D-Wave Quantum's Flat Revenue Amid Rising Costs Raises Concerns
Despite management highlighting a 59% increase in Q2 bookings and significant growth in remaining performance obligations, D-Wave’s quarterly revenue has remained largely flat at between $2 million to $4 million for seven of the last eight quarters. The only exception was a one-time $15 million system sale in early 2025. Meanwhile, operating expenses have more than doubled from $21.68 million in Q3 2024 to $54.98 million by mid-2026, straining the company’s financial runway. D-Wave still holds over $546 million in cash but is burning through it at an accelerating pace—free cash outflow nearly doubled from around $16–$20 million per quarter to as high as $46.04 million by early 2026. The company attributes the rising costs to personnel expenses, go-to-market investments, and its recent acquisition of Quantum Circuits for $250 million. While D-Wave points to growing enterprise interest—such as a rise in production applications using quantum cloud services—the recurring revenue stream remains small at just $1.9 million per quarter. Management expects future system sales could drive another spike similar to 2025, but investors are left waiting for sustainable growth rather than one-off events.
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Topics: cash burn operating expenses quantum computing revenue stagnation