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D-Wave Quantum QBTS Q1 2026 earnings

Reported May 12, 2026 · Before market open

Revenue$2.9MMiss by $1.3M
EPS-$0.05Beat by $0.03
Revenue estimate$4.2M
EPS estimate-$0.08

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$4.0M
EPS estimate-$0.08

Financials

Q1 2026

Income statement

See full
Revenue$2.9M-80.9%
Gross profit$1.8M-86.9%
Operating income-$54.7M-385%
Net income-$18.4M-239%
EPS (diluted)-$0.05-150%

Balance sheet

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Cash & equivalents$338.2M+11.1%
Total debt$46.7M+22.5%
Total equity$1.1B+442%
Total assets$1.2B+268%

Cash flow

See full
Operating cash flow-$45.0M-133%
CapEx$1.1M+147%
Free cash flow-$46.0M-134%

Valuation & ratios

Valuation

as of 07/28/26
See full
Market cap$7.23B+26.0%
Enterprise value$6.94B+40.0%
P/S580.8×+323×

Profitability

See full
Gross margin66.3%-17.0pp
Operating margin-1,155.6%-1,938pp
Net margin-2,957.2%-4,019pp
FCF margin-821%-1,451pp

Returns & leverage

See full
Return on equity-55.3%—
Debt / equity0×-0.1×
Current ratio21.4×+0.7×

Segments

By product

See full
QCaaS$1.8M+14.7%
Professional services$983.0K+26.5%
System sales$86.0K-99.3%

Versus estimates

Revenue

Q1 2026$2.9MMiss by $1.3M
Q4 2025$2.8MMiss by $991.0KQ3 2025$3.7MBeat by $706.4KQ2 2025$3.1MBeat by $67.4KQ1 2025$15.0MBeat by $11.3MQ4 2024$2.3MMiss by $240.2K

Diluted EPS

Q1 2026-$0.05Beat by $0.03
Q4 2025-$0.12Miss by $0.07Q3 2025-$0.41Miss by $0.34Q2 2025-$0.55Miss by $0.49Q1 2025-$0.02Beat by $0.03Q4 2024-$0.37Miss by $0.28

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Questions, answered.

When did D-Wave Quantum report Q1 2026 earnings?
D-Wave Quantum (QBTS) reported Q1 2026 earnings on May 12, 2026 before market open.
What were D-Wave Quantum's Q1 2026 revenue and EPS?
D-Wave Quantum reported revenue of $2.9M and eps of $-0.05 for Q1 2026.
Did D-Wave Quantum beat estimates in Q1 2026?
Revenue missed the consensus estimate of $4.2M by $1.3M. EPS beat the consensus estimate of $-0.08 by $0.03.
How did D-Wave Quantum's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 80.9% from $15.0M a year earlier and eps declined 150.0% from $-0.02.
Where can I find D-Wave Quantum's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001907982-26-000057) and the 10-Q periodic report (0001907982-26-000059) directly on SEC EDGAR. The filing index links above go to sec.gov.