D-Wave Quantum Inc. Common Shares

QCaaS revenue actually decreased both in absolute dollars and as a percentage of total revenue for the nine-month period, as system sales dominated the revenue mix. (1 missed across 1 tracked commitment)

The company plans to transition its corporate headquarters to Boca Raton, Florida and open a new U.S. R&D facility there by the end of 2026. — target: Relocation of HQ and opening of R&D facility (+4 more commitments)

The company is integrating Quantum Circuits to enhance gate-model quantum computing capabilities, specifically adding dual-rail qubit technology. — target: Integration of dual-rail qubit technology

Management intends to make an initial dual-rail gate-model quantum system generally available in 2026. — target: General availability of initial dual-rail system

Management expects sales and marketing expenses to continue to increase in absolute dollars to drive revenue and expand the customer base. — target: Increase in S&M spending (+3 more commitments)

The US market grew 11% in the quarter but its share of total revenue is being diluted by massive growth in the German market. (5 expanding across 1 engine)

The technological moat was significantly strengthened by the acquisition of Quantum Circuits, Inc. in January 2026, adding error-corrected gate-model capabilities to D-Wave's existing annealing platform. (2 expanding)

The cash position expanded dramatically from $178M to $819M, primarily through aggressive use of At-The-Market (ATM) equity offerings and warrant exercises. (3 expanding)

QCaaS revenue grew 14.7% year-over-year, increasing its share of total revenue to 61.5% as the company shifts toward a cloud-first subscription model. (1 expanding across 1 engine)

Professional services revenue more than doubled year-over-year for the quarter, acting as a 'strategic enabler' to help customers adopt the cloud platform. (3 expanding across 1 engine)

The acquisition of Quantum Circuits for $538.5 million represents a massive acceleration in product strategy, moving D-Wave from a single-platform (annealing) to a dual-platform (annealing + gate-model) provider. (1 accelerating across 1 signal, 1 leading indicator)

Sales and marketing investment is accelerating significantly as the company pursues new logos, with Q2 2024 spending up 77% compared to the prior year period. (5 accelerating across 5 signals)

Revenue from the United States is accelerating rapidly, nearly tripling year-over-year and increasing its contribution to total revenue from 15.6% to 29.3%. (4 accelerating, 1 reversing across 5 signals, 2 leading indicators)

Core cloud revenue (QCaaS) is showing strong acceleration, growing 45% year-over-year and increasing its share of total revenue. (2 accelerating, 1 reversing across 3 signals)

Backlog has significantly decreased from the previously reported $42.4 million to $7.4 million, indicating a sharp reduction in contracted future work. (3 reversing, 1 decelerating, 1 steady across 5 signals)

The acquisition closed in January 2026. The company identifies significant integration risks including rationalizing systems, potential cultural conflicts, and the need to achieve synergies between annealing and gate-model technologies. (2 emerging)

Operating expenses continue to trend upward, increasing 38% for the nine-month period to $84.1 million. Net loss for the nine months widened to $312.7 million, though this was heavily impacted by non-cash warrant liability fair value changes. (2 intensifying, 1 stable)

Demand for system sales has re-emerged as a major revenue driver. System sales contributed $13.7 million to revenue in the first half of 2025, compared to zero in the prior year period, driving a 289% increase in total revenue. (1 easing)

Revenue has reaccelerated significantly, growing 235% for the nine-month period, driven by $15.5 million in system sales compared to zero in the prior year period. (2 easing, 1 intensifying)

Operating expenses continue to increase, rising 36% to $53.6 million for the first half of 2025. While revenue growth (289%) outpaced expense growth, the company still generated a loss from operations of $37.8 million. (1 stable)