D-Wave Q1 2026 Results: Record Bookings & Quantum Circuits Buy

Palo Alto, Calif. - D-Wave Quantum Inc. (NYSE: QBTS), the dual-platform quantum computing leader, announced its financial results for the first quarter ending March 31, 2026. The company reported significant commercial momentum, marked by record bookings of $33.4 million, representing a 1,994% increase year-over-year.

A major development during the quarter was the acquisition of Quantum Circuits, Inc., a move designed to accelerate the delivery of scalable, error-corrected gate-model quantum computing systems. D-Wave emphasized that combining its system scaling expertise with the dual-rail qubit technology from the acquisition strengthens its market position.

Financial Highlights:

• Record Bookings: $33.4 million, up 1,994% year over year.
• Revenue: $2.9 million for the first quarter of 2026.
• Cash Position: The quarter concluded with $588.4 million in cash and marketable securities, a 93% increase year-over-year.
• Remaining Performance Obligations (RPO): Totaled $42.4 million, reflecting a 563% increase from the prior-year period.

Business Updates:

• Major Contracts: Bookings included a $20 million system purchase by Florida Atlantic University and a $10 million, two-year enterprise Quantum Computing as a Service (QCaaS) agreement with a Fortune 100 company.
• Strategic Projects: Completed the second phase of a Quantum AI project with Shionogi, demonstrating a 10-fold increase in the number of desirable molecules for drug discovery compared to classical machine learning.
• Technology Roadmap: The company set milestones for its dual-rail gate model system, targeting a 100 logical qubit system by the end of 2032.