D-Wave Reports Q3 2026 Results: Revenue Up 21% YoY, RPO Surges 1,221% to $38.3M, and Finalizes $100M CHIPS Act Agreement

D‑Wave’s Q3 2026 Financial Snapshot

D‑Wave Quantum Inc. reported $4.51 M in revenue for the quarter ending September 30, 2026, a 20.7% year‑over‑year increase. Gross profit slipped to $2.39 M (52.9% margin) as the mix shifted toward higher‑margin professional services and quantum‑as‑a‑service (QCaaS) offerings. Operating expenses surged 84% to $55.87 M, reflecting the integration of the Quantum Circuits acquisition and expanded R&D headcount. The company narrowed its net loss to $48.20 M from $140 M a year earlier, helped by the removal of a large warrant‑liability charge.

Booking Momentum and RPO Explosion

Remaining Performance Obligations (RPO) – a proxy for future revenue – rocketed 1,221% YoY to $38.3 M, with roughly 60% slated for conversion within the next 12 months. Year‑to‑date bookings reached $37.4 M, up 611% from the prior year, driven by a growing enterprise customer base that now exceeds 100 accounts, half of which are commercial enterprises.

Strategic Funding: $100 M CHIPS Act Agreement

D‑Wave finalized a definitive agreement with the U.S. Department of Commerce under the CHIPS and Science Act, securing up to $100 M in milestone‑based funding. The deal includes a minority, non‑controlling equity stake for the Commerce Department and will finance two parallel hardware roadmaps:

• Annealing platform: Expansion from the current 4,400‑qubit Advantage 2 system toward a 20,000‑qubit “Advantage 3” and ultimately a 100,000‑qubit processor using multi‑chip packaging.
• Gate‑model platform: Development of a 10,000‑qubit dual‑rail superconducting system aimed at delivering 100 fault‑tolerant logical qubits capable of executing over one million quantum gates.

Commercial Deployments and Partnerships

• NTT DOCOMO deployed a second production application that optimized tracking‑area lists across 333 base stations, cutting peak registration signals by 65.3%.
• Italy rollout: An Advantage 2 annealer (4,400+ qubits) was shipped to Villa Saporiti, anchoring a regional quantum ecosystem.
• Gate‑model simulator beta: Enterprise partners such as BBVA, FirstQFM, and the Jülich Supercomputing Centre gained early access to error‑aware algorithm prototyping.
• SkyWater extension: A multi‑year fab partnership enabled a proof‑of‑technology project that reduced wafer‑lot delays by up to 30%.
• Channel alliances: A global SI partnership with CGI and an MOU with LG CNS broadened D‑Wave’s reach into logistics, retail, and Korean markets.

Outlook

The combination of robust booking growth, a sizable RPO backlog, and the newly secured CHIPS Act funding positions D‑Wave to scale both its annealing and gate‑model hardware pipelines. While operating expenses remain high, the narrowing loss profile and expanding enterprise footprint suggest a trajectory toward sustainable profitability as larger‑scale quantum systems come online.

For full details, see D‑Wave’s Q3 2026 press release, investor presentation, and SEC Form 8‑K filing.