Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$8.7B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

D-Wave Quantum Inc. is a technology company focused on quantum computing, which aims to solve complex problems faster than traditional computers....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help assess whether the company is moving closer to profitability.

N/A

Revenue Growth

Revenue growth will indicate how well D-Wave is expanding its business and capturing market share in the quantum computing space.

N/A

Wall Street expectations, options signals, track record, and call prep available with Pro.

QBTS Q2-2026 Earnings Preview

Context

Company Snapshot

D-Wave Quantum Inc. is a technology company focused on quantum computing, which aims to solve complex problems faster than traditional computers. As a player in the application software industry, D-Wave is positioned in a growing sector that is increasingly relevant due to advancements in AI and data processing needs.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+3.90%

Avg Stock Reaction

+7.31%

Last Quarter Recap

In Q1 2026, D-Wave reported an EPS of -$0.05, outperforming expectations by 50%. However, the stock fell 6.99% the following day, indicating market skepticism despite the positive surprise.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about D-Wave's upcoming earnings, especially after a positive EPS surprise last quarter. However, the lack of revenue guidance and mixed historical performance creates uncertainty.

Bull Case

If D-Wave can show significant revenue growth and continued improvement in EPS, it could validate the bullish sentiment surrounding quantum computing's potential.

Bear Case

Conversely, if the company fails to demonstrate progress in revenue or shows continued losses, it could lead to a further decline in investor confidence.

Expectations

Two Questions That Matter

The print will turn on these two things.

What specific revenue growth can D-Wave report this quarter?

Revenue growth will be crucial to gauge the company's ability to capitalize on the growing interest in quantum computing.

Will D-Wave provide any guidance on future profitability?

Guidance on profitability could significantly influence investor sentiment and expectations for the company's financial health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating D-Wave's potential for revenue growth, especially given the increasing demand for quantum computing solutions.

Supporting Evidence

Options are pricing a 21.6% move, indicating expectations of volatility that may not align with the company's actual performance.

D-Wave's recent EPS surprises suggest that the company has the potential to outperform expectations.

Key Risk

If revenue growth exceeds expectations, it could significantly shift market sentiment in favor of the stock.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining if D-Wave can transition from losses to a path of sustainable growth.

Bull Confirmed If

Demonstrating revenue growth of at least 20% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

If the company reports a decline in revenue or a larger-than-expected EPS loss, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±21.6%

Historical Avg

±12.1%

Pricing rich

The options market is pricing in a significant potential move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±21.6% while QBTS has averaged ±12.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.1%

30d HV

125.9%

Calls (5.4M)P/C Ratio: 0.47Puts (1.6M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Information Technology

n=30

Fade rate: 4 of 9 (44%)

This setup has occurred 30 times across Information Technology in the last 2 years. 4 of 9 faded and 5 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 4.4%, with a raw directional average of -0.5% (modestly negative historical bias).

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$65,548.49

3,070 sh

1 insider

Net

$65,548.49

Net selling

Most Active Insiders· 1 open-market trade

Exec. Vice President & CHROAMES SOPHIE C
$65,548.49

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations and raises guidance, history suggests a potential average one-day move of +10.65%, confirming bullish sentiment.

In-Line / Cautious

If results are in line with expectations but lack strong guidance, the stock may see a muted reaction, reflecting cautious investor sentiment.

Miss

Should D-Wave miss expectations, history suggests a decline of around +1.74%, further dampening investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any specific revenue figures or growth rates reported this quarter.
2Management's commentary on future profitability and market opportunities.
3Updates on partnerships or contracts that could drive future revenue.
4Insights into customer demand for quantum computing solutions.
5Any changes in strategic direction or focus areas for the company.

See the full picture

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Company Snapshot

D-Wave Quantum Inc. is a technology company focused on quantum computing, which aims to solve complex problems faster than traditional computers....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help assess whether the company is moving closer to profitability.

N/A

Revenue Growth

Revenue growth will indicate how well D-Wave is expanding its business and capturing market share in the quantum computing space.

N/A

Wall Street expectations, options signals, track record, and call prep available with Pro.

QBTS Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+3.90%

Avg Stock Reaction

+7.31%

Last Quarter Recap

In Q1 2026, D-Wave reported an EPS of -$0.05, outperforming expectations by 50%. However, the stock fell 6.99% the following day, indicating market skepticism despite the positive surprise.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If D-Wave can show significant revenue growth and continued improvement in EPS, it could validate the bullish sentiment surrounding quantum computing's potential.

Bear Case

Conversely, if the company fails to demonstrate progress in revenue or shows continued losses, it could lead to a further decline in investor confidence.

Expectations

Two Questions That Matter

The print will turn on these two things.

What specific revenue growth can D-Wave report this quarter?

Revenue growth will be crucial to gauge the company's ability to capitalize on the growing interest in quantum computing.

Will D-Wave provide any guidance on future profitability?

Guidance on profitability could significantly influence investor sentiment and expectations for the company's financial health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating D-Wave's potential for revenue growth, especially given the increasing demand for quantum computing solutions.

Supporting Evidence

Options are pricing a 21.6% move, indicating expectations of volatility that may not align with the company's actual performance.

D-Wave's recent EPS surprises suggest that the company has the potential to outperform expectations.

Key Risk

If revenue growth exceeds expectations, it could significantly shift market sentiment in favor of the stock.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining if D-Wave can transition from losses to a path of sustainable growth.

Bull Confirmed If

Demonstrating revenue growth of at least 20% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

If the company reports a decline in revenue or a larger-than-expected EPS loss, it would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±21.6%

Historical Avg

±12.1%

Pricing rich

The options market is pricing in a significant potential move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±21.6% while QBTS has averaged ±12.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.1%

30d HV

125.9%

Calls (5.4M)P/C Ratio: 0.47Puts (1.6M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Information Technology

n=30

Fade rate: 4 of 9 (44%)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$65,548.49

3,070 sh

1 insider

Net

$65,548.49

Net selling

Most Active Insiders· 1 open-market trade

Exec. Vice President & CHROAMES SOPHIE C
$65,548.49

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations and raises guidance, history suggests a potential average one-day move of +10.65%, confirming bullish sentiment.

In-Line / Cautious

If results are in line with expectations but lack strong guidance, the stock may see a muted reaction, reflecting cautious investor sentiment.

Miss

Should D-Wave miss expectations, history suggests a decline of around +1.74%, further dampening investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any specific revenue figures or growth rates reported this quarter.
2Management's commentary on future profitability and market opportunities.
3Updates on partnerships or contracts that could drive future revenue.
4Insights into customer demand for quantum computing solutions.
5Any changes in strategic direction or focus areas for the company.