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Filed: 2026-09-15 AccNo: 0001907982-26-000148 Size: 160 KB Item 7.01: Regulation FD Disclosure Item 9.01: Financial Statements and Exhibits
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D-Wave Quantum expects most 2026 revenues in Q4 as two annealing systems reach acceptance milestones, but faces uneven quarterly performance and high operating expenses. Peers IonQ and Rigetti similarly struggle with revenue concentration, significant losses, and dependency on system delivery timing rather than recurring revenue streams.
D-Wave is demonstrating genuine commercial momentum with growing bookings, RPO, and quantum usage. However, the company faces a critical challenge: converting customer commitments into recurring revenue that can justify its current stock valuation. Revenue remains small and inconsistent, leaving investors questioning whether QCaaS usage growth can sustain the company's market price.
Quantum Computing Inc. (QUBT) faces profitability challenges despite strong revenue growth, with Q2 2026 revenues jumping to $5.6M and a $42.5M contract backlog. However, operating expenses of $21.8M (3.5X revenues) and a net loss of $11.8M highlight the company's struggle to convert growth into profitability. With a strong $1.3B cash position and diversified technology portfolio, QUBT maintains high-risk, high-potential status. Zacks rates it a Hold, recommending current holders maintain positions while prospective investors await better entry points.