D-Wave Bookings surge 1,994% as quantum system sales offset YoY revenue dip

D-Wave Quantum (NYSE:QBTS) announced first-quarter 2026 bookings of $33.4 million, an increase of 1,994% compared to $1.6 million in the prior-year period.

This surge was primarily driven by a $20 million annealing quantum computing system sale, the revenue for which is expected to be recognized in future quarters upon delivery and installation.

Consequently, the company’s Remaining Performance Obligations (RPOs) reached $42.4 million, representing a 563% increase year-over-year.

Reported revenue for the quarter was $2.9 million, down 81% from $15 million in the first quarter of 2025.

Management noted the decrease was entirely due to the comparison against the previous year’s record revenue, which included $12.6 million from the company’s first-ever system sale.

Despite the revenue dip, D-Wave maintained a broad customer base, recognizing revenue from over 100 individual customers, more than half of which are commercial enterprises.

GAAP gross margin stood at 63.6%, while non-GAAP gross margin reached 70.6%.

Operating expenses for the quarter rose 125% to $56.5 million, reflecting intensified investments in product development and go-to-market strategies.

The increase includes $9.1 million in non-recurring costs related to the January acquisition of Quantum Circuits, as well as an $8.6 million increase in personnel costs, largely focused on R&D and sales.

The company also reported higher fabrication costs to support its accelerated hardware roadmap.

The net loss for the quarter was $18.4 million, or $0.05 per share, compared to a net loss of $5.4 million in the first quarter of 2025.

The loss was partially mitigated by a $28.5 million income tax benefit stemming from the Quantum Circuits acquisition.

Adjusted EBITDA loss widened to $32.8 million, reflecting the company’s deliberate shift toward scaling its "dual-platform" capabilities—offering both annealing and gate-model quantum systems.