D-Wave Quantum Inc. ( QBTS ) reported first-quarter earnings on Tuesday before the market opened. Here’s a rundown of the report.

D-Wave stock is trading in a tight range. Where are QBTS shares going?

Q1 Highlights

D-Wave reported a loss of 5 cents per share, beating the consensus estimate of a 9 cent-loss. In addition, it reported revenue of $2.85 million, missing the consensus estimate of $4.13 million and representing a 81% decrease from the prior-year first-quarter.

The company said consolidated cash and marketable investment securities totaled $588.4 million as of March 31, representing a 93% increase from $304.3 million in the first quarter of 2025.

D-Wave also reported first-quarter bookings of $33.4 million, up 1,994% year-over-year from $1.6 million in the first quarter of 2025 and up 149% from $13.4 million in the fourth quarter of 2025.

The quarter included a $20 million system purchase by Florida Atlantic University and a $10 million, two-year Quantum Computing as a Service agreement with a Fortune 100 company.

CEO Alan Baratz said the company's first-quarter performance reflected strong execution, expanding commercial adoption and technology leadership across both annealing and gate-model quantum computing systems.

Baratz also said D-Wave's acquisition of Quantum Circuits is expected to accelerate the development of a scalable, error-corrected gate-model system.

D-Wave Shares Crash

QBTS Price Action: D-Wave Quantum ( QBTS ) shares are trading 4.20% lower at $23.02 Tuesday morning, according to Benzinga Pro. Over the past month, QBTS has gained about 67.5% versus a 9.1% rise in the S&P 500 and is down roughly 12% year-to-date compared to the index’s 7.8% gain.

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