Shares of D-Wave Quantum (QBTS) fell 21.0% in the week to October 14, 2026, while the S&P 500 dipped 1.0%, leaving the stock at its lowest close in a year and 73.1% below its high. Across five market shocks since August 2022, QBTS averaged a 51.2% fall, about four and a half times the S&P 500's average of 11.3%. Its deepest drop came in the 2023 yield shock (-73.0% vs. -9.5% for the S&P 500), and the median recovery across all shocks was 3.0 months, though the 2023 and 2022 falls took 12.9 and 30.7 months to recover, the latter in May 2025. On fundamentals, revenue for the quarter ending June 2026 was $3.08 million, roughly flat year over year, and trailing 12-month revenue fell 44.2%. The company posted a $53.3 million operating loss in the quarter, double a year earlier, and cash and short-term investments fell to $546 million from $819 million, against $48.1 million of debt.
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