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D-Wave Quantum QBTS System sales — Revenue

Other product segments

QCaaS
$1.86M+49.9%
Professional services
$929K+18.3%

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Other financials

Income statement

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Revenue$3.1M-0.6%
Gross profit$1.7M-13.8%
Operating income-$53.3M-101%
Net income-$48.0M+71.3%
EPS (diluted)-$0.13+76.4%

Balance sheet

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Cash & equivalents$296.6M-63.8%
Total debt$48.0M+20.0%
Total equity$1.1B+56.0%
Total assets$1.2B+37.3%

Cash flow

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Operating cash flow-$28.5M-86.5%
CapEx$4.4M+493%
Free cash flow-$32.9M-105%

Valuation

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Market cap$7.92B+44.2%
Enterprise value$7.68B+62.8%
P/S637.7×+391×

Profitability

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Gross margin64.2%-18.3pp
Operating margin-1,372.9%-2,100pp
Net margin-2,001.6%+2,806pp
FCF margin-958.4%-1,451pp

Returns & leverage

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Return on equity-28%
Debt / equity0.0×
Current ratio20.5×-22.4×

Where this comes from

Reported directly by D-Wave Quantum in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: D-Wave Quantum’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 4:19 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001907982-26-000129
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Type of products or services
System sales$255$1,025$341$13,672
QCaaS1,8601,2413,6192,774
Professional services9297851,9121,562
Other revenue*32446288
Total revenue$3,076$3,095$5,934$18,096
Timing of revenue recognition
Revenue recognized over time$2,797$3,082$5,614$5,419

Item 1. D-Wave Quantum Inc. Financial Statements (Unaudited)

FAQ

What is D-Wave Quantum's system sales — revenue?
D-Wave Quantum (QBTS) reported system sales — revenue of $255K in Q2 2026.
How has D-Wave Quantum's system sales — revenue changed year-over-year?
D-Wave Quantum's system sales — revenue decreased by 75.1% year-over-year, from $1.03M to $255K.
What does system sales — revenue mean?
This metric represents the total revenue generated from the direct sale, lease, or delivery of quantum computing hardware systems to customers. It captures the commercialization of quantum processing units and associated infrastructure, serving as a key indicator of market adoption for the company's core computing technology. This revenue stream reflects the transition from research-based development to tangible product deployment in enterprise and academic environments.

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