stock to about $10.93 before the open, after two strong sessions. The company has cash, and its 2026 revenue depends heavily on Q4 shipments. A strong call would point to $12.28, and a fading rebound to $9.05.
FAQ
What is D-Wave’s stock price today?
D-Wave closed at $11.47 on Monday 9 November and traded near $10.93 in the premarket at 8:11 a.m. ET on Tuesday (Yahoo Finance data). The regular session opens at 14:30 GMT.
Why is D-Wave stock down after earnings?
Seeking Alpha described the results as mixed. Revenue beat estimates, but the $0.13 adjusted loss was wider than the roughly $0.10 expected and third-quarter bookings fell 19 percent to $1.9 million. The stock had also risen 26.7 percent in the two sessions before the report.
What was D-Wave’s Q3 2026 revenue?
Revenue was $4.5 million, up 21 percent from a year earlier and up from $3.1 million in the second quarter.
How much cash does D-Wave have?
Consolidated cash and marketable investment securities totalled $503.4 million at 30 September 2026.
What are D-Wave’s remaining performance obligations?
They totalled $38.3 million at 30 September, up 1,221 percent from a year earlier but down from $40.7 million at 30 June. About 59 percent is expected to be recognised within 12 months.
What is the D-Wave stock price target?
StockAnalysis lists an average target of $33.21 from 17 analysts, in a range of $18.36 to $43, as of before the results. TipRanks showed an average of $30.25 on four Buy ratings in its 8 November preview. Those targets are not guarantees.
Sources: D-Wave third-quarter 2026 results via Business Wire, 10 November; D-Wave second-quarter 2026 results, 6 August; Nasdaq summary of the Q2 earnings call; Seeking Alpha, 10 November (premarket reaction, adjusted loss); TipRanks preview, 8 November (estimates, targets); Rallies, citing IBES (revenue estimate); StockAnalysis, S&P Global data (analyst targets); Yahoo Finance data (daily prices, premarket quote, 52-week range).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
