Filing Flows › D-Wave Quantum (QBTS) › Q1 2026 › vs Q4 2025
D-Wave Quantum (QBTS) Q1 2026 vs Q4 2025 (quarter over quarter)
D-Wave Quantum's revenue rose $106K (+4%) from $2.8M in Q4 2025 to $2.9M in Q1 2026. The biggest changes: System sales −$581K (-87%); QCaaS +$400K (+29%); Professional services +$301K (+44%).
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 Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| QCaaS | $1.8M | $1.4M | $400K | +29% |
| Professional services | $983K | $682K | $301K | +44% |
| System sales | $86K | $667K | −$581K | -87% |
| Other revenue | $30K | $44K | −$14K | -32% |
| Revenue | $2.9M | $2.8M | $106K | +4% |
| Other income, net | $7.9M | −$7.5M | $15.4M | — |
| Income tax benefit | $28.5M | $0 | $28.5M | — |
| Net loss | $18.4M | $42.3M | −$24.0M | -57% |
| Costs & expenses | $57.6M | $45.1M | $12.5M | +28% |
| Operating costs | $57.6M | $37.6M | $20.0M | +53% |
| Cost of revenue | $1.0M | $968K | $72K | +7% |
| Research & development | $25.8M | $13.7M | $12.1M | +89% |
| Sales & marketing | $10.5M | $8.3M | $2.2M | +27% |
| General & admin | $20.3M | $14.7M | $5.6M | +38% |
| Operating cash sources | $56.8M | $24.4M | $32.4M | +133% |
| Depreciation & amortization | $3.8M | $480K | $3.3M | +692% |
| Share-based compensation | $8.0M | $5.5M | $2.5M | +45% |
| Cash used in operations | $45.0M | $18.4M | $26.6M | +145% |
| Net loss absorbed | $18.4M | $42.3M | −$24.0M | -57% |
| Working capital & other | $38.4M | −$17.9M | $56.4M | — |
Questions
How much did D-Wave Quantum's revenue grow quarter over quarter in Q1 2026?
D-Wave Quantum's revenue rose $106K (+4%) from $2.8M in Q4 2025 to $2.9M in Q1 2026.
What drove D-Wave Quantum's revenue change in Q1 2026?
System sales −$581K (-87%); QCaaS +$400K (+29%); Professional services +$301K (+44%).