D-Wave reported Q1 2026 revenue of $2.9 million, down 81% from the $15 million posted in Q1 2025, largely due to a one-time $12.6 million system sale recognized in the prior-year quarter. Despite these weak results, the company’s market capitalization stands at approximately $7.5 billion, with shares up 38% over the past year. D-Wave announced record bookings of $33.4 million in Q1 2026, surging nearly 2,000% year-over-year, driven by a $20 million system sale to Florida Atlantic University and a $10 million quantum computing as a service agreement. The company’s cash and marketable securities totaled $588.4 million as of March 31, 2026, up 93% year-over-year.
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