Posts Strong 1Q26 Bookings Growth; Integrating Recently Acquired Quantum Circuits; To Provide Details About Its Roadmap At Analyst Day In June.

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Posts Strong 1Q26 Bookings Growth; Integrating Recently Acquired Quantum Circuits; To Provide Details About Its Roadmap At Analyst Day In June.

Industrial Technology

D-Wave Quantum Inc. (QBTS)

EQUITY RESEARCH Company Update

May 12, 2026

Posts Strong 1Q26 Bookings Growth; Integrating Price: $22.35

Price Target: $40.00 Recently Acquired Quantum Circuits; To Provide

Rating: Overweight Details About Its Roadmap At Analyst Day In June.

Key Statistics:

Symbol NYSE: QBTS D-Wave announced revenue and adjusted EBITDA below expectations,

52-Week Range 10.36 - 46.75 but posted strong y/y and q/q growth in bookings in 1Q26. Revenue of

Market Cap 8,196.6 $2.9 million, down 81% y/y, was below Cantor estimate of $5.3 million and

ADV (3 mo) 26,437,366 FactSet consensus of $4.2 million. Commercial revenue was approximately

Shares Out (M) 367.5 73% of total revenue. Adjusted EBITDA loss was $32.8 million, an increase

of $26.7 million y/y, compared to consensus of a loss of $28.2 million.

Research Analysts: Adjusted net loss per share was $0.05 compared to Cantor estimate $0.06

Troy Jensen and consensus of a loss of $0.03. Bookings in the quarter were $33.4 212-915-1153

Troy.Jensen@cantor.com million, up 1,994% y/y and up 149% q/q. The quarterly bookings include a

Kieran McCabe, CFA $20 million system sale to Florida Atlantic University, with the revenue to

917-755-3514 be recognized in subsequent quarters. Remaining performance obligations

Kieran.McCabe@cantor.com (RPOs) totaled $42.4 million at the end of 1Q and reflected an increase

REV ($M) of 563% y/y and 216% q/q. Approximately 54% of the $42.4 million RPO

balance is expected to be recognized as revenue in the next 12 months, FYE Dec 2025A 2026E 2027E

1Q $15.0 $2.9A $20.0 and 71% in the next two years.