QBTS earnings call: key takeaways

• D-Wave reported third quarter 2026 revenue of $4.5 million, exceeding the $4.3 million consensus estimate (27:06)

Results vs expectations

What changed since last quarter

• The company raised its bookings guidance for the year, citing a 611% year-over-year increase in first nine months bookings. (28:03)
• D-Wave announced a $100 million CHIPS and Science Act funding agreement with the U.S. Department of Commerce to support quantum computing development. (24:03)
• The CFO noted that system sales will likely represent a larger portion of revenue in 2027 compared to previous years. (46:21)

What analysts pressed on

• Whether the company will face supply chain bottlenecks with dilution refrigerators. (41:29)
• How the company plans to manage the shift in revenue composition towards system sales. (46:21)
• Concerns about the impact of global sovereign supply chain policies on international operations. (53:38)

In their words

• We are expanding our commercial reach, delivering measurable customer value, and advancing both our annealing and the gate model roadmaps. (11:58)
• We believe these are important engineering steps toward the larger systems on our roadmap, including 20,000 qubit and ultimately 100,000 qubit annealing systems. (20:05)
• Our gate model roadmap lays out a timeline to achieve the first fully error-corrected fault-tolerant logical qubit by 2028... (24:03)
• We are seeing a lot more interest from the U.S. government in our annealing systems than, you know, we've ever seen. (48:39)