D-Wave Quantum reported third-quarter 2026 revenue of $4.5 million, up 21% from a year earlier, alongside a sharp rise in bookings and remaining performance obligations. The company also said it reached a funding agreement with the U.S. Department of Commerce that could provide up to $100 million for development of its next-generation quantum computers, subject to milestones and other conditions.
D-Wave is pursuing both annealing and gate-model quantum computing platforms. CEO Alan Baratz said the company is expanding its commercial reach and advancing both technology roadmaps.
Key details
- Third-quarter revenue was $4.5 million, a 21% increase year over year.
- Bookings totaled $37.4 million for the first nine months of 2026, up 611% from the same period last year.
- Remaining performance obligations reached $38.3 million, an increase of 1,221% year over year. This represents contracted work not yet recognized as revenue.
- The Commerce Department agreement provides access to as much as $100 million in CHIPS and Science Act funding. Payments are expected in installments as D-Wave meets specified milestones and conditions; the full amount is not assured.
- The funding is intended to support development of D-Wave’s next-generation quantum computers.
- D-Wave also posted an investor presentation with supplemental financial information and business, product and technical updates.
What the figures indicate
Bookings and remaining performance obligations rose much faster than quarterly revenue, pointing to a larger volume of customer commitments and contracted work ahead. Those measures are not the same as revenue already earned. The potential federal funding is also conditional, rather than an unconditional cash award.