Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$6.9B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

D-Wave Quantum Inc. specializes in quantum computing technology, which is becoming increasingly important in sectors like artificial intelligence and complex problem-solving....

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability, and investors will look for improvements or surprises compared to previous quarters.

N/A

Revenue Growth

Revenue growth will indicate the company's ability to scale its business and attract more customers in a competitive market.

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. specializes in quantum computing technology, which is becoming increasingly important in sectors like artificial intelligence and complex problem-solving. As a player in the information technology sector, D-Wave aims to provide advanced computing solutions that can outperform traditional systems in specific applications.

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 of -$0.10, which was a positive surprise for investors. However, the stock fell by nearly 7% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for D-Wave's upcoming earnings are uncertain, with no analyst estimates available. Investors are keenly watching for any signs of revenue growth or improvements in profitability.

Bull Case

The optimistic view hinges on the potential for D-Wave to showcase significant advancements in quantum computing applications, leading to strong revenue growth and a positive EPS surprise.

Bear Case

Conversely, if the company fails to demonstrate meaningful progress or if losses widen, it could lead to a negative reaction from investors, especially given the high expectations set by previous earnings surprises.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth for D-Wave's quantum computing solutions this quarter?

Revenue growth will be a critical indicator of the company's market traction and ability to capitalize on the growing demand for quantum computing.

How does D-Wave plan to address its ongoing losses, and what is the outlook for profitability?

Understanding management's strategy for improving profitability will be crucial for investor confidence, especially in light of previous losses.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating D-Wave's potential for revenue growth in quantum applications, particularly as interest in AI and complex problem-solving increases.

Supporting Evidence

The options market is pricing in a 21.6% move, suggesting traders expect significant volatility, which could be due to anticipated positive developments.

D-Wave's recent EPS surprises indicate a pattern of outperforming expectations, which could continue this quarter.

The company's unique position in the quantum computing space may lead to unexpected demand that the market has not fully accounted for.

Key Risk

If revenue growth comes in above expectations, it could shift the narrative significantly.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining whether D-Wave can sustain its growth trajectory or if it will continue to struggle with profitability.

Bull Confirmed If

Demonstrating a revenue growth rate of at least 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

If losses exceed $0.10 per share, it would reinforce 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 move of about 21.6%, indicating that traders 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 and raises guidance, history suggests the stock could rise by around 10.65%, confirming bullish sentiment.

In-Line / Cautious

If results are in line but management's commentary is cautious, the stock may react neutrally or slightly down as investors digest the news.

Miss

A miss on earnings could lead to a decline of about 1.74%, reflecting disappointment in the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on partnerships or contracts that could drive revenue growth.
2Details on the performance of specific quantum computing applications.
3Management's outlook on the competitive landscape in quantum computing.
4Insights into customer adoption rates for D-Wave's technology.
5Any commentary on cost management strategies to improve profitability.

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Company Snapshot

D-Wave Quantum Inc. specializes in quantum computing technology, which is becoming increasingly important in sectors like artificial intelligence and complex problem-solving....

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability, and investors will look for improvements or surprises compared to previous quarters.

N/A

Revenue Growth

Revenue growth will indicate the company's ability to scale its business and attract more customers in a competitive market.

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

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall expectations for D-Wave's upcoming earnings are uncertain, with no analyst estimates available. Investors are keenly watching for any signs of revenue growth or improvements in profitability.

Bull Case

The optimistic view hinges on the potential for D-Wave to showcase significant advancements in quantum computing applications, leading to strong revenue growth and a positive EPS surprise.

Bear Case

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth for D-Wave's quantum computing solutions this quarter?

Revenue growth will be a critical indicator of the company's market traction and ability to capitalize on the growing demand for quantum computing.

How does D-Wave plan to address its ongoing losses, and what is the outlook for profitability?

Understanding management's strategy for improving profitability will be crucial for investor confidence, especially in light of previous losses.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating D-Wave's potential for revenue growth in quantum applications, particularly as interest in AI and complex problem-solving increases.

Supporting Evidence

The options market is pricing in a 21.6% move, suggesting traders expect significant volatility, which could be due to anticipated positive developments.

D-Wave's recent EPS surprises indicate a pattern of outperforming expectations, which could continue this quarter.

The company's unique position in the quantum computing space may lead to unexpected demand that the market has not fully accounted for.

Key Risk

If revenue growth comes in above expectations, it could shift the narrative significantly.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be pivotal in determining whether D-Wave can sustain its growth trajectory or if it will continue to struggle with profitability.

Bull Confirmed If

Demonstrating a revenue growth rate of at least 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

If losses exceed $0.10 per share, it would reinforce 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 move of about 21.6%, indicating that traders 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 and raises guidance, history suggests the stock could rise by around 10.65%, confirming bullish sentiment.

In-Line / Cautious

If results are in line but management's commentary is cautious, the stock may react neutrally or slightly down as investors digest the news.

Miss

A miss on earnings could lead to a decline of about 1.74%, reflecting disappointment in the company's performance.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on partnerships or contracts that could drive revenue growth.
2Details on the performance of specific quantum computing applications.
3Management's outlook on the competitive landscape in quantum computing.
4Insights into customer adoption rates for D-Wave's technology.
5Any commentary on cost management strategies to improve profitability.