D-Wave CEO Says QBTS Ready To 'Lead’ The Quantum Market After 1,100% Surge In First-Half Bookings

• D-Wave Quantum reported first-half bookings rising more than 1,100% year over year to $35.5 million.
• It said larger customer commitments and growing commercial engagements are providing better visibility into future revenue.
• The company added that its backlog growth was driven partly by a $20 million quantum system sale, with revenue from the deal expected to be recognized in future quarters.

D-Wave Quantum (QBTS) on Thursday reported a surge in customer bookings during the first half of 2026, with CEO Alan Baratz stating that the company is positioned to “lead as the quantum computing market accelerates.”

However, QBTS stock dropped in early morning after the company’s second-quarter earnings missed Wall Street expectations. The shares were down 10% in pre-market trade, but were among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the firm continued to trend in ‘bullish’ territory over the past day, with chatter at ‘high’ levels. 

D-Wave reported revenue of $3.1 million, missing analysts’ estimates of $4.03 million, as per Koyfin. Loss per share came in at $0.13 per share, wider than the expected loss of a $0.10 per share.

Bookings Surge Over 1,000% In Six Months

D-Wave said bookings for the six months ended June 30 reached $35.5 million, up $32.6 million from $2.9 million during the same period last year – a jump of 1,120% year-over-year (YoY).

Second-quarter bookings totaled $2.1 million, up 59% from $1.3 million in the year-ago period. Average booking size during the quarter increased by more than 87% year over year.

The company said the surge in bookings was driven by larger customer commitments, including a $20 million system sale. Revenue from the transaction is expected to be recognized in future quarters. 

Future Revenue Pipeline Expands

The company also reported remaining performance obligations (RPOs) of $40.7 million at the end of the second quarter, up 668% from $5.3 million a year earlier. RPOs represent contracted revenue that has not yet been recognized.

D-Wave said approximately 57% of its RPO balance is expected to convert into revenue over the next 12 months, while 72% is expected to be recognized within the next two years.

It added that the growth in bookings reflects larger customer commitments and expanding adoption of its quantum computing technology.

CEO Doubles Down On Long-Term Opportunity

Despite the quarterly miss, CEO Dr. Alan Baratz pointed to stronger bookings, expanding customer engagements and progress across the company’s technology platforms.

“This quarter reinforced the strength and breadth of D-Wave’s leadership,” Baratz said. “D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates”

D-Wave said it continues to advance plans for future quantum systems, including a roadmap targeting a 20,000-qubit annealing system by 2029 and a 100,000-qubit system by 2031.

Read also: SNDK Stock Plummets Premarket: Analysts Cite 'Muted Pricing' Guidance Despite Record Revenue, $14B Buyback Plan