Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$7.8B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is a cutting-edge field that aims to solve complex problems faster than traditional computers....

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth is crucial for assessing the company's ability to expand its market presence and attract new customers.

N/A

1 more metrics, 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 specializing in quantum computing, which is a cutting-edge field that aims to solve complex problems faster than traditional computers. As part of the Information Technology sector, D-Wave is at the forefront of innovation, focusing on application software that leverages quantum mechanics to enhance computational capabilities.

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 dropped 6.99% the following day, indicating mixed investor sentiment.

Management Promises & Guidance

Focus on improving customer engagement and acquisition strategies.
Commitment to enhancing product offerings in quantum computing.
Plans to explore new partnerships to drive growth.

Expectations

Wall Street Expectations

Overall, expectations for D-Wave's upcoming earnings are uncertain due to the lack of analyst estimates and management guidance. Investors are keen to see if the company can maintain its momentum from the previous quarter.

Bull Case

The optimistic view hinges on D-Wave demonstrating significant revenue growth and improved EPS, which could validate its market position and attract more investment.

Bear Case

The pessimistic outlook suggests that if D-Wave fails to show progress in customer acquisition or revenue growth, it could face further stock declines, especially given the volatility in its recent performance.

Expectations

Two Questions That Matter

The print will turn on these two things.

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

Revenue growth is critical for assessing the company's market traction and future potential, especially in a competitive sector.

How many new customers has D-Wave acquired in the last quarter?

Customer acquisition rates will provide insight into the company's demand and effectiveness in its marketing strategies.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate D-Wave's potential for customer acquisition due to its unique technology offerings, which could lead to stronger-than-expected revenue growth.

Supporting Evidence

Options are pricing a 21.6% move, indicating significant uncertainty that may not reflect the company's actual growth potential.

The company's recent EPS surprises suggest a pattern of outperforming expectations, which could continue this quarter.

Key Risk

If revenue growth exceeds 15%, it could challenge the current cautious consensus.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as it will reveal whether D-Wave can sustain its growth trajectory and market interest.

Bull Confirmed If

Demonstrating revenue growth of over 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in customer acquisition or revenue growth below 5% would support 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 in either direction, indicating heightened uncertainty 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).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations and raises guidance, history suggests the stock could rise by an average of 10.65%, confirming investor confidence.

In-Line / Cautious

If results come in line with expectations but management provides cautious commentary, the stock may experience a muted reaction.

Miss

If the company misses expectations, history suggests a potential decline of around 1.74%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on revenue growth compared to previous quarters.
2Updates on new customer acquisitions and partnerships.
3Insights into product development and market strategy.
4Any commentary on competitive positioning in the quantum computing space.
5Management's outlook for the next quarter and beyond.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is a cutting-edge field that aims to solve complex problems faster than traditional computers....

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth is crucial for assessing the company's ability to expand its market presence and attract new customers.

N/A

1 more metrics, 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 dropped 6.99% the following day, indicating mixed investor sentiment.

Management Promises & Guidance

Focus on improving customer engagement and acquisition strategies.
Commitment to enhancing product offerings in quantum computing.
Plans to explore new partnerships to drive growth.

Expectations

Wall Street Expectations

Bull Case

The optimistic view hinges on D-Wave demonstrating significant revenue growth and improved EPS, which could validate its market position and attract more investment.

Bear Case

Expectations

Two Questions That Matter

The print will turn on these two things.

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

Revenue growth is critical for assessing the company's market traction and future potential, especially in a competitive sector.

How many new customers has D-Wave acquired in the last quarter?

Customer acquisition rates will provide insight into the company's demand and effectiveness in its marketing strategies.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate D-Wave's potential for customer acquisition due to its unique technology offerings, which could lead to stronger-than-expected revenue growth.

Supporting Evidence

Options are pricing a 21.6% move, indicating significant uncertainty that may not reflect the company's actual growth potential.

The company's recent EPS surprises suggest a pattern of outperforming expectations, which could continue this quarter.

Key Risk

If revenue growth exceeds 15%, it could challenge the current cautious consensus.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is pivotal as it will reveal whether D-Wave can sustain its growth trajectory and market interest.

Bull Confirmed If

Demonstrating revenue growth of over 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in customer acquisition or revenue growth below 5% would support 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 in either direction, indicating heightened uncertainty 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%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations and raises guidance, history suggests the stock could rise by an average of 10.65%, confirming investor confidence.

In-Line / Cautious

If results come in line with expectations but management provides cautious commentary, the stock may experience a muted reaction.

Miss

If the company misses expectations, history suggests a potential decline of around 1.74%, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on revenue growth compared to previous quarters.
2Updates on new customer acquisitions and partnerships.
3Insights into product development and market strategy.
4Any commentary on competitive positioning in the quantum computing space.
5Management's outlook for the next quarter and beyond.