D-Wave Quantum's second quarter revenue misses estimates, but first-half bookings surge over 1,120%.

D-Wave Quantum reported second quarter revenue of $3.1 million and a net loss of $0.13 per share, missing analyst estimates. While revenue was flat year-over-year, the company highlighted significant commercial momentum with first-half bookings and remaining performance obligations growing substantially.

Key Highlights

• Bookings for the first six months of 2026 surged 1,120% year-over-year to $35.5 million, driven by a $20 million system sale.
• Remaining Performance Obligations (RPOs) increased 668% to $40.7 million as of quarter-end, indicating a strong backlog of future revenue.
• The commercial customer mix continued to improve, with commercial clients accounting for 62.4% of second quarter revenue, up from 45.1% in the prior year's quarter.