Slide 1: Investor Update
Investor Update August 6, 2026
Slide 2: Forward-looking statements and definitions
Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to help customers realize value from quantum computing, development of annealing and gate-model systems, enterprise-scale adop
Slide 3: 2026 Q2 Highlights
2026 Q2 Highlights 3 Copyright © D-Wave
Slide 4: D-Wave Named a Leader in the IDC 2026 Quantum Computing Vendor Assessment
D-Wave Named a Leader in the IDC 2026 Quantum Computing Vendor Assessment D-Wave is one of only two companies named to the Leaders Category in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment According to the IDC MarketScape, D-Wave’s key strengths include: • Broad production
Slide 5: AT&T Signs Agreement to Expand Use of D-Wave's Quantum Computing Technology
AT&T Signs Agreement to Expand Use of D-Wave’s Quantum Computing Technology • Initial focus is on layering D-Wave’s annealing quantum computing technology into existing tools powering AT&T’s agentic AI solutions • In an early application, D-Wave technology reduced the processing time for a network o
Slide 6: Q2 & 1H 2026 Financial Highlights
Q2 & 1H 2026 Financial Highlights Q2 Commercial Customer Revenue Q2 QCaaS Revenue QCaaS Production Revenue - - as a % of Total QCaaS Revenue $3 $2 $1.9M MILLIONS MILLIONS $2 $1.9M $1.2M $1.4M $1 37.3% $1 9.8% $- $- Q2 2025 Q2 2026 Q2 2025 Q2 2026 1H 2025 1H 2026 1H YoY Bookings 1H YoY Remaining Perf
Slide 7: Market And Technology Overview
Market And Technology Overview 7 Copyright © D-Wave
Slide 8: 2026: The Year of D-Wave Quantum
2026: The Year of D-Wave Quantum Driving to Dual-rail Larger Growing adoption Increasing 100,000 qubit technology driving enterprise and support of number of annealing gate-model QCaaS D-Wave technology system sales processor leadership engagements with U.S. government 8 Copyright © D-Wave
Slide 9: D-Wave Market Leadership
D-Wave Market Leadership Dual-Platform Quantum Computing Technologies Established Product Portfolio: Offering Production Annealing Building Scalable Gate-Model • Both annealing and gate-model systems Quantum Systems Quantum Systems • Accessible through production-grade cloud service and via on-premi
Slide 10: Leading the Commercialization of Quantum Tech
Leading the Commercialization of Quantum Tech Product Commercialization Advantage Advantage2 Advantage3 Advantage Performance System 100K Qubits System System Advantage3 System D-Wave D-Wave 20K Qubits D-Wave One D-Wave Two D-Wave 2X 2000Q 2000Q LN System System System System System System Annealing
Slide 11: Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems
Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems Annealing Gate-Model Annealing Production-Ready Production-Ready Today or in 5+ Years Optimization Gate-Model Quantum Chemistry AI/ML & GenAI Materials Design Research Research Problem C O M B I N AT O R I A L LINEAR ALGE
Slide 12: D-Wave Dual Platform Addresses the Full Quantum TAM
D-Wave Dual Platform Addresses the Full Quantum TAM1 Linear Algebra (Machine Differential Computational Combinatorial learning) & Factorization Equations Problem Optimization2 (Cryptography) (Simulation) Annealing Annealing or LONG- TERM Gate-Model $450B - $850B TAM (D-Wave Only) Gate-Model Post - 2
Slide 13: Revenue Model – Products And Services
Revenue Model – Products And Services Quantum Computer as a Professional Systems Services (QCaaS) Services Other Annealing Quantum Access to D-Wave Quantum D-Wave PS team works with • Paid Research Computers Computers via LEAP Cloud customers on proof of (associated with Gate-Model Quantum Ratable r
Slide 14: Annealing Quantum Computing: Commercial Today
Annealing Quantum Computing: Commercial Today 14 Copyright © D-Wave
Slide 15: Full-Stack Commercial Annealing Platform
Full-Stack Commercial Annealing Platform Quantum Cloud Developer Hybrid Professional Computers Services Tools Solver Services HARDWARE SOFTWARE SOFTWARE SOFTWARE SERVICE FOCUSED ON Complex Optimization Problems AI Blockchain 15 Copyright © D-Wave
Slide 16: Quantum Optimization: Applications Driving Enterprise Operational Excellence
Quantum Optimization: Applications Driving Enterprise Operational Excellence Government Chemical Asset Utilization 10x Faster Time-To-Solution, Scheduling Time 15% Improvement 9% to 12% Improvement Reduced From 10 Hours in Mobile Network in Threat Mitigation to Just Seconds Utilization Manufacturing
Slide 17: Quantum + AI For Drug Discovery
Quantum + AI For Drug Discovery More Valid Drug Candidates PROBLEM SOLUTION OUTCOME Exploring improvements A joint proof-of-concept Integrating quantum computing in speed and quality in project using quantum in the LLM workflow resulting in the development of + AI in the process of more valid drug c
Slide 18: Quantum AI Applications
Quantum AI Applications Enhancing generative ML models with discrete latent spaces: QPUs drive potentially faster and more efficient training and inference Quantum AI Annealing QPU model QPU then generates novel Data is mapped to latent weights trained alongside samples that are mapped space via enc
Slide 19: Quantum Blockchain Applications
Quantum Blockchain Applications QUANTUM-CLASSICAL BLOCKCHAINS QUANTUM PROOF OF WORK On testnet with 18,500 users and 1,500+ nodes, Advantage2 system Quantum proof of work blockchain requiring potentially outperforming classical and winning majority of blocks orders of magnitude less power consumptio
Slide 20: Demonstration of Quantum Supremacy on Useful, Real-World Problem
Demonstration of Quantum Supremacy on Useful, Real-World Problem • Calculations beyond the reach of the Frontier supercomputer at Oak Ridge National Lab, one of the world’s most powerful classical supercomputers • Computation on D-Wave’s Advantage2TM prototype took just minutes and consumed <$1 of e
Slide 21: Improvements in Advantage2 over Advantage Annealing Quantum Computing System
Improvements in Advantage2 over Advantage Annealing Quantum Computing System G R E AT E R C O N N E C T I V I T Y 20-way connectivity to enable solutions to more complex problems G R E AT E R C O H E R E N C E INCREASED ENERGY SCALE Doubled to drive faster Increased by 40% to deliver time-to-solutio
Slide 22: Annealing Scaling Roadmap
Annealing Scaling Roadmap • Advanced packaging & superconducting interconnects enable multi-chip fabric to drive qubit counts • Scalable I/O prototype design to enable significant QPU expansion with limited increase in control lines • Increases in qubits, connectivity & coherence enable solutions to
Slide 23: Gate-Model Quantum Computing Systems: Differentiated for Error Correction and Scale
Gate-Model Quantum Computing Systems: Differentiated for Error Correction and Scale 23 Copyright © D-Wave
Slide 24: Why Gate-Model Development?
Why Gate-Model Development? Gate-model systems unlock a breadth of valuable use cases & applications Chemistry & Pharma Machine Learning & AI • Likely earliest use-cases • Value is immense Quantum • New medicines, materials • Early use: AI for quantum Computing market*: • Robust area of research • L
Slide 25: Powerful Synergies to Advance Commercial Gate-Model Quantum Computing
Powerful Synergies to Advance Commercial Gate-Model Quantum Computing Superconducting Built-in Error Detection On-chip Control Production Grade Systems Superconducting quantum Industry-leading gate Local cryogenic control and Only company with systems with gate fidelities; error detecting multi-chip
Slide 26: Dual-Rail Gate-Model Qubits
Dual-Rail Gate-Model Qubits • Error detection is the key unique capability, an efficient bridge to full error correction and a novel tool for algorithm design and exploration • D-Wave’s dual-rail qubits with built-in erasure detection identify 90% of errors that occur • With erasure detection, this
Slide 27: Superconducting Speed with Ion Trap Fidelity
Superconducting Speed with Ion Trap Fidelity High Quantinuum 99.9% IonQ Gate Fidelity Trapped ions: High fidelity but slow IQM Transmons, Xmons, etc. IBM Low Fast & manufacturable < 99.5% Google but low fidelity Rigetti Gate Speed Slow Fast 1-5 ms 50-500 ns 27 Copyright © D-Wave
Slide 28: Scalable Control
Scalable Control • Qubit control signal multiplexing and qubit readout signal multiplexing is required for large scale systems • Our annealing architectures generate 100,000 cryogenic control signals with less than 300 external signal lines • We demonstrated scalable cryogenic control of gate model
Slide 29: Superconducting Dual-Rail Qubits Offer Faster Path to Error Correction; On-Chip Control Unlocks Scale
Superconducting Dual-Rail Qubits Offer Faster Path to Error Correction; On-Chip Control Unlocks Scale D-Wave Google Other Companies D-Wave D-Wave Number of qubits Up to 10x Reduction in Physical Qubits On-chip Control Reduces Control Required for Error Correction Line Count by Orders of Magnitude 29
Slide 30: Best Metrics for Comparing Gate-Model Program Progress
Best Metrics for Comparing Gate-Model Program Progress SPEED LAMBDA* MODALITY (QEC Cycle Time) (Error Reduction Rate) SCALABILITY Superconducting < 5 us 10 Achieved through (D-Wave) error detection Superconducting < 5 us 2 Standard surface code (Others) Trapped Ion ~30,000 us < 10 Shuttling ions Neu
Slide 31: Pathway Towards Achieving Fault Tolerant Systems
Pathway Towards Achieving Fault Tolerant Systems Dual-Rail Qubits enable scalable error correction for the first time QEC Distance D=3 D=5 D=7 D=9 Key Advantages of Dual-Rail Transmon High-performance error correction is predicted Dual-Rail to exceed competition by wide margin LAMBDA is the slope of
Slide 32: Gate-Model Roadmap
Gate-Model Roadmap POST-NISQ ERA FAULT-TOLERANT ERA 2026 2027 2028 2030 2032 17 49 181 10 100 physical qubits physical qubits physical qubits logical qubits logical qubits 2X 20X 2000X > 2000X > 2000X Error reduction factor Error reduction factor Error reduction factor Error reduction factor Error r
Slide 33: Summary
Summary 33 Copyright © D-Wave
Slide 34: D-Wave Key Considerations
D-Wave Key Considerations Technology Leadership Applications Customer Traction Production-grade Offerings • Only dual-platform quantum • Multiple optimization use In 1H 2026: • Scalable production-grade computing company – cases with demonstrated ROI • Over 100 customers commercial systems developin
Slide 35: D-Wave Quantum Realized
D:: WAIVE QUANTUM REALIZED.