Filing Flows › D-Wave Quantum (QBTS) › Q1 2026 › vs Q1 2025
D-Wave Quantum (QBTS) Q1 2026 vs Q1 2025 (year over year)
D-Wave Quantum's revenue fell $12.1M (-81%) from $15.0M in Q1 2025 to $2.9M in Q1 2026. The biggest changes: System sales −$12.6M (-99%); QCaaS +$226K (+15%); Professional services +$206K (+27%).
D-Wave Quantum, Q1 2026: revenue $2.9M (-81% year over year), net loss $18.4M, operating cash flow −$45.0M. The chart draws each line against Q1 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| QCaaS | $1.8M | $1.5M | $226K | +15% |
| Professional services | $983K | $777K | $206K | +27% |
| System sales | $86K | $12.6M | −$12.6M | -99% |
| Other revenue | $30K | $44K | −$14K | -32% |
| Revenue | $2.9M | $15.0M | −$12.1M | -81% |
| Other income, net | $7.9M | $5.9M | $2.0M | +35% |
| Income tax benefit | $28.5M | $0 | $28.5M | — |
| Net loss | $18.4M | $5.4M | $12.9M | +239% |
| Costs & expenses | $57.6M | $26.3M | $31.3M | +119% |
| Operating costs | $57.6M | $26.3M | $31.3M | +119% |
| Cost of revenue | $1.0M | $1.1M | −$84K | -7% |
| Research & development | $25.8M | $10.3M | $15.5M | +151% |
| Sales & marketing | $10.5M | $6.9M | $3.6M | +51% |
| General & admin | $20.3M | $8.0M | $12.3M | +155% |
| Operating cash sources | $56.8M | $23.6M | $33.1M | +140% |
| Depreciation & amortization | $3.8M | $376K | $3.4M | +911% |
| Share-based compensation | $8.0M | $4.0M | $4.0M | +101% |
| Cash used in operations | $45.0M | $19.3M | $25.7M | +133% |
| Net loss absorbed | $18.4M | $5.4M | $12.9M | +239% |
| Working capital & other | $38.4M | $18.2M | $20.2M | +111% |
Questions
How much did D-Wave Quantum's revenue grow year over year in Q1 2026?
D-Wave Quantum's revenue fell $12.1M (-81%) from $15.0M in Q1 2025 to $2.9M in Q1 2026.
What drove D-Wave Quantum's revenue change in Q1 2026?
System sales −$12.6M (-99%); QCaaS +$226K (+15%); Professional services +$206K (+27%).