TLDR
D-Wave Quantum (QBTS) fell between 5% and 7% in pre-market trading on Tuesday after its Q3 report.
Adjusted loss was $0.13 a share. Analysts expected a loss of $0.10 to $0.12.
Revenue rose 21% to $4.51 million, beating estimates.
Quarterly bookings dropped 19% to $1.9 million, though nine-month bookings jumped 611%.
B. Riley cut its price target to $22 from $27 the day before the report.
D-Wave Quantum (QBTS) opened Tuesday on the back foot. The stock fell as much as 7.4% in pre-market trading, while another report put the drop at more than 5%.
D-Wave Quantum Inc., QBTS
By midday, QBTS was down about 6% on the session. The Nasdaq Composite was off 0.65% at 25,088.97.
The trigger was the company’s third-quarter report , released before the bell. It was a mixed print, with a revenue win and an earnings miss.
D-WAVE QUANTUM $QBTS Q3’26 EARNINGS HIGHLIGHTS
Revenue: $4.5M (Est. $4.3M) ; +21% YoY
EPS: -$0.13 (Est. -$0.14)
GAAP Gross Margin: 52.9%; -1,850 bps YoY
Customers:
Customers: 100+; 48% commercial enterprises
Announcements:
CHIPS Funding: Up to $100M;… pic.twitter.com/2yqiBZc84c
— Wall St Engine (@wallstengine) November 10, 2026
D-Wave lost an adjusted $0.13 per share. Analysts had penciled in a loss of $0.10 to $0.12, depending on the source.
Revenue came in at $4.51 million, up about 21% from a year ago. That topped the $4.34 million to $4.36 million that analysts expected.
Growth came from professional services and quantum computing as a service. Those two lines did the heavy lifting for the quarter.
Bookings Fall Short
The softer spot was bookings. They hit $1.9 million for the quarter, down $0.4 million, or 19%, from a year earlier.
Over the first nine months of 2026, though, bookings hit $37.4 million. That is up 611% from the same stretch last year.
Costs also moved the wrong way. Adjusted EBITDA loss widened 83% to $37.7 million as spending on product development picked up.
D-Wave ended the quarter with $503.4 million in cash. Remaining performance obligations stood at $38.3 million, up 1,221% year over year.
The company also has a conditional CHIPS Act funding agreement worth up to $100 million. That is a deal to keep an eye on, since it comes with conditions.
Analysts were already trimming expectations. B. Riley Financial lowered its price target to $22 from $27 on Monday.
That was the second cut in eight days. The firm kept its Buy rating.
The wider market gave the stock no cover. The Nasdaq slid in pre-market trading after comments from a Federal Reserve governor stalled a tech rebound.
Investors are also waiting on upcoming CPI data. That kept risk appetite in check.
Quantum peers felt it too. They had rallied last Friday after strong IonQ results and gave some of that back Tuesday.
IonQ (IONQ) was down about 1% by midday. D-Wave’s drop was far steeper.
CEO Alan Baratz pointed to demand from Seoul to Como to Washington. He said year-to-date bookings and a strong pipeline back the company’s outlook.
D-Wave hosted its earnings call at 8 a.m. ET. Management used it to walk through the results and the roadmap for its annealing and gate-model systems.
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