D-Wave Quantum (QBTS) shares fell 65.4% over the past twelve months, while the S&P 500 returned 13.6%, amid a broader sell-off in quantum computing stocks. Revenue fell 80.9% year over year in the first quarter of 2026 because the prior-year quarter included an unusually large sale of about $15 million, while second-quarter revenue of $3.1 million was roughly flat. Over the twelve months to June 2026, revenue was $12.4 million versus $22.3 million a year earlier, and the operating loss widened to $171 million from $78.7 million. The company held $546 million in cash and short-term investments against $48.1 million of debt, and management expects most of 2026 revenue to come in the fourth quarter when it ships systems. The article notes D-Wave's market value is 362 times trailing sales, compared with 3.2 times for the S&P 500, a price that appears to assume sales will rise many times over.
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