Record Quarterly Bookings of $33.4 Million, Up Nearly 2,000% Year over Year
Quarter End Cash Position of $588 Million, Up 93% Year over Year
PALO ALTO, Calif.--(BUSINESS WIRE)--May 12, 2026--
D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company"), the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services, today announced financial results for its first quarter ended March 31, 2026.
"D-Wave's first quarter performance highlights what sets this company apart: strong execution, expanding commercial adoption, and differentiated technology leadership across both annealing and gate model quantum computing," said Dr. Alan Baratz, CEO of D-Wave. "As the only quantum computing company pursuing both annealing and gate-model quantum computing systems, we believe that D-Wave is uniquely positioned to participate in the full addressable quantum computing market. Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a service agreement with a Fortune 100 company reinforced growing demand for our annealing systems. We believe that D-Wave's combination of commercial proof, technical breadth, and a differentiated path to gate-model error correction and scaling will be increasingly prominent as this market matures."
Recent Business and Technical Highlights
-- Closed Bookings of $33.4 million for the first quarter of 2026, up
1,994% year over year from the first quarter of 2025 Bookings of $1.6
million, and up 149% from the immediately preceding fourth quarter of
2025 Bookings of $13.4 million. First quarter Bookings included a $20
million system purchase by Florida Atlantic University ("FAU"), and a $10
million, two-year enterprise Quantum Computing as a Service (QCaaS)
agreement with a Fortune 100 company.
-- Acquired Quantum Circuits, Inc. ("Quantum Circuits"), a leading
developer of error-corrected superconducting gate-model quantum computing
systems. Quantum Circuits' dual-rail qubits combine the rapid speed of
superconducting gate-model qubits with the fidelity of ion trap and
neutral atom qubits -- reflecting a significant industry breakthrough
that we believe is currently unmatched by any other quantum computing
company.
-- Rapidly incorporating our system scaling expertise into the high
performance dual-rail gate model technology pioneered by Quantum
Circuits. This is expected to accelerate D-Wave's availability of
large-scale, error-corrected gate model quantum computing systems. Key
expected milestones in our current roadmap include:
-- By the end of 2028, a dual-rail system with approximately 175
physical qubits and a design for a 1,000 physical qubit system
-- By the end of 2030, a 1,000 physical qubit dual-rail system with
10 logical qubits and a design for a 10,000 physical qubit system
-- By the end of 2032, a dual-rail qubit system that can support
100 logical qubits, which is considered to be a key milestone for
reaching initial quantum utility
-- Additional details about the roadmap will be provided at the
Company's upcoming Investor Day being held at the New York Stock
Exchange on June 1, 2026.
-- Signed a $20 million agreement for FAU to purchase and install an
Advantage2$(TM)$ annealing quantum computer, supporting Florida's goal to
become a leader in quantum computing. D-Wave has started implementing a
training program at FAU to enable the faculty to leverage quantum
resources in their research and curriculum, and system installation is
expected to commence before the end of 2026.
-- Collaborated with Postquant Labs on the development and launch of their
quantum-classical blockchain Testnet, which is now publicly available.
The Testnet is designed to support the development and adoption of a
global quantum blockchain standard, and to assess the role quantum
computing could play in enabling a more secure and energy-efficient
blockchain within a distributed computing network. The Testnet involves
18,500 early users and includes D-Wave's Advantage2(TM) annealing quantum
computer, along with other computing platforms, to perform mining
operations. There are currently more than 1,600 nodes on the network, one
of which is the Advantage2(TM) quantum processing unit ("QPU"), and the
rest are a mix of CPUs and GPUs. The QPU has outperformed the classical
nodes and won the majority of the blocks. D-Wave and Postquant Labs are
launching a detailed benchmarking study to further quantify the QPU
advantage in mining.
-- Completed the second phase of an ongoing Quantum AI project with
Shionogi, a major Japanese pharmaceutical company, using D-Wave's
Advantage2(TM) annealing quantum computer to incorporate artificial
intelligence in the drug discovery process. The project used D-Wave's
technology, shortening the process of small-molecule drug discovery by
providing a broader range of novel, diverse drug-like molecules for
target disease proteins. The second phase of the project delivered a
10-fold increase in the number of desirable molecules compared to results
generated using a classical machine learning algorithm. Given the
effectiveness of the results to date, Shionogi is moving forward with the
next phase of experimentation, accelerating toward real-world adoption.
-- Published new research on the arXiv
that outlines powerful new multi-color annealing protocols that enable
some gate model operations within our commercial Advantage2(TM) annealing
quantum computing system, and launched these features with key customers
to enable them to perform fundamental research in quantum simulation.
These protocols enable researchers to use D-Wave's annealing QPUs to
model quantum systems and explore fundamentally new behavior that can be
extremely difficult, if not impossible, to study with classical
techniques.
-- Introduced new hybrid solver software that supports integrated machine
learning models. D-Wave's Stride(TM) hybrid quantum solver now allows for
surrogate modeling, enabling customers to incorporate machine learning
models directly into optimization workflows to support a wider range of
use cases within domains such as predictive maintenance, surge pricing,
advertising campaign optimization, and employee scheduling.
-- Launched the "Quantum Matters" podcast, hosted by Murray Thom, D-Wave's
vice president of quantum technology evangelism. The series features
conversations with industry leaders, researchers, academics and
scientists on how quantum computing is being used today and where it is
headed. In just four weeks, the podcast generated thousands of views,
listens and downloads across YouTube, Apple and Spotify, and is the top
ranking quantum computing podcast, as well as among the top 30 most
popular technology podcasts on Apple, among thousands of shows.
-- Announced that the Company will host its first-ever Investor Day on
June 1, 2026 at the New York Stock Exchange in New York City and via
livestream. The event will provide investors with an in-depth look at the
Company's technology leadership, product roadmap, commercial momentum and
long-term growth strategy. Designed to bring greater clarity to a rapidly
evolving sector, the event will provide investors with D-Wave's
perspective on the quantum computing landscape, the Company's
differentiated approach and how it is translating innovation into
commercial opportunity.
First Quarter 2026 Financial Highlights
-- Revenue: Revenue for the first quarter of 2026 was $2.9 million, a
decrease of $12.1 million, or 81%, from revenue of $15.0 million for the
2025 first quarter, that included $12.6 million in revenue recognized
from the Company's first sale of an annealing quantum computing system.
-- Bookings1: Bookings for the first quarter of 2026 were $33.4 million,
an increase of $31.8 million, or 1,994%, from Bookings of $1.6 million
for the 2025 first quarter. The quarterly bookings include a $20 million
system sale, the revenue for which will be recognized in subsequent
quarters.
-- Remaining Performance Obligations2: As of March 31, 2026, the aggregate
amount of remaining performance obligations (RPOs) that were unsatisfied
or partially unsatisfied related to customer contracts totaled $42.4
million, an increase of $36.0 million, or 563%, from the first quarter of
2025 RPO balance of $6.4 million, and an increase of $29.0 million, or
216%, from the immediately prior fourth quarter of 2025 RPO balance of
$13.4 million. Approximately 54% of the $42.4 million 2026 first quarter
RPO balance is expected to be recognized as revenue in the next 12 months,
and 71% is expected to be recognized as revenue in the next two years,
with the remainder to be recognized thereafter.
-- Customers: During the first quarter of 2026, D-Wave recognized revenue
from over 100 individual customers with over 50% of such customers being
commercial enterprises.
-- GAAP Gross Profit: GAAP gross profit for the first quarter of 2026 was
$1.8 million, a decrease of $12.1 million, or 87%, from $13.9 million in
GAAP gross profit for the 2025 first quarter, with the decrease due
entirely to an annealing quantum computer system sale during the 2025
first quarter.
-- GAAP Gross Margin: GAAP gross margin for the first quarter of 2026 was
63.6%, a decrease of 29% from the 92.5% GAAP gross margin for the 2025
first quarter, with the decrease due entirely to a higher margin
annealing quantum computer system sale during the 2025 first quarter.
-- Non-GAAP Gross Profit3: Non-GAAP Gross Profit for the first quarter of
2026 was $2.0 million, a decrease of $12.0 million, or 86%, from the
Non-GAAP Gross Profit of $14.0 million for the 2025 first quarter. The
difference between GAAP and Non-GAAP Gross Profit is limited to non-cash
stock-based compensation and depreciation and amortization expenses that
are excluded from the Non-GAAP Gross Profit.
-- Non-GAAP Gross Margin3: Non-GAAP Gross Margin for the first quarter of
2026 was 70.6%, a decrease of 23% from the 93.6% Non-GAAP Gross Margin
for the 2025 first quarter. The difference between GAAP and Non-GAAP
Gross Margin is limited to non-cash stock-based compensation and
depreciation and amortization expenses that are excluded from the
Non-GAAP Gross Margin.
-- GAAP Operating Expenses: GAAP operating expenses for the first quarter
of 2026 were $56.5 million, an increase of $31.3 million, or 125% from
GAAP operating expenses of $25.2 million for the 2025 first quarter, with
the increase partially driven by $9.1 million of non-recurring costs
related to the acquisition of Quantum Circuits and increases of $8.6
million in salaries and related personnel costs, 80% of which relate to
increases in Sales & Marketing and Research & Development personnel; $7.4
million in non-cash stock-based compensation and depreciation and
amortization expenses, $2.6 million in fabrication costs and $1.4 million
in marketing expenses. These increased operating expenses stem from
investments to support the Company's accelerated product development and
go-to-market initiatives, as well as Quantum Circuits expenses incurred
subsequent to the January acquisition closing date.
-- Non-GAAP Adjusted Operating Expenses3: Non-GAAP Adjusted Operating
Expenses for the first quarter of 2026 were $34.8 million, an increase of
$14.6 million, or 73%, from Non-GAAP Adjusted Operating Expenses of $20.2
million for the 2025 first quarter, with the difference between GAAP and
Non-GAAP Operating Expenses being primarily non-cash stock-based
compensation expense, non-cash depreciation and amortization expense, and
non-recurring one-time expenses that are excluded from the Non-GAAP
Adjusted Operating Expenses.
-- Net Loss: Net loss for the first quarter of 2026 was $18.4 million, or
$0.05 per share, an increase of $13.0 million, or $0.03 per share,
compared with the net loss of $5.4 million, or $0.02 per share for the
2025 first quarter, with the increase due primarily to higher operating
expenses and lower gross profit, partially offset by the increase of an
income tax benefit of $28.5 million that stems from the acquisition of
Quantum Circuits.
-- Adjusted EBITDA Loss3: Adjusted EBITDA Loss for the first quarter of
2026 was $32.8 million, an increase of $26.7 million from the Adjusted
EBITDA Loss of $6.1 million for the 2025 first quarter, with the increase
due primarily to higher operating expenses and lower gross profit.
____________________
(1) "Bookings" is an operating metric that is defined as customer orders
received that are expected to generate net revenues in the future.
Year-to-date FY 2026 Bookings includes $2.3 million in Quantum Circuits
bookings that were closed immediately prior to the completion of the
acquisition of Quantum Circuits in January 2026. We present the operating
metric of Bookings because it reflects customers' demand for our products
and services and to assist readers in analyzing our potential performance
in future periods.
(2) Revenues allocated to remaining performance obligations represents the
transaction price of noncancellable orders for which service has not been
performed, which include deferred revenue and the amounts that will be
invoiced and recognized as revenues in future periods from open contracts
and excludes unexercised renewals.
(3) "Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted
Operating Expenses" and "Adjusted EBITDA Loss" are non-GAAP financial
measures. Please see the discussion in the section "Non-GAAP Financial
Measures" and the reconciliations included at the end of this press
release.
Balance Sheet and Liquidity
As of March 31, 2026, D-Wave's consolidated cash and marketable investment securities balance totaled $588.4 million, representing a 93% increase from the 2025 first quarter consolidated cash and marketable investment securities balance of $304.3 million.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Tuesday, May 12, 2026, at 8:00 a.m. (Eastern Time), to discuss the Company's financial results and business outlook. The live dial-in number is 1-833-890-9920 (domestic) or 1-412-564-6463 (international). Participants can use those dial-in numbers or can click this link for instant telephone access to the event. The link will be made active 15 minutes prior to the call's scheduled start time, and the passcode is 6892685. An on-demand webcast will be available, and a transcript of the conference call will be posted on the D-Wave Investor Relations website after the call. Participating in the call will be Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world's first commercial supplier of quantum computers, and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave's mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap(TM) quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more about realizing the value of quantum computing today and how D-Wave is shaping the quantum-driven industrial and societal advancements of tomorrow: ir.dwavequantum.com.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss and Non-GAAP Adjusted Operating Expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
-- Non-GAAP Gross Profit is defined as GAAP gross profit less depreciation
and amortization expense and non-cash stock-based compensation expense.
We use Non-GAAP Gross Profit to measure, understand and evaluate our core
operating performance and trends and to develop short-term and long-term
operating plans.
-- Non-GAAP Gross Margin is defined as GAAP gross margin adjusted to
exclude depreciation and amortization expense and non-cash stock-based
compensation expense. We use Non-GAAP Gross Margin to measure, understand
and evaluate our core business performance.
-- Adjusted EBITDA Loss is defined as net loss before interest expense,
depreciation and amortization expense, stock-based compensation,
remeasurements of liability-classified warrants, and other non-operating
or non-recurring income and expenses. We use Adjusted EBITDA Loss to
measure the operating performance of our business, excluding specifically
identified items that we do not believe directly reflect our core
operations and may not be indicative of our recurring operations.
-- Non-GAAP Adjusted Operating Expenses is defined as operating expenses
before depreciation and amortization expense, non-operating or
non-recurring expenses and non-cash stock-based compensation expense. We
use Non-GAAP Adjusted Operating Expenses to measure our operating
expenses, excluding items we do not believe directly reflect our core
operations.
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of each of Non-GAAP Gross Profit, Non-GAAP Gross Margin, Adjusted EBITDA Loss and Non-GAAP Adjusted Operating Expenses to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to the expected benefits of the Quantum Circuits acquisition, our development and commercialization plans, dual-platform roadmap, and plans to accelerate the projected time to a scaled, error-corrected gate-model quantum computer, among others. In some cases, you can identify forward-looking statements by the following words: "believe," "may," "will," "could," "would," "should," "expect," "intend, " "plan," "anticipate," "trend," "estimate," "predict," "project," "potential," "seem," "seek," "future," "outlook," "forecast," "projection," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
(In thousands, except share and per
share data) 2026 2025
------------ ----------------
Assets
Current assets:
Cash and cash equivalents $ 338,197 $ 635,347
Marketable investment securities 250,198 249,134
Trade accounts receivable, net of
allowance for credit losses of $1
and $176 8,911 1,587
Inventories 2,915 2,776
Prepaid expenses and other current
assets 6,888 7,388
---------- ---------
Total current assets 607,109 896,232
---------- ---------
Property and equipment, net 15,066 7,841
Operating lease right-of-use assets 10,331 6,518
Intangible assets, net 215,279 915
Goodwill 342,588 --
Other non-current assets, net 9,442 4,307
---------- ---------
Total assets $ 1,199,815 $ 915,813
========== =========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 1,707 $ 950
Accrued expenses and other current
liabilities 15,460 15,838
Current portion of operating lease
liabilities 1,554 1,448
Loans payable, net, current 140 134
Deferred revenue, current 9,495 2,778
---------- ---------
Total current liabilities 28,356 21,148
Operating lease liabilities, net of
current portion 9,703 6,050
Loans payable, net, non-current 35,423 35,825
Deferred revenue, non-current 2,081 560
---------- ---------
Total liabilities $ 75,563 $ 63,583
---------- ---------
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.0001
per share; 675,000,000 shares
authorized at both March 31, 2026
and December 31, 2025;
370,038,436 shares and
358,741,605 shares issued and
outstanding as of March 31, 2026
and December 31, 2025,
respectively. 37 35
Additional paid-in capital 2,133,730 1,843,218
Accumulated deficit (1,000,359) (982,002)
Accumulated other comprehensive
loss (9,156) (9,021)
---------- ---------
Total stockholders' equity 1,124,252 852,230
---------- ---------
Total liabilities and
stockholders' equity $ 1,199,815 $ 915,813
========== =========
D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended March 31,
----------------------------------
(In thousands, except share and
per share data) 2026 2025
----------------- ---------------
Revenue $ 2,858 $ 15,001
Cost of revenue 1,040 1,124
------------ -----------
Total gross profit 1,818 13,877
Operating expenses:
Research and development 25,793 10,288
General and administrative 20,275 7,957
Sales and marketing 10,477 6,923
------------ -----------
Total operating expenses 56,545 25,168
------------ -----------
Loss from operations (54,727) (11,291)
Other income (expense), net:
Interest income 5,785 3,099
Interest expense (259) (226)
Gain on investment in
marketable securities, net 1,880 --
Change in fair value of
warrant liabilities -- 3,943
Other income (expense), net 512 (946)
------------ -----------
Total other income, net 7,918 5,870
------------ -----------
Loss before income taxes (46,809) (5,421)
Income tax benefit, net 28,452 --
------------ -----------
Net loss $ (18,357) $ (5,421)
============ ===========
Net loss per share, basic and
diluted $ (0.05) $ (0.02)
============ ===========
Weighted-average shares used in
computing net loss per share,
basic and diluted 367,473,219 286,420,374
============ ===========
Comprehensive loss:
Net loss $ (18,357) $ (5,421)
Other comprehensive income
(loss), net of tax:
Foreign currency translation
adjustment 18 498
Unrealized losses on
available-for-sale
securities (153) --
------------ -----------
Total other comprehensive
income (loss), net of
tax (135) 498
------------ -----------
Net comprehensive loss $ (18,492) $ (4,923)
============ ===========
D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
------------------------------------
(in thousands) 2026 2025
-------------------- --------------
Cash flows from operating
activities:
Net loss $ (18,357) $ (5,421)
Adjustments to reconcile net
loss to cash used in operating
activities:
Depreciation and
amortization 3,803 376
Deferred income taxes (28,365) --
Stock-based compensation 8,019 3,993
Amortization of operating
right-of-use assets 347 177
Provision for excess and
obsolete inventory (30) 24
Non-cash interest income (1,217) --
Non-cash interest expense 234 188
Change in fair value of
warrant liabilities -- (3,943)
Loss (gain) on marketable
equity securities (1,880) --
Unrealized foreign exchange
loss (gain) (774) 95
Other noncash items -- 267
Change in operating assets
and liabilities:
Trade accounts receivable (7,320) 360
Inventories (1,476) (40)
Prepaid expenses and
other current assets 1,347 172
Trade accounts payable (1,000) 229
Accrued expenses and
other current
liabilities (2,999) (2,285)
Deferred revenue 8,238 (13,107)
Operating lease liability (272) (173)
Other non-current assets,
net (3,258) (191)
------------ ----------
Net cash used in operating
activities (44,960) (19,279)
------------ ----------
Cash flows from investing
activities:
Acquisition of business, net of
cash acquired (250,821) --
Purchase of property and
equipment (1,081) (438)
Expenditures for internal-use
software (163) (60)
------------ ----------
Net cash used in investing
activities (252,065) (498)
------------ ----------
Cash flows from financing
activities:
Proceeds from the issuance of
common stock in at-the-market
offerings, net of issuance
costs -- 146,108
Proceeds from issuance of
common stock upon exercise of
warrants -- 6
Proceeds from the issuance of
common stock upon exercise of
stock options 94 23
Payment of tax withheld
pursuant to stock-based
compensation settlements -- (517)
Repayment of the Equipment
Financing Term Loan (34) --
Payments of equity issuance
costs (203) --
------------ ----------
Net cash provided by (used in)
financing activities (143) 145,620
------------ ----------
Effect of exchange rate changes on
cash and cash equivalents 18 498
------------ ----------
Net increase (decrease) in cash
and cash equivalents (297,150) 126,341
Cash and cash equivalents at
beginning of period 635,347 177,980
------------ ----------
Cash and cash equivalents at end
of period $ 338,197 $ 304,321
============ ==========
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(Unaudited)
Three Months Ended March 31,
------------------------------------
(in thousands of U.S. dollars) 2026 2025
--------------------------------- ------------------- ---------------
Gross Profit $ 1,818 $ 13,877
Gross Margin 63.6% 92.5%
Excluding:
Depreciation and Amortization
(1) 14 28
Stock-based compensation (2) 185 142
--------- ---- --------- ---
Non-GAAP Gross Profit $ 2,017 $ 14,047
Non-GAAP Gross Margin 70.6% 93.6%
(1) Depreciation and Amortization reflects the Depreciation and
Amortization recorded in Cost of Revenue only, which differs from the
total Depreciation and Amortization set forth in the Condensed
Consolidated Statement of Cash Flows that also includes Depreciation
and Amortization recorded in Operating Expenses.
(2) Stock-based compensation reflects the stock-based compensation recorded
in Cost of Revenue only, which differs from the total stock-based
compensation set forth in the Condensed Consolidated Statement of Cash
Flows that also includes stock-based compensation recorded in Operating
Expenses.
D-Wave Quantum Inc.
Reconciliation of Operating Expenses to Non-GAAP Adjusted Operating
Expenses
(Unaudited)
Three Months Ended March 31,
------------------------------------
(in thousands of U.S. dollars) 2026 2025
--------------------------------- --------------------- -------------
Operating expenses $ 56,545 $ 25,168
Excluding:
Depreciation and Amortization
(1) (3,789) (349)
Stock-based compensation (2) (7,834) (3,851)
Other non-operating or
non-recurring expenses (3) (10,093) (810)
---- ----------- ---------
Non-GAAP Adjusted Operating
Expenses $ 34,829 $ 20,158
---- ----------- ---------
(1) Depreciation and Amortization reflects the Depreciation and
Amortization recorded in the Operating Expenses only, which differs
from the total Depreciation and Amortization set forth in the Condensed
Consolidated Statement of Cash Flows that also includes Depreciation
and Amortization recorded in Cost of Revenue.
(2) Stock-based compensation reflects the stock-based compensation recorded
in Operating Expenses only, which differs from the total stock-based
compensation set forth in the Condensed Consolidated Statement of Cash
Flows that also includes stock-based compensation recorded in Cost of
Revenue.
(3) Includes non-recurring costs related to the Quantum Circuits
acquisition for the three months ended March 31, 2026, as well as
legal, consulting, and accounting fees associated with capital markets
activities unrelated to the Company's core operations, and other
non-recurring professional fees and credit loss expenses and
recoveries.
D-Wave Quantum Inc.
Reconciliation of Net Loss to Adjusted EBITDA Loss
(Unaudited)
Three Months Ended March 31,
--------------------------------------
(in thousands of U.S. dollars) 2026 2025
--------------------------------- -------------------- ----------------
Net loss $ (18,357) $ (5,421)
Excluding:
Depreciation and Amortization 3,803 376
Income tax benefit, net (28,452) --
Stock-based compensation 8,019 3,993
Interest income (5,785) --
Interest expense (1) 259 226
Change in fair value of
warrant liabilities -- (3,943)
Loss (gain) on marketable
equity securities (1,880) --
Other (income) expense, net
(2) (512) (2,153)
Other non-operating or
non-recurring items (3) 10,093 810
------------ ---------
Adjusted EBITDA Loss $ (32,812) $ (6,112)
------------ ---------
(1) Interest expense primarily reflects the interest associated with the
Equipment Financing Agreement entered into on August 1, 2025, and
interest and adjustments to accrued interest on the SIF Loan.
(2) Other income (expense), net consists primarily of foreign exchange
gains and losses and interest income earned from cash and cash
equivalents for the three months ended March 31, 2025.
(3) Includes non-recurring costs related to the Quantum Circuits
acquisition for the three months ended March 31, 2026, as well as
legal, consulting, and accounting fees associated with capital markets
activities unrelated to the Company's core operations, and other
non-recurring professional fees and credit loss expenses and
recoveries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260512684377/en/
CONTACT: Investor Contact:
ir@dwavesys.com
Media Contact:
media@dwavesys.com
(END) Dow Jones Newswires
May 12, 2026 07:00 ET (11:00 GMT)
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