Filing Flows › D-Wave Quantum (QBTS) › Q2 2026
D-Wave Quantum (QBTS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
D-Wave Quantum (QBTS) reported revenue of $3.1M for the second quarter 2026 (Q2 2026), -0.6% from a year earlier and +8% from the quarter before.
D-Wave Quantum, Q2 2026: revenue $3.1M (-0.6% year over year), net loss $48.0M, operating cash flow −$28.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1M | +8% | -0.6% |
| Operating profit | −$53.3M | — | — |
| Net earnings | −$48.0M | — | — |
| Operating cash flow | −$28.5M | — | — |
What changed
Revenue was $3.1M in Q2 2026, down 1% year over year and up 8% from the previous quarter. QCaaS was the largest line at 60% of revenue. System sales lost $770K year over year (down 75%), 4053% of the total change.
Gross margin was 55.4%, down 8.4 points from Q2 2025. Operating costs exceeded revenue by $53.3M, an operating margin of -1732.1%. Operating expenses grew 93% against a revenue fall of 1%. The fastest-growing cost line was Research & development (+122%). The quarter ended with a net loss of $48.0M, wider than the previous quarter's $18.4M loss.
Operating cash flow was −$28.5M. Non-cash charges added back $4.7M of depreciation and amortization and $11.1M of share-based compensation. Working capital and other items added $3.7M. Capital expenditures of $4.4M exceeded it, leaving free cash flow of −$32.9M.
Questions
What was D-Wave Quantum's revenue in the second quarter 2026?
D-Wave Quantum (QBTS) reported revenue of $3.1M for the second quarter 2026 (Q2 2026), -0.6% from a year earlier and +8% from the quarter before.
Source: D-Wave Quantum 10-Q on SEC EDGAR.