D-Wave Revenue Rises 21% to $4.5 Million as Quantum Computing Companies Post Mixed Results
Key Facts
D-Wave reported on November 10, 2026, that its third-quarter revenue was $4.5 million, up 21% year over year, in results that showed growth in some revenue streams and declines in others. Quarterly bookings were $1.9 million, down 19% from the same period, although bookings for the nine months ended September 30 reached $37.4 million. The company said professional services revenue increased by $1.5 million, while quantum computing as a service revenue rose by $0.8 million. This was offset by a $1.5 million decline in system sales revenue. The figures show a divergence between cumulative bookings and the latest quarter, alongside a shift in the revenue mix between services and system sales.
Across the first nine months, D-Wave bookings rose 611% from the same period in 2025 to $37.4 million, according to the company’s filing. In the third quarter alone, bookings fell by about $0.4 million, or 19%, to $1.9 million. The cumulative growth rate therefore does not reflect the performance of bookings in the latest quarter, since it combines two different periods in the comparison. On the revenue side, the quarterly increase was driven by higher professional services and computing as a service revenue, while a decline in system sales limited their impact. The CEO said the triple-digit increase in bookings since the start of the year and a strong pipeline "reinforce our confidence in the opportunity ahead."
D-Wave’s remaining performance obligations stood at about $38.3 million as of September 30, 2026, compared with $2.9 million on the same date a year earlier. The company said it expects to recognize about 59% of the balance recorded at the end of September as revenue over the following twelve months. That provides an indication of the value of contractual obligations that could convert to revenue during that period, according to the timing set by the company. But the balance does not change the fact that quarterly bookings declined year over year in the third quarter. Management also said interest in its dual-platform approach is increasing and that its pipeline supports its view of the opportunity ahead.
By contrast, Rigetti reported revenue of $10.9 million in the first nine months of 2026, compared with $5.2 million in the same period of 2025, a rise of about 110%, according to its filing with the U.S. Securities and Exchange Commission. For the third quarter, the operating loss was $33.2 million, while the company posted a net loss under U.S. accounting standards of $3.1 million. The non-GAAP net loss was $20.5 million, or a diluted loss of $0.06 per share. The company reported these results in its financial filing, which did not include a documented comparison with analyst estimates among the facts available here. Thus, cumulative revenue growth coincided with operating and net losses in the third quarter.
Rigetti tied its forecast of about $20 million in 2026 revenue to the assumption that the customer accepts the C-DAC system and the related revenue is recognized in the fourth quarter. This assumption makes the timing of acceptance and accounting recognition part of the company’s annual forecast. On the technology front, it said the Cepheus-1-108Q system achieved median two-qubit gate fidelity of 99.5%. The company set a target for a system with more than 300 qubits, fidelity of about 99.7% and gate speeds below 60 nanoseconds by mid-2028. It also said its superconducting systems consistently achieve gate speeds of between 50 and 70 nanoseconds, and that its roadmap includes a system with more than 1,000 qubits.
D-Wave’s management, meanwhile, forecast growth in all revenue streams in 2027, including system sales, computing as a service, professional services and partner sales. In premarket trading on November 11, the company’s shares fell 6.45% to $10.73, compared with a previous close of $11.47, according to Investing.com. The site said third-quarter revenue, which it reported at $4.51 million, exceeded a forecast of $4.36 million, while adjusted loss per share was $0.13 against an expected loss of $0.10. These figures provide a published comparison from Investing.com, while the company’s official filing remains the source for the revenue result reported in its announcement. The next developments to watch include D-Wave’s forecast of growth across its revenue streams in 2027 and Rigetti’s annual forecast, which depends on acceptance of the C-DAC system in the fourth quarter.