Filing Flows › D-Wave Quantum (QBTS) › Q1 2026
D-Wave Quantum (QBTS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 12, 2026
D-Wave Quantum (QBTS) reported revenue of $2.9M for the first quarter 2026 (Q1 2026), -81% from a year earlier and +4% from the quarter before.
D-Wave Quantum, Q1 2026: revenue $2.9M (-81% year over year), net loss $18.4M, operating cash flow −$45.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9M | +4% | -81% |
| Operating profit | −$54.7M | — | — |
| Net earnings | −$18.4M | — | — |
| Operating cash flow | −$45.0M | — | — |
What changed
Revenue was $2.9M in Q1 2026, down 81% year over year and up 4% from the previous quarter. QCaaS was the largest line at 62% of revenue. System sales lost $12.6M year over year (down 99%), 103% of the total change.
Gross margin was 63.6%, down 28.9 points from Q1 2025. Operating costs exceeded revenue by $54.7M, an operating margin of -1914.9%. Operating expenses grew 125% against a revenue fall of 81%. The fastest-growing cost line was General & admin (+155%). The quarter ended with a net loss of $18.4M, narrower than the previous quarter's $42.3M loss.
Operating cash flow was −$45.0M. Non-cash charges added back $3.8M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $38.4M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$46.0M.
Questions
What was D-Wave Quantum's revenue in the first quarter 2026?
D-Wave Quantum (QBTS) reported revenue of $2.9M for the first quarter 2026 (Q1 2026), -81% from a year earlier and +4% from the quarter before.
Source: D-Wave Quantum 10-Q on SEC EDGAR.