Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$6.9B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Key Metrics to Watch

Revenue Growth

Investors will be keen to see if D-Wave can demonstrate strong revenue growth, indicating demand for its quantum computing solutions.

N/A

Customer Acquisition

Tracking the number of new customers or partnerships can provide insights into market acceptance and the company's growth trajectory.

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 has the potential to revolutionize various industries by solving complex problems faster than traditional computers. As a player in the application software sector, D-Wave is positioned at the forefront of advancements in artificial intelligence and optimization solutions.

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, beating expectations of -$0.10, which was a positive surprise for investors. However, the stock dropped 6.99% the following day, indicating mixed market reactions.

Management Promises & Guidance

Focus on expanding customer base in the quantum computing sector.
Commitment to enhancing product offerings and technological capabilities.
Plans to increase investments in R&D to drive innovation.

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 looking for signs of growth and market traction.

Bull Case

If D-Wave shows strong revenue growth and increased customer acquisition, it could validate the company's technology and market position, leading to a positive stock reaction.

Bear Case

Conversely, if the company fails to deliver on growth metrics or shows signs of stagnation, it could lead to further declines in stock price.

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 a key indicator of market demand for D-Wave's quantum solutions and will significantly influence investor sentiment.

How many new customers or partnerships has D-Wave secured recently?

New customer acquisition is crucial for validating the company's market strategy and growth potential, and any significant changes will impact stock performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating D-Wave's potential for significant revenue growth due to its unique position in the emerging quantum computing space.

Supporting Evidence

The options market is pricing a 21.6% move, indicating high expectations for volatility.

D-Wave's recent EPS surprise history suggests the potential for positive surprises.

The lack of analyst estimates may lead to underappreciation of the company's growth trajectory.

Key Risk

If D-Wave reports strong customer acquisition, it could challenge the current cautious sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on D-Wave's ability to show traction in a competitive market for quantum computing.

Bull Confirmed If

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

Bear Confirmed If

A decline in revenue or failure to acquire new customers 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 investors expect volatility around the earnings announcement.

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)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests a potential stock increase of around 10.65%, confirming positive market sentiment.

In-Line / Cautious

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

Miss

If D-Wave misses expectations, history suggests a potential decline of about 1.74%, indicating disappointment in growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on revenue growth and customer acquisition numbers.
2Updates on product development and technological advancements.
3Any strategic partnerships or collaborations announced.
4Management's outlook on the quantum computing market.
5Insights into R&D investments and future innovation plans.

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

Key Metrics to Watch

Revenue Growth

Investors will be keen to see if D-Wave can demonstrate strong revenue growth, indicating demand for its quantum computing solutions.

N/A

Customer Acquisition

Tracking the number of new customers or partnerships can provide insights into market acceptance and the company's growth trajectory.

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

Management Promises & Guidance

Focus on expanding customer base in the quantum computing sector.
Commitment to enhancing product offerings and technological capabilities.
Plans to increase investments in R&D to drive innovation.

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 looking for signs of growth and market traction.

Bull Case

If D-Wave shows strong revenue growth and increased customer acquisition, it could validate the company's technology and market position, leading to a positive stock reaction.

Bear Case

Conversely, if the company fails to deliver on growth metrics or shows signs of stagnation, it could lead to further declines in stock price.

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 a key indicator of market demand for D-Wave's quantum solutions and will significantly influence investor sentiment.

How many new customers or partnerships has D-Wave secured recently?

New customer acquisition is crucial for validating the company's market strategy and growth potential, and any significant changes will impact stock performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating D-Wave's potential for significant revenue growth due to its unique position in the emerging quantum computing space.

Supporting Evidence

The options market is pricing a 21.6% move, indicating high expectations for volatility.

D-Wave's recent EPS surprise history suggests the potential for positive surprises.

The lack of analyst estimates may lead to underappreciation of the company's growth trajectory.

Key Risk

If D-Wave reports strong customer acquisition, it could challenge the current cautious sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on D-Wave's ability to show traction in a competitive market for quantum computing.

Bull Confirmed If

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

Bear Confirmed If

A decline in revenue or failure to acquire new customers 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 investors expect volatility around the earnings announcement.

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)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests a potential stock increase of around 10.65%, confirming positive market sentiment.

In-Line / Cautious

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

Miss

If D-Wave misses expectations, history suggests a potential decline of about 1.74%, indicating disappointment in growth prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on revenue growth and customer acquisition numbers.
2Updates on product development and technological advancements.
3Any strategic partnerships or collaborations announced.
4Management's outlook on the quantum computing market.
5Insights into R&D investments and future innovation plans.