QBTS · D-Wave Quantum Inc.
Quantum Computing — annealing pure-play (Advantage2) + emerging gate-model (dual-rail superconducting)
QBTS·Quantum Computing — annealing pure-play (Advantage2) + emerging gate-model (dual-rail superconducting)
QB

D-Wave Quantum Inc.

ConvictionWeak

Hardware system sales + Quantum-Computing-as-a-Service (QCaaS) via the Leap cloud subscription, plus professional services; transition from research/grant revenue toward commercial enterprise contracts

Revenue
$24.6M FY2025~$12.4M TTM (Q1 FY26
Rev growth
+179% FY2025 YoY-81% Q1 FY26 YoY (prior-year quarter held a large one-off system sale
Gross margin
82.6% GAAP FY202563.6% Q1 FY26
Op margin
Operating loss $100.4M FY2025-$54.7M op loss Q1 FY26 (deeply negative
Capex intensity
not separately disclosedin summary; QPU fabrication is outsourced to SkyWater (fab-light
Market cap
~$8.43Blate Jun 2026

Price · 1-year trend

real · weekly
$23+62% 1yUSD
52-week range
$14 – $38
52w lowas of 2026-06-28 · Yahoo Finance52w high
The read

Where our coverage leans

Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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