D-Wave Quantum (QBTS) now sells whole quantum computers, yet revenue over the last twelve months fell 44.2% and the stock lost 63.9% over the past year, while the S&P 500 gained 13.3%. A $20 million annealing system sale to Florida Atlantic University exceeds the $12.4 million of revenue reported for the twelve months to June 30, 2026. Backlog stood at $40.7 million, and management expects about 57% to become revenue within 12 months, roughly $23 million. However, the June-quarter operating loss was $53.3 million against $26.5 million a year earlier, and shares trade at 345 times sales versus 3.3 times for the S&P 500. Risks include possible delivery delays, lumpy orders, and a putative shareholder class action alleging misrepresentations about 2026 revenue guidance, while free cash flow over twelve months was negative $120 million.
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- When Should You Buy D-Wave Quantum Stock?
D-Wave Quantum (QBTS) shares have fallen 64.8% over the past twelve months, while the S&P 500 returned 16.5%. The company is valued at about $4.5 billion against $12.4 million of sales over the last four quarters, or 361 times sales, compared with 3.1 times for the S&P 500 and 199 times in mid-2025. Sales fell 44.2% from a year earlier, and the operating loss widened to $171 million from $78.7 million. System sales drove most of fiscal 2025 revenue ($16.2 million of $24.6 million), and management prices its systems at $20 million to $40 million. Analysts expect about $4.4 million in September-quarter revenue, while management had guided only to a modest rise from $3.1 million in the June quarter. The $40.7 million backlog includes $23.2 million expected to become revenue within 12 months, and the November report is presented as the key test.
- Where Will D-Wave Quantum Stock Be in 5 Years?
D-Wave (QBTS) already has technology customers willing to pay, but annual sales are still only in the tens of millions, far below its huge valuation. Its quantum annealing technology, which is strong at optimization and already sold commercially, is widely seen as having less long-term upside than the gate-based approach the company is now pursuing after acquiring Quantum Circuits. Sales last quarter were $3.1 million, flat year over year; the backlog stands at $40.7 million, including a $20 million system sale booked in Q1; and the company lost $48 million in Q2, ending June with $546.2 million in cash and securities. The author models 2026 revenue of about $42.5 million reaching roughly $323 million by 2031 in a bullish case, or about $85 million in a bearish case. The author leans toward the bearish case, where even 10 times sales would value D-Wave at only $850 million, versus a valuation of nearly $4.5 billion today.
- What Needs To Be True To Buy QBTS Stock Now?
Shares of D-Wave Quantum (QBTS) have dropped 70.8% over the past year, while the S&P 500 returned 17.4%, and investors pay 353 times sales versus 3.1 times for the index. To justify that expectation, D-Wave must ship two annealing quantum computer systems in the fourth quarter and move more cloud customers into production use. Management expects most of 2026 revenue in the fourth quarter, yet revenue for the twelve months to June 30, 2026 was only $12.4 million, down 44.2%. Production applications made up over 37% of first-half cloud subscription revenue, up from 9.8% in the first half of 2025. The company held $546 million in cash and short-term investments against $48.1 million of debt, but burned $120 million over the past twelve months, leaving about 4.5 years of cash at that pace.
- Here's How QBTS' Liquidity Supports Expansion Despite Rising Cash Burn
D-Wave Quantum (QBTS) had $546.2 million in cash and marketable securities as of June 30, 2026, down 33% from $819.3 million a year earlier, with over 90% of the decline tied to roughly $250 million paid for the Quantum Circuits acquisition. Spending on product development and go-to-market rose, and the adjusted EBITDA loss widened to $69.9 million in the first half of 2026 from $26.1 million. First-half subscription revenue from its QCaaS business rose more than 30% to $3.6 million, with bookings of $35.5 million and remaining performance obligations of $40.7 million. Stockholders' equity totaled $1.08 billion. In peer updates, IonQ had about $2.0 billion in cash and investments after the SkyWater closing, while Microsoft's free cash flow fell 23% to $19.6 billion in fourth-quarter fiscal 2026 as infrastructure investment accelerated.
- How Much Downside Is Left In QBTS Stock?
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.
- What Are QBTS Stock Investors Overlooking?
D-Wave Quantum (QBTS) reported second-quarter 2026 revenue of $3.1 million, essentially flat year over year, despite a $5.4 billion valuation. Systems revenue was only about $300,000, while quantum cloud subscriptions rose 50% and professional services grew more than 18%. Adjusted EBITDA loss widened 85% and gross margin fell to 55.4% from 63.8%, with management citing product development and sales staff costs. Shares fell 59% over the past twelve months versus a 17.0% gain for the S&P 500, and trade at 434.9 times sales compared with 3.1 for the index. Backlog reached $40.7 million on June 30, 2026, up 668%, and management expects about 57% of it to convert to revenue within twelve months and the fourth quarter to supply most of the year’s revenue.
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