D-Wave Quantum, Inc. (QBTS)
NYSEInformation TechnologyComputer HardwareSnapshot 2026-09-04
$16.58-1.43%
Close 2026-09-04 · 1-day change
NYSEInformation TechnologyComputer HardwareSnapshot 2026-09-04
QuarterlyIQ Insights · QBTS
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within information technology on a research-validated quality screen. As of 2026-09-04.
The screen ranks QBTS against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Information Technology names rated weak grew net income 47% of the time over the next year (vs 59% for the rest of the cohort, n=6360).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Advance development and scaling of fault-tolerant gate-model quantum computing systems with key milestones through 2032.
Stated as a priority in 3 quarters including 2026-Q1 and 2026-Q2 and the June 2026 Investor Day. Management outlined a detailed gate-model roadmap with milestones from 17 physical qubits in 2026 to 100 logical qubits by 2032. The company acquired Quantum Circuits to accelerate this development. While revenue remains modest and losses have increased due to investments, the trajectory matches management's stated acceleration of gate-model quantum computing development.
“Announced a new gate-model quantum computing roadmap, designed to accelerate the development of commercial, fault-tolerant gate model quantum computing.”
“Rapidly incorporating system scaling expertise into dual-rail gate model technology to accelerate delivery of large-scale, error-corrected gate model systems.”
Grow commercial momentum through new customer engagements, increased bookings, and expanding commercial revenue.
Stated as a priority in 2 quarters, 2026-Q1 and 2026-Q2. Bookings surged from $2.9 million in first half 2025 to $35.5 million in first half 2026, a 1,120% increase, driven by large system sales and QCaaS agreements. However, revenue declined from $18.1 million to $5.9 million over the same period due to timing of system sales. The trajectory shows strong commercial momentum in bookings and customer engagements, consistent with management's stated priority.
“Bookings for first six months of 2026 were $35.5 million, up 1,120% year over year, with over 100 customers and 67.7% revenue from commercial customers.”
Obtain and utilize government grants and funding to accelerate research and development of quantum technologies.
Stated as a priority in at least 3 disclosures including 2026-Q1 and 2026-Q2. The company secured a $1.57 million NSF grant and signed a Letter of Intent for $100 million in government funding under the CHIPS Act to accelerate R&D. These funds support the gate-model quantum computing program. The trajectory shows active pursuit and partial realization of government funding consistent with management's stated priority.
Invest in product development and sales/marketing to support accelerated growth and market penetration.
Stated as a priority in 2 quarters, 2026-Q1 and 2026-Q2. GAAP operating expenses nearly doubled from $25.2 million in 2025-Q1 to $56.5 million in 2026-Q1 and increased from $28.5 million in 2025-Q2 to $55.0 million in 2026-Q2, driven by investments in product development and go-to-market initiatives. The trajectory shows increased spending consistent with management's stated acceleration of product and market efforts.
Drive growth in commercial revenue and bookings through expanded customer engagements and product sales.
Over the trailing year it converted 1.60x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity (low R² over the window).
39 material management or governance events in the past 24 months, led by M&A activity. Historically, Information Technology names rated volatile grew net income 60% of the time over the next year (vs 58% for the rest of the cohort, n=2769).
Not investment advice. As of 2026-09-04.
“Closed bookings of $33.4 million for Q1 2026, up nearly 2,000% year over year, including a $20 million system sale and $10 million QCaaS agreement.”
“Selected to receive a $1,566,240 grant from the U.S. National Science Foundation to support gate model efforts.”
“Signed a Letter of Intent for $100 million proposed funding under the U.S. CHIPS and Science Act to accelerate development and scaling.”
“Operating expenses increased 93% year over year, driven by investments in product development and go-to-market initiatives.”
“Operating expenses increased 125% year over year, reflecting investments to support accelerated product development and go-to-market initiatives.”