D-Wave Quantum Inc. (NASDAQ: QBTS) reported financial results for the third quarter ended September 30, 2026, highlighting a 21% increase in revenue and a significant surge in year-to-date bookings. The company reported revenue of $4.5 million for the third quarter of 2026, compared to $3.7 million in the same period the previous year.
Revenue growth was driven by an increase in professional services revenue of $1.5 million and quantum computing as a service (QCaaS) revenue of $0.8 million. This was partially offset by a decrease in system sales revenue of $1.5 million. The company also noted that it recognized revenue from more than 100 customers, with 48% being commercial enterprises.
Bookings for the first nine months of 2026 totaled $37.4 million, representing a 611% increase from the same period in 2025. However, quarterly bookings for the third quarter of 2026 were $1.9 million, a decrease of approximately 19% year over year. The company stated that bookings in any single quarter can vary significantly based on the timing of larger transactions.
As of September 30, 2026, D-Wave’s Remaining Performance Obligations (RPO) stood at $38.3 million, an increase of 1,221% from $2.9 million as of September 30, 2025. Approximately 59% of the RPO balance is expected to be recognized as revenue within the following 12 months.
On the balance sheet, consolidated cash and marketable investment securities totaled $503.4 million as of September 30, 2026. During the quarter, the company executed a definitive agreement with the U.S. Department of Commerce to access up to $100 million of U.S. CHIPS and Science Act funding, subject to milestone conditions.
GAAP gross profit was $2.4 million, with a gross margin of 52.9%. The company reported a net loss of $48.2 million, or $0.13 per share, a year-over-year decrease of $91.8 million. The decrease in net loss was primarily attributed to a $121.9 million reduction in non-cash, non-operating charges related to the remeasurement of the company's warrant liability.
Non-GAAP Adjusted Operating Expenses were $40.5 million, and Adjusted EBITDA Loss was $37.7 million. The company also announced several business developments, including the execution of a definitive agreement with the U.S. Department of Commerce for CHIPS and Science Act funding, the delivery of a 4,400+ qubit Advantage2 system to Italy, and the launch of a gate-model quantum computing simulator beta program.
