Slide 1: Investor Update
Investor Update February 26, 2026 1 Copyright @ D-Wave
Slide 2: 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 3: Recent Significant Technical and Commercial Milestones
Recent Significant Technical and Commercial Milestones January Introduced Released New Signed $10 Million 2026 General Availability of Developer Tools QCaaS Agreement Advantage2 System for Quantum AI with Fortune 100 Company Sold Advantage Closed €10M System to Jülich Launched Agreement for Supercom
Slide 4: 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 4 Copyright @ D-Wave
Slide 5: D-Wave Market Leadership
D-Wave Market Leadership Established Product Portfolio: Dual-Platform Quantum Computing Technologies • Both annealing and gate-model systems Offering Production Annealing Building Scalable Gate-Model Quantum Systems Quantum Systems • Accessible through production-grade cloud service and via on-premi
Slide 6: D-Wave's Differentiation
D-Wave’s Differentiation Dual-Platform Approach Beyond Classical Only company delivering both Only company that’s demonstrated annealing and gate-model systems addressing capabilities beyond classical on a the full set of quantum applications real-world problem (Annealing) Production-Grade & In-Use
Slide 7: 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 Combinatorial Linear Algebra Differe
Slide 8: D-Wave Dual Platform Enables the Full Quantum Expected TAM
D-Wave Dual Platform Enables the Full Quantum Expected TAM1 Differential Computational Combinatorial Linear Algebra & Factorization Equations Problem Optimization (Machine learning & cryptography) (Simulation) LONG- TERM Annealing Annealing or $450B - $850B TAM Gate-Model 15 - 30 Years (D-Wave Only)
Slide 9: Leading the Commercialization of Quantum Tech
Leading the Commercialization of Quantum Tech Product Commercialization Advantage Advantage Performance Advantage2 Advantage3 System System System System D-Wave D-Wave D-Wave One D-Wave Two D-Wave 2X 2000Q 2000Q LN System System System System System Annealing Processors Transition to Commercial Prod
Slide 10: Annealing Quantum Computing: Differentiated Technology for Optimization
Annealing Quantum Computing: Differentiated Technology for Optimization 10 Copyright @ D-Wave
Slide 11: Quantum Realized
Quantum Realized Commercial Applications Computational Supremacy • 70+ revenue generating commercial customers D-Wave: demonstrated supremacy on a real-world • Business applications in production magnetic materials simulation problem to improve customers’ operations Google and Quantinuum: demonstrat
Slide 12: 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 13: Advantage2 Annealing Quantum Computing System
Advantage2 Annealing Quantum Computing System Driving enhanced computational performance through greater qubit coherence, connectivity and energy scale. Accessible in D-Wave’s LeapTM quantum cloud service and via on-premises installation. Supports hybrid applications with up to 2 million variables.
Slide 14: Industry-Leading Organizations Turning to D-Wave's Annealing Quantum Computing
Industry-Leading Organizations Turning to D-Wave’s Annealing Quantum Computing, Now. One of the world’s One of the world’s largest airlines largest payments companies One of the world’s One of the world’s leading mobile carriers largest chemical companies One of the world’s One of the world’s larges
Slide 15: Quantum Optimization: Applications Driving Enterprise Operational Excellence
Quantum Optimization: Applications Driving Enterprise Operational Excellence Retail Manufacturing Drug Discovery 1,000 Vehicles Accelerating Identification 80% Increase in Scheduled Per Run of Novel Small-Molecule Scheduling Efficiency in 5 vs. 30 Min Candidates Chemical Asset Utilization Consumer M
Slide 16: Advantage3 System: 100,000 Qubit Annealing Quantum Computer
Advantage3 System: 100,000 Qubit Annealing Quantum Computer Expected Continued Rapid Innovation in Scaling 2026 2026-2027 2027 Initial design of sample space 3D packaging demonstrations of Small scale dual annealing for technology scaling multiple integrated circuits with processor prototype and sup
Slide 17: Potentially Transformative New Application Areas
Potentially Transformative New Application Areas Quantum AI: Quantum hybrid transformer architecture uses samples from rich QPU distributions to accelerate generative AI model training and potentially significant reduction in power consumption Quantum hybrid diffusion architecture adds semantic info
Slide 18: 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 18 Copyright @ D-Wave
Slide 19: The Stride Hybrid Solver
The StrideTM Hybrid Solver Nonlinear Program Solver Supports Growing Set of Use Cases Addresses optimization problems for business-critical workflows such as workforce scheduling, logistics routing, price optimization, production scheduling and more Quantum Lists, Sets, and (Mixed-Integer) Tensor Op
Slide 20: Gate-Model Technology: Differentiated for Error Correction and Scale
Gate-Model Technology: Differentiated for Error Correction and Scale 20 Copyright @ D-Wave
Slide 21: Together, we're building and commercializing annealing and gate-model quantum computing
Together, we’re building and commercializing • Leading annealing quantum • Leading developer of superconducting computing company gate-model technology annealing and gate-model • First to demonstrate quantum • First to deliver dual-rail qubits supremacy on real-world problem with built-in error dete
Slide 22: Initial Dual-Rail System Available in 2026
Initial Dual-Rail System Available in 2026 Operational now for alpha users Universal gate set available with gate speeds up to 1000x faster than neutral atom and trapped ion technology Built-in quantum error detection Industry-leading platform for research- focused organizations and HPCs exploring e
Slide 23: Gate-Model Game Changer: Gate Fidelity
Gate-Model Game Changer Superconducting Speed with Ion Trap Fidelity Quantinuum High • D-Wave’s dual-rail qubits with built-in 99.9% erasure detection identifies 90% of IonQ errors that occur • With erasure detection, this technology delivers gate fidelities that exceed 99.9%, Gate Fidelity Trapped
Slide 24: Demonstration of First Scalable, On-Chip Cryogenic Control of Gate-Model Qubits
Demonstration of First Scalable, On-Chip Cryogenic Control of Gate-Model Qubits • Breakthrough gate-model demonstration of scalable on-chip cryogenic control of qubits • Industry first milestone advances the development of commercially viable gate-model quantum computers • Uses multiplexed digital-t
Slide 25: Superconducting Dual-Rail Qubits Offer Faster Path to Error Correction
Superconducting Dual-Rail Qubits Offer Faster Path to Error Correction; On-Chip Control Unlocks Scale D-Wave D-Wave Google Other Companies Number of control lines Number of qubits Up to 10x Reduction in Physical Qubits On-chip Control Reduces Control Required for Error Correction Line Count by Order
Slide 26: Powerful Synergies to Advance Commercial Gate-Model Quantum Computing
Powerful Synergies to Advance Commercial Gate-Model Quantum Computing Superconducting On-chip Control Built-in Error Detection Production Grade Systems Superconducting Local cryogenic control Industry-leading gate Only company with quantum systems with and multi-chip fidelities; error detecting cryo
Slide 27: Full Software Product Suite for Dual-Rail Gate-Model Systems
Full Software Product Suite for Dual-Rail Gate-Model Systems Quantum Program Comprehensive client tools & APIs supporting error aware unique error detection handling Aqumen Seeker SDK programming & Qiskit development Cloud orchestration Proprietary compiler for development Aqumen Seeker Cloud delive
Slide 28: Three Year Gate-Model Roadmap
Three Year Gate-Model Roadmap Build and Scale Error-Corrected Superconducting Gate-Model Processors 2026 2027 2028 General availability of 17 General availability General availability qubit dual-rail transmon- of 49 qubit dual-rail of 181 qubit dual-rail based system along with transmon-based system
Slide 29: Recent Highlights
Recent Highlights 29 Copyright @ D-Wave
Slide 30: Q4 & FY 2025 Financial Highlights
Q4 & FY 2025 Financial Highlights FY 2025 Revenue FY 2025 Gross Profit FY 2025 Gross Margin - - - $20.3M $30 $20 100% MILLIONS MILLIONS $24.6M 82.6% $20 63.0% $10 $10 $8.8M $5.6M $- $- 0% 2024 2025 2024 2025 2024 2025 Q4 Revenue Q4 Gross Profit Liquidity Position - - $4 $3 $1,000 $884.5M MILLIONS MI
Slide 31: Florida Atlantic University Signs $20M Agreement to Purchase Advantage2 Computer
Florida Atlantic University Signs $20M Agreement to Purchase Advantage2 Computer Agreement includes a $20 million commitment by FAU, to purchase and install an Advantage2 annealing quantum computer on FAU’s Boca Raton campus • The deployment is expected by the end of 2026 • Collaboration will includ
Slide 32: D-Wave Announces $10 Million, 2-Year Enterprise QCaaS Agreement with Fortune 100 Company
D-Wave Announces $10 Million, 2-Year Enterprise QCaaS Agreement with Fortune 100 Company • The companies plan to collaborate to develop and deploy several quantum powered applications • The first of its kind enterprise level agreement in the quantum space covers professional services and QCaaS acces
Slide 33: D-Wave Named Founder of Q-Alliance, Signs €10M Contract
D-Wave Named Founder of Q-Alliance, Signs €10M Contract Announced participation as a founder of Q-Alliance, an initiative to create a quantum hub in Italy that advances scientific discovery, industrial transformation and digital sovereignty in the country • Core objective is the development of a sta
Slide 34: Advantage2 System Now Operational at Davidson Technologies
Advantage2 System Now Operational at Davidson Technologies On November 3rd, announced that the Advantage2 system at Davidson Technologies in Huntsville, Alabama is now online and operational Davidson is a trusted provider of advanced engineering and technical solutions supporting the U.S. Department
Slide 35: D-Wave Selects Boca Raton for New Corporate Headquarters and U.S. R&D Facility
D-Wave Selects Boca Raton for New Corporate Headquarters and U.S. R&D Facility Announced the transition of headquarters to Boca Raton, FL, from Palo Alto, CA by the end of 2026. Will also include a key R&D facility in one of the fastest growing technology ecosystems in the U.S. • Will support the an
Slide 36: Summary
Summary 36 Copyright @ D-Wave
Slide 37: A Full-Stack, Commercial Quantum Computing Company
A Full-Stack, Commercial Quantum Computing Company Annealing & Gate-Model Cloud Developer Professional Quantum Service Tools Services Computers • Production-ready • Cloud access to • Open-source developer • Customer onboard to Advantage2TM D-Wave technology tools built in Python quantum computing an
Slide 38: D-Wave Key Considerations
D-Wave Key Considerations Technology Customer Production-grade Leadership Applications Traction Offerings • Only dual-platform • Multiple optimization • Business applications • Scalable production-grade quantum computing use cases with in production commercial systems company – developing demonstrat
Slide 39: Today Tomorrow
Today Tomorrow First to market with a First to market with a scaled, commercial, beyond classical error-corrected (Gate-Model) (Annealing) quantum computer quantum computer Commercial-Grade Unparalleled Technical Leadership Groundbreaking Science 39 Copyright @ D-Wave
Slide 40: D-Wave: Quantum Realized
D:: WAIVE QUANTUM REALIZED.