D-wave Quantum Inc. · NYSE:QBTS
D-wave Quantum — Investor Day (June 2026)
84 slides from D-wave Quantum's investor day presentation, Jun 1, 2026
Slide 1: D-Wave: Quantum Realized
D::WAIVC QUANTUM REALIZED. 1 Copyright @ D-Wave
Slide 2: The D-Wave Difference
The D-Wave Difference Investor Day, June 2026 2 Copyright @ D-Wave
Slide 3: Investor Day Agenda
Investor Day Agenda 1:00 Opening Remarks 1:05 Keynote – Dr. Alan Baratz, Chief Executive Officer 1:50 Q&A Session 2:05 Annealing Quantum Computing – Dr. Trevor Lanting, Chief Development Officer 2:30 Gate-Model Quantum Computing – Dr. Trevor Lanting; Dr. Rob Schoelkopf, Chief Scientist 2:55 Q&A Sess
Slide 4: Forward-looking statements
Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “antic
Slide 5: Dr. Alan Baratz
Dr. Alan Baratz President and CEO, D-Wave 5 Copyright @ D-Wave
Slide 6: Feynman quote on quantum mechanics
“If you think you understand quantum mechanics, you don’t understand quantum mechanics.” R I C H A R D P. F E Y N M A N 6 Copyright @ D-Wave
Slide 7: What is Quantum Computing?
What is Quantum Computing? Energy efficient computing for solving Using quantum mechanical effects to hard computational problems dramatically speed up computations Classical Gate-Model Annealing 7 Copyright @ D-Wave
Slide 8: Finding the Signal in Noise
Finding the Signal in Noise 01 02 03 Address the Commercially Significant full market viable products customer value 8 Copyright @ D-Wave
Slide 9: Only Company With Viable Path To All Three
We Believe D-Wave Is The Only Company With A Viable Path To All Three 01 02 03 Address the Commercially Significant full market viable products customer value 9 Copyright @ D-Wave
Slide 10: Only Company With Viable Path To All Three
We Believe D-Wave Is The Only Company With A Viable Path To All Three 01 02 03 Address the Commercially Significant full market viable products customer value 10 Copyright @ D-Wave
Slide 11: BCG's Projection for the Quantum Computing Market
BCG’s Projection for the Quantum Computing Market $175B – $330B $850B Market Simulation Opportunity $95B – $250B Machine learning $100B – $220B Optimization $40B – $80B Cryptography 11 Copyright @ D-Wave Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis
Slide 12: BCG's Projection for the Quantum Computing Market
BCG’s Projection for the Quantum Computing Market SIMILAR-SIZED MARKETS $135B $175B – $330B $850B Global semiconductor equipment market Market $100B $220B Simulation $171B opportunity Global video $95B – $250B game market Machine learning $100B – $220B Optimization $197B Global construction $40B – $
Slide 13: Address the Full Market
01 02 03 Address the Commercially Significant full market viable products customer value 13 Copyright @ D-Wave Sources: BCG’s 2021 Forecast, SEMI, Gartner, Newzoo
Slide 14: Commercially Viable Products
A commercially viable product is when a customer uses quantum computing as part of their business operations. 14 Copyright @ D-Wave
Slide 15: Commercial Annealing Quantum Platform
Full-Stack Commercial Annealing Quantum Platform Quantum Cloud Developer Hybrid Professional Computers Services Tools Solver Services HARDWARE SOFTWARE SOFTWARE SOFTWARE SERVICE PRESTIGIOUS CUSTOMER BASE Leading chemical company Global auto manufacturer Major telecom provider 15 Copyright @ D-Wave
Slide 16: Quantum Supremacy Result Still Stands
Quantum Supremacy Result Still Stands Two Years Later B IC L IQU E L AT TIC E Frontier Classical Computer Quantum Computer Minutes Minutes to Solve to Solve Electricity equivalent: Global annual consumption Electricity equivalent: Less than $1 ENERGY ENERGY 16 Copyright @ D-Wave
Slide 17: Annealing Scaling Roadmap
Annealing Scaling Roadmap 2025 2029 2031 Quantum Computer 4,400 qubits 20,000 qubits 100,000 qubits 17 Copyright @ D-Wave
Slide 18: Gate-Model Quantum Computing
FAST Gate- Model Quantum Computing EFFICIENT SCALABLE 18 Copyright @ D-Wave
Slide 19: Accelerating the Delivery of Gate-Model Quantum Computers
Quantum Circuits Inc. Acquisition Accelerating the Delivery of Gate-Model Quantum Computers Dual-Rail Qubits Cryogenic Control Built-in error detecting Unique and proprietary Superconducting speed Reduces I/O by Trapped ion fidelity order of magnitude Enables efficient scaling FAST EFFICIENT SCALABL
Slide 20: Trapped Ions or Neutral Atoms
Trapped Ions or Neutral Atoms Efficient, but slow EFFICIENT 20 Copyright @ D-Wave
Slide 21: Superconducting
FAST Superconducting Fast, but complicated and less reliable 21 Copyright @ D-Wave
Slide 22: Dual-Rail Qubits
FAST Dual-Rail Qubits Fast, efficient, and scalable EFFICIENT SCALABLE 22 Copyright @ D-Wave
Slide 23: Best Metrics for Comparing Gate-Model Progress
Best Metrics for Comparing Gate-Model Progress: Speed and Lambda SPEED LAMBDA MODALITY (QEC cycle time) (Error Reduction Rate) Lambda Represents Bang for the Buck QEC Superconducting < 5 us 10 Distance D=3 D=5 D=7 D=9 (D-Wave) Superconducting < 5 us 2 (Others) Lambda = 2 Lambda = 10 Trapped Ion ~30,
Slide 24: 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 25: LOI for $100 Million Investment from U.S. Government
LOI for $100 Million Investment from U.S. Government Accelerated R&D Expedited delivery Real-world applications 25 Copyright @ D-Wave
Slide 26: Address the Full Market
01 02 03 Address the Commercially Significant full market viable products customer value 26 Copyright @ D-Wave
Slide 27: Copyright @ D-Wave
Za D::WaAVe SZ AT&T QUANTUM REALIZED. D::\wWaue 27 Copyright @ D-Wave
Slide 28: Quantum-assisted AI outperforms classical LLM training in drug discovery
Quantum-assisted AI outperforms classical LLM training in drug discovery. 28 Copyright @ D-Wave
Slide 29: Blockchain Development with PostQuant Labs
Blockchain Development with PostQuant Labs CLASSICAL COMPUTER QUANTUM COMPUTER BLOCKCHAIN 1599 nodes One D-Wave annealing node ENERGY ENERGY Massive energy cost winning most of the blocks Dramatic energy reduction 29 Copyright @ D-Wave
Slide 30: Feynman quote on quantum mechanics
“If you think you understand quantum mechanics, you don’t understand quantum mechanics.” R I C H A R D P. F E Y N M A N 30 Copyright @ D-Wave
Slide 31: Address the Full Market
01 02 03 Address the Commercially Significant full market viable products customer value 31 Copyright @ D-Wave
Slide 32: Q&A Session
Q&A Session 32 Copyright @ D-Wave
Slide 33: Dr. Trevor Lanting, Dr. Rob Schoelkopf
Dr. Trevor Lanting Dr. Rob Schoelkopf Chief Development Officer Chief Scientist 33 Copyright @ D-Wave
Slide 34: Annealing and Gate-Model 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 Types C O M B I N AT O R I A L LINEA
Slide 35: Dual Platform Strategy to Capture Full Market
Dual Platform Strategy to Capture Full Market Annealing Systems Analog Digital Multi-Chip 17Q Dual rail 49Q Dual rail 181Q Dual rail Gate Model processor processor processor Systems Platform Innovation Stride Solver Aqumen Gate and Targeted solvers for ML Software launched Software Stack Annealing i
Slide 36: Advantage2 Annealing Quantum Computing System
Advantage2 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-solution higher-quality solutions ACCE
Slide 37: Coherence Drives Performance
Coherence Drives Performance FASTER TIME-TO-SOLUTION QUANTUM SUPREMACY 37 Copyright @ D-Wave
Slide 38: Annealing's Long-Term Advantage in Optimization
Annealing’s Long-Term Advantage in Optimization 38 Copyright @ D-Wave
Slide 39: Annealing's Long-Term Advantage in Optimization
Annealing’s Long-Term Advantage in Optimization > 1000x performance differential between Advantage annealing systems and IBM gate-model system in multi-objective optimization 39 Copyright @ D-Wave
Slide 40: Annealing Scaling Roadmap
Annealing Scaling Roadmap 2025 2029 2031 Quantum Computer 4,400 qubits 20,000 qubits 100,000 qubits 40 Copyright @ D-Wave
Slide 41: Analog-Digital Quantum Computing
Analog-Digital Quantum Computing New capabilities for commercial-scale annealing systems: in situ excitations and readout in any basis Enables major expansion of materials simulation capabilities Enables generation of complex distributions for blockchain and machine learning 41 Copyright @ D-Wave
Slide 42: The Quantum Cloud Platform: Built for Business
The Quantum Cloud Platform: Built for Business DEVELOPER TOOLS & RESOURCES Production ready with > 99.9% availability WEB CLIENT & APIS Sub-second response times APIs Solvers Dashboard State-of-the-art quantum and quantum-hybrid solvers QUANTUM HARDWARE SOC 2 Type 2 compliant 42 Copyright @ D-Wave
Slide 43: Industry-Leading Production-Grade Quantum Cloud Service
Industry-Leading Production-Grade Quantum Cloud Service TYPICAL QUANTUM LEAP QUANTUM CLOUD SERVICE CLOUD OFFERINGS No published uptime guarantees, Uptime % >99.9% availability since launch in 2018 often limited to system availability windows Response Times Real-time, sub-second response times Long q
Slide 44: The Stride Hybrid Solver
The Stride Hybrid Solver S AT E L L I T E P L AC E M E N T Classical and quantum resources working together to solve optimization problems Supports enterprise-scale problems with up to two million variables and constraints Delivering differentiated performance on a growing set of use cases NEW: Addi
Slide 45: 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 46: First Commercial Quantum AI Application
First Commercial Quantum AI Application Shionogi Quantum Hybrid transformer architecture delivers higher quality candidates for drug discovery application compared to classical architecture 46 Copyright @ D-Wave
Slide 47: 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 48: Gate Model
Gate Model 48 Copyright @ D-Wave
Slide 49: Why Gate-Model Development?
Why Gate-Model Development? WHY ARE WE BUILDING WHY IS NOW THE G AT E - M O D E L S Y S T E M S ? TIME TO SCALE? Use cases that are Leading superconducting qubit complementary to annealing technology technology Cryogenic control technology Allows us to address the full that unlocks scale quantum com
Slide 50: 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 51: Ready to Scale and Win The Race
Ready to Scale and Win The Race Industry leading dual-rail qubit technology Achievable path to fault-tolerant systems with 10x fewer physical qubits required Cryogenic multiplexing of qubit control and readout Scalable manufacturing and packaging Reliable cryogenic platforms 51 Copyright @ D-Wave
Slide 52: Dual-Rail Qubit: D-Wave's Building Block
Dual-Rail Qubit: D-Wave’s Building Block DUAL-RAIL CAVITY QUBIT 52 Copyright @ D-Wave
Slide 53: Dual-Rail Qubit: D-Wave's Building Block
Dual-Rail Qubit: D-Wave’s Building Block DUAL-RAIL CAVITY QUBIT VALID Cavity 1 Cavity 2 QUANTUM STATES “0” Logical 0 & 1 “1” Superposition “0+1” INVALID STATES Photon Loss “Error” 53 Copyright @ D-Wave
Slide 54: Dual-Rail Qubit: D-Wave's Building Block
Dual-Rail Qubit: D-Wave’s Building Block DUAL-RAIL CAVITY QUBIT VALID Cavity 1 Cavity 2 QUANTUM STATES “0” Logical 0 & 1 Error detection is the “1” key unique capability An efficient bridge to full error correction A novel tool for Superposition “0+1” algorithm design and exploration INVALID STATES
Slide 55: Superconducting Speed with Ion Trap Fidelity
Superconducting Speed with Ion Trap Fidelity D-Wave’s dual-rail qubits with built-in Quantinuum High erasure detection identify 90% of 99.9% errors that occur IonQ With erasure detection, this technology Gate Fidelity delivers gate fidelities that exceed 99.9%, Trapped ions: High fidelity but slow T
Slide 56: Error Correction Unlocks Commercial Applications
Error Correction Unlocks Commercial Applications NISQ ERA P O S T- N I SQ ER A FA U LT-TOL ERA N T ER A Noisy intermediate scale Improved fidelities Architectures support quantum computers (NISQ) multiple logical qubits and Physical qubits with universal gate operations Physical qubits, error detect
Slide 57: Achievable Fault Tolerant Systems
Achievable 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 Dual-rail architecture makes error co
Slide 58: 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 qubits
Slide 59: Manufacturable Systems
Manufacturable Systems Our strategy of harnessing existing manufacturing supply chains allows us to use commercial foundry services Adapting these fabrication and packaging processes to build our systems enables rapid scaling CHIPS funding will allow us to expand this effort and accelerate technolog
Slide 60: Best Metrics for Comparing Gate-Model Progress
Best Metrics for Comparing Gate-Model 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 Neutral Atom
Slide 61: 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 62: Three-Year Product Roadmap
Three-Year Product Roadmap Deliver the tools and capability that pave the way for fault-tolerant systems at scale KEY DELIVERABLES E RR O R AWA R EN ESS High-performance QPUs: 17 through 181 dual-rail qubits D-Wave’s unique capability combining error Error awareness: Unique toolbox of programming fe
Slide 63: Ready to Scale and Win The Race
Ready to Scale and Win The Race Industry leading dual-rail qubit technology Achievable path to fault-tolerant systems with 10x fewer physical qubits required Cryogenic multiplexing of qubit control and readout Scalable manufacturing and packaging Reliable cryogenic platforms 63 Copyright @ D-Wave
Slide 64: Annealing and Gate-Model 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 Types C O M B I N AT O R I A L LINEA
Slide 65: Q&A Session
Q&A Session 65 Copyright @ D-Wave
Slide 66: Lorenzo Martinelli
Lorenzo Martinelli Chief Revenue Officer 66 Copyright @ D-Wave
Slide 67: Customers Sharing Their D-Wave Success Stories
Customers Sharing Their D-Wave Success Stories 26 customers communicated publicly over past 18 months Anduril Industries Ford Otosan PolarisQB AT&T North Wales Police SAS Institute BASF NTT Docomo Shionogi Boeing Pattison Food Group UHG-Optum Davidson Technologies Pfizer US Army - ERDC 67 Copyright
Slide 68: Accelerated Path to Customer Deployment
Accelerated Path to Customer Deployment Proof of Proof of Technology Concept Pilot Discovery (POT) (POC) Production Production Use Case Problem Definition Solution Requirements Pilot Operation Full-scale Deployment Gate 0 Gate 1 Gate 2 Gate 3 Identification Initial Formulation Production Formulation
Slide 69: Enabling Operational Excellence
Enabling Operational Excellence Government Chemical Telecom 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 Retail Pharma 1,000 Vehicles Accelerating Identificati
Slide 70: Driving Enterprise-Class Deals
Driving Enterprise-Class Deals Hard Computational Problem Data Readiness Compelling Value Adoption Ease Decision Stakeholders 70 Copyright @ D-Wave
Slide 71: Growing Customer Demand in Buying D-Wave Quantum Systems
Growing Customer Demand in Buying D-Wave Quantum Systems National Research Research Quantum Labs Universities Programs Secure AI Blockchain Environments 71 Copyright @ D-Wave
Slide 72: Early Market Interest in D-Wave Gate-Model Quantum
Early Market Interest in D-Wave Gate-Model Quantum Experimentation with D-Wave’s unique error aware programming capabilities Paid QCaaS Systems Research 72 Copyright @ D-Wave
Slide 73: Growth in Go-To-Market Organization
Growth in Go-To-Market Organization Supports Customer Opportunities Across Industries and Geographies Industries Headcount Growth Geographies Commercial +97% Business Services Media Distribution Oil & Gas Energy Pharma Sales (quota): +220% Financial Services Retail Solutions (tech): +129% Healthcare
Slide 74: John M. Markovich
John M. Markovich Chief Financial Officer 74 Copyright @ D-Wave
Slide 75: Revenue Model – Products And Services
Revenue Model – Products And Services Systems QCaaS Professional Services Other Support & Maintenance Training Future Potential Revenue Opportunities • Quantum AI use cases – QCaaS / Systems • Quantum Blockchain: Quantum safe and energy-efficient – QCaaS / Systems • Expand opportunities across the v
Slide 76: Recent Revenue Composition
Recent Revenue Composition Revenue by Geography Revenue by Customer Type Revenue by Product Type At Scale* 100% ROW 100% 100% Other System Sales 100% Other ROW ROW Research Research Professional Research Services 80% 80% 80% Professional 80% System Services Sales Government Europe Europe Government
Slide 77: Revenue Recognition
Revenue Recognition Regular QCaaS & Enterprise QCaaS Systems QCaaS Agreements (Node Placements) Professional Services • Multiple steps to a fully Regular QCaaS: • D-Wave-owned system • Three pre-production operational system and full • Subscription services physically placed at a phases (PT, POC & P
Slide 78: Key Metrics At Scale
Key Metrics At Scale* Gross Margins at Scale: QCaaS 65% to 75% Professional Services 40% to 50% Quantum Computing Systems 75% to 90% Operating Expenses as a % of Total Operating Expenses at Scale: Research & Development 50% to 65% Sales & Marketing 25% to 33% General & Administrative 10% to 17% Annu
Slide 79: Balance Sheet / Liquidity Overview
Balance Sheet / Liquidity Overview Liquidity Position* Over $1B Raised since Q1 2024 $800 $82.1M via ELOC MILLIONS $600 $588.4M $400 $304.3M $202.8M $708.2M via Warrant $200 via four Exercises ATM’s $- $13.3M Q1 2025 Q1 2026 via Stock Option Exercises *Liquidity position refers to Q1 consolidated ca
Slide 80: D-Wave Patent Portfolio Highlights
D-Wave Patent Portfolio Highlights Worldwide Granted & Pending Patents by Type D-Wave owns / controls one of the world’s largest Quantum Computing IP portfolios Software 18% As of 05/11/2026 System 82% Total D-Wave US Granted Patents 270+ Total D-Wave Granted and Worldwide Granted & Pending Patents
Slide 81: Current Security Analyst Coverage
Current Security Analyst Coverage* Current Coverage (14 analysts) Post 2026 Q1 Earnings 2026 Revenue 2026 EBITDA Price Name of Firm Analyst Recommendation Estimates Estimates Target (in MMs) (in MMs) B. Riley Financial Craig Ellis BUY $36.00 $38.00 ($127.57) Canaccord Kingsley Crane BUY $41.00 $61.0
Slide 82: Investment Considerations
Investment Considerations Technology Leadership Applications Customer Traction Production-grade Offerings • Only dual-platform • Multiple optimization use • Business applications • Scalable production-grade quantum computing cases with demonstrated in production commercial systems company – developi
Slide 83: Q&A Session
Q&A Session 83 Copyright @ D-Wave
Slide 84: D-Wave: Quantum Realized
D::WAIVC QUANTUM REALIZED. 84 Copyright @ D-Wave