D-Wave Shares Fall After Q2 Revenue and EPS Miss Despite Large Bookings Gain

Overview

• D-Wave reported quarterly revenue of $3.07 million and a loss per share of $0.13 on Thursday, August 6, 2026, both missing Wall Street estimates and sending the stock down more than 10% in premarket trading.
• The company recorded $35.5 million in bookings for the first half of 2026, a rise of about 1,120% year over year that the company says represents customer orders expected to become future revenue.
• Operating loss widened to $53.3 million from $26.5 million as management increased spending on product development and go-to-market efforts, while net loss narrowed to $48 million from $167 million a year earlier.
• Recent nonfinancial milestones include a Nature paper reporting a two-qubit gate with 99.9% fidelity and a Nasdaq Verafin partnership, and reports say D-Wave reached a tentative Commerce Department deal to exchange a minority stake for federal funding.
• Investors will be watching whether the large backlog of bookings converts into steady revenue in coming quarters and whether federal support and technical progress ease pressure from near-term misses and peer performance.