D-Wave Quantum Inc.

New York Stock Exchange
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Somewhat Bullish +45

3 Quantum Computing Stocks for Risk-Tolerant Investors

AI-generated analysis

📈 D-Wave Quantum (QBTS) reported first-half 2026 bookings surging from $2.90 million to $35.50 million, signaling strong pipeline growth.

📉 Q2 2026 revenue decreased slightly to $3.076 million year-over-year, missing analyst consensus expectations.

💰 Remaining performance obligations for QBTS grew 668% year-over-year to $40.70 million, indicating robust future demand.

🤝 The company expanded its commercial customer base to include AT&T, Nasdaq Verafin, Oki Electric, Shionogi, and Unisys.

⚠️ Adjusted EBITDA loss widened 85% to $37.1 million in the second quarter of 2026.

💸 Cash and investment securities dropped from $819.3 million to $546.2 million during the reporting period.

🔮 The hardware roadmap targets 100 logical qubits by 2032, representing a long-term technical milestone.

📊 Commercial customers now represent 62.4% of Q2 revenue, up from 45.1% in the prior period.

📉 The stock trades with a beta of 2.16, reflecting high volatility typical of speculative quantum computing names.

Bullish Signals
  • D-Wave Quantum bookings surged to $35.50 million in the first half of 2026 from just $2.90 million previously.
  • Remaining performance obligations grew 668% year-over-year to $40.70 million, validating strong future revenue potential.
  • Commercial customer concentration increased significantly to 62.4% of Q2 revenue, reducing reliance on government contracts.
  • The company secured new commercial engagements with major firms including AT&T, Nasdaq Verafin, and Oki Electric.
Risk Factors
  • Q2 2026 revenue declined 0.61% year-over-year to $3.076 million, missing analyst consensus estimates.
  • Adjusted EBITDA loss widened 85% to $37.1 million in the second quarter of 2026.
  • Cash and investment securities decreased from $819.3 million to $546.2 million over the reporting period.
Full Analysis
The article analyzes D-Wave Quantum (QBTS) as a high-risk, high-reward quantum computing stock with the only commercially deployed annealing business among US-listed pure-plays. While Q2 2026 revenue slightly declined to $3.076 million, the company reported a significant surge in bookings, which jumped from $2.90 million in the first half of the year to $35.50 million by mid-year. This acceleration is supported by a massive increase in remaining performance obligations, which grew 668% year-over-year to $40.70 million, indicating strong future revenue visibility despite current recognition lags. D-Wave has successfully expanded its commercial customer base, with commercial customers now accounting for 62.4% of Q2 revenue, up from 45.1% previously. The company secured new engagements with major entities including AT&T, Nasdaq Verafin, Oki Electric, Shionogi, and Unisys, diversifying its client list beyond government contracts. Analysts maintain a bullish posture on the stock, citing technical leadership being translated into tangible commercial progress, though they note the disconnect between booked orders and recognized revenue remains a key financial dynamic. Financial risks for QBTS include a widening adjusted EBITDA loss that expanded 85% to $37.1 million in the quarter and a decline in cash and investment securities from $819.3 million to $546.2 million over the period. The company's hardware roadmap targets achieving 100 logical qubits as late as 2032, presenting a long-term execution challenge. With a stock beta of 2.16, QBTS exhibits high volatility, trading down 26% year-to-date despite a one-year gain, reflecting the speculative nature of the quantum computing sector.