D-Wave Reports Q3 2026 Revenue Growth, $38.3 Million in Remaining Obligations

What happened

D-Wave reported third-quarter 2026 revenue of $4.5 million, up 21% from a year earlier, and a net loss of $48.2 million, or $0.13 per share. Remaining performance obligations, meaning contracted work not yet recognized as revenue, were $38.3 million, up 1,221% year over year.

Confirmed

Global impact / market context

Revenue growth and a much larger pool of remaining obligations could indicate future demand, but those obligations are not yet reported sales. D-Wave’s $48.2 million quarterly loss and $55.9 million in operating expenses show that converting demand into revenue while controlling costs remains important.

Analyst inference

The company ended September with $503.4 million in cash and marketable investment securities, providing a substantial reported cash balance alongside its losses. Nine-month bookings rose 611% to $37.4 million, but bookings and obligations do not guarantee when revenue will be recognized or whether it will cover costs.

Confirmed

What to watch

1. Track whether the $38.3 million in remaining obligations becomes recognized revenue in later periods; the timing and delivery of contracted work will determine how quickly it supports reported sales. Analyst inference
2. Watch operating expenses and losses alongside revenue growth, because persistent spending above revenue could continue consuming cash even as the company reports a larger pool of future obligations. Analyst inference
3. The company signed a definitive Commerce Department agreement for access to up to $100 million in CHIPS Act funding, subject to milestones and conditions; watch whether those requirements are met. Confirmed

Evidence

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