Annealing Sales C2H Weighted, More Roadmap Details Expected At Investor Day

Research evidence excerpt

Annealing Sales C2H Weighted, More Roadmap Details Expected At Investor Day

Semiconductors

D-Wave Quantum Inc.

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $22.35 (05/12/2026) Annealing Sales C2H Weighted, More

Price Target: NA Roadmap Details Expected At Investor Day

BUY (1)

ESG SCORE: 59/100

Krish Sankar THE TD COWEN INSIGHT

415 646 7372

On-prem demand for annealing systems ($20M+ each) will drive a backend loaded CY26 as

krish.sankar@tdsecurities.com

revenues rebound. Prospects are good for rev recognition of 2 systems while a 3rd win is also

Steven Chin possible. We think QBTS has a performance edge over other modalities for the foreseeable

415 646 7374 future in optimization problems. Upcoming analyst day event on June 1 and details on dual-rail

steven.chin@tdsecurities.com

gate progress could be catalysts.

Robert Mertens, CFA

646 562 1338 We view on-prem demand for D-Wave's quantum annealing systems as the key driver for the

robert.mertens@tdsecurities.com top line over the next couple years as the company furthers development of the dual-rail qubit

Eddy Orabi (DRQ) gate technology and invests in applications and algorithms to gain additional customer

415 646 7371 traction. We believe QBTS's value capture through system sales is unique among quantum

eddy.orabi@tdsecurities.com companies given the maturity of it technology and 75%+ GM profile vs the typical 50-55% LT

target that peers have. Next major catalyst could be QBTS's Investor Day on June 1st whereKey Data

Symbol NYSE: QBTS we expect to hear more on the company's long-term roadmap and SAM opportunities for its

Beta: 1.94 annealing and superconducting gate-based quantum systems.

52-Week Range: $44.78-$10.73 QBTS reported Mar '26 Rev/GM/EPS of $2.9M/70.6%/($0.05), compared to our prior