Q1 2026 D-Wave Quantum Inc Earnings Call Transcript
Key Points
- D-Wave Quantum Inc (QBTS) reported a nearly 2,000% increase in first-quarter bookings compared to the previous year, highlighting strong commercial momentum.
- The company is the only dual-platform quantum computing company, developing both annealing and gate model quantum computing systems, positioning it uniquely in the market.
- D-Wave's annealing quantum computers are being used in real-world applications by major companies across various sectors, demonstrating commercial traction.
- The acquisition of Quantum Circuits has accelerated D-Wave's gate model progress, with the dual-rail qubit technology offering significant competitive advantages.
- D-Wave's Advantage 2 annealing quantum computer is outperforming classical nodes in a blockchain testnet, showcasing its potential in emerging technologies like blockchain and AI.
- Revenue for the first quarter of 2026 was $2.9 million, a significant decrease of 81% from the first quarter of 2025, primarily due to the absence of a large system sale.
- The company's GAAP operating expenses increased by 125% year-over-year, driven by non-recurring costs related to acquisitions and increased personnel costs.
- D-Wave reported a net loss of $18.4 million for the first quarter, up from a $5.4 million loss in the same period last year, due to higher operating expenses and lower gross profit.
- The company's adjusted EBITDA loss for the first quarter increased significantly to $32.8 million, reflecting higher operating expenses and lower gross profit.
- Despite the strong bookings, the revenue recognition for system sales involves multiple steps and can span several months or quarters, potentially delaying revenue realization.
Good morning and welcome to the D-Wave first quarter 2026 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now. Like to turn the conference over to Kevin Hunt, Investor Relations. Please go ahead.
Thank you, and good morning.
With me today are Dr. Alan Barrett, our Chief Executive Officer, and John Markovich, our Chief Financial Officer.
Before we begin, I would like to remind everyone that this call will contain forward-looking statements which are subject to risks and uncertainties and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC
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