D-Wave Quantum falls amid mixed Q3 results, weak bookings

What happened

D-Wave Quantum shares fell more than 5% in premarket trading after the company reported mixed third-quarter results. Revenue rose 20.6% year over year to $4.51 million, while its adjusted loss was $0.13 per share. Quarterly bookings fell $0.4 million year over year to $1.9 million, despite strong growth in bookings for the first nine months of 2026.

Confirmed

Global impact / market context

Revenue exceeded analysts’ expectations, but the wider-than-expected adjusted loss and lower quarterly bookings point to uneven near-term performance. Bookings can signal demand for future work; if they remain weak, sales growth may be harder to sustain, while rising longer-term bookings and contracted obligations offer a more positive counterpoint.

Analyst inference

The results show a gap between D-Wave’s recent quarterly order flow and its longer-term commercial indicators: nine-month bookings rose 611%, and remaining performance obligations, meaning contracted work not yet recognized as revenue, climbed 1,221%. Those figures may support future revenue, but do not establish when it will be recorded.

Analyst inference

What to watch

1. On the 8 a.m. EST conference call, listen for management’s explanation of the quarterly bookings decline and whether it expects orders to convert into revenue soon. Analyst inference
2. Track upcoming quarterly bookings against the $1.9 million reported this quarter; a sustained recovery would strengthen evidence that customer demand is translating into new business. Analyst inference
3. Watch whether the $38.3 million in remaining performance obligations is converted into reported revenue, since timing of that conversion could affect sales growth. Analyst inference

Evidence

• seekingalpha.com