D-wave Quantum Inc.

D-Wave Quantum Inc. (QBTS.NYSE) sells quantum computing technology, including both annealing and gate-model systems, along with software and services designed for various applications. Their customer groups include commercial organizations and research institutions that utilize quantum computing for complex problem-solving. Revenue Streams: - Products : Quantum computing systems (annealing and gate-model). - Software : Tools and applications for quantum programming and development. - Services : Consulting and support for implementing quantum solutions. - Licensing : Potential royalties from technology use in third-party applications. D-Wave generates revenue by providing these products and services to organizations looking to leverage quantum computing capabilities for enhanced performance in various sectors.

Here’s a breakdown of D-Wave Quantum Inc. (Ticker: QBTS on NYSE) revenue by product/service segment and growth compared to the prior year, based on its most recent SEC filings (FY 2025 ending December 31, 2025, and Q2 2026 ending June 30, 2026). Note: D-Wave currently operates as one reportable operating segment, so these are product/service lines , not internal business units. (sec.gov) --- Revenue by Segment/Product (FY 2025 vs FY 2024) | Segment / Product Type | Revenue in FY 2025 | Revenue in FY 2024 | Change & Notes | |---|---|---|---| | System Sales | $16.18 million | — | This line was first separately reported in FY 2025; its inclusion drove most of the revenue increase. (app.edgar.tools) | | Quantum Computing as a Service (QCaaS) | $5.52 million | $6.75 million | ↓ 18.2% YoY — revenue from cloud-based / service offerings decreased. (app.edgar.tools) | | Professional Services | $2.72 million | $1.94 million | ↑ 40.4% YoY — consulting, implementation, proof of concept work grew significantly. (app.edgar.tools) | | Other Revenue (includes support, maintenance, printed circuit boards, etc.) | $0.168 million | $0.144 million | ↑ 16.7% YoY — small contributor. (app.edgar.tools) | | Total Revenue | $24.587 million | $8.827 million | Overall up 179%. The big driver was adding system sales to the mix. (app.edgar.tools) | --- Segment Performance in Q2 2026 vs Q2 2025 | Segment / Product Type | Revenue in Q2 2026 (Ended June 30) | Revenue in Q2 2025 (Same Quarter Previous Year) | YoY Growth/Decline | |---|---|---|---| | QCaaS | $1.86 million ( 60.5% of that quarter’s revenu...

Here’s what D-Wave Quantum Inc. (QBTS on NYSE) has disclosed most recently about how much its growth is tied to AI, data centers, accelerated computing, networking, or cloud/hyperscaler capex. The company does make repeated references to these themes, but it does not quantify in its filings the share of growth directly attributable to each—i.e., there are no breakdowns in revenue or bookings that isolate “AI” or “hyperscaler capex” components. What follows is what can be gleaned from the latest disclosures and news, with what is known vs. what remains vague. --- What Is Known | Area | What D-Wave Says | Implications for Growth Attribution | |---|---|---| | AI / Machine Learning (ML) | - D-Wave is exploring using its quantum processors as AI accelerators to improve model training, inference, and reduce power footprint, especially in generative AI and drug discovery use cases. (sec.gov) <br - A recent agreement with Nasdaq Verafin involves developing quantum-hybrid systems to aid ML/detect unusual behavior in financial transactions. (ir.dwavequantum.com) <br - In the AT&T deal, D-Wave’s annealing technology will be layered into AT&T’s agentic AI tools for network operations. (sec.gov) | There is clear movement toward AI-adjacent applications (networking, inference). But the company has not reported what percentage of its bookings or revenue is thanks to AI-specific workloads. | | Cloud / Quantum-as-a-Service (QCaaS) / Hyperscaler Access | - D-Wave offers its Leap™ quantum cloud service (99.9% availability), including hybrid solvers, accessible via AWS Marketplace, and poss...

The specific gross margin, operating margin, inventory trend, and supply constraints for D-Wave Quantum Inc. (QBTS.NYSE) are not provided in the available company context. Additionally, there is no information on whether these factors are structural or cyclical, nor is there a comparison to relevant chip peers. This information is missing from the provided context.

Here’s an updated summary of key foundries, packaging partners, critical suppliers, and manufacturing risks for D-Wave Quantum Inc. (Ticker: QBTS on NYSE), drawn from recent public disclosures. --- Key Partners & Suppliers | Role | Partner | What They Do / Supply | Importance | |---|---|---|---| | Foundry / wafer fabrication | SkyWater Technology Foundry, Inc. | Provides wiring fabrication for annealing processors; also operates a broad semiconductor line under a Semiconductor Line Operation Agreement , originally with Cypress, now assigned to SkyWater. (fintel.io) | | In-house / R&D | D-Wave | Fabricates the active components (Josephson junctions) in R&D facilities; critical for their IP and performance. (stockanalysis.com) | | Packaging partner (cryogenic) | D-Wave’s own initiative | Strategic development initiative to build up multichip cryogenic packaging capabilities in-house to scale both annealing and gate-model systems. (dwavequantum.com) | | Memory / standard materials suppliers | Not publicly specified | D-Wave’s filings note dependence on third-party suppliers for “components necessary to develop and manufacture” quantum systems, but no specific DRAM/NAND/volatile or non-volatile memory supplier names. (fintel.io) | --- Concentration, Capacity, and Geopolitical Risks | Risk Type | Issue | Details | |---|---|---| | Single Foundry Dependency | Heavy reliance on SkyWater for wiring fabrication and wafer line access. If SkyWater’s capacity or operational effectiveness is compromised, D-Wave’s output could be significantly delayed. (stockanalysis.com) | | Active Co...

The specific details regarding D-Wave Quantum Inc.'s defensible technology moat, including aspects such as architecture, software ecosystem, IP, developer tools, networking, manufacturing know-how, switching costs, or customer lock-in, are not provided in the available company context.

Here’s how D-Wave Quantum Inc. (NYSE: QBTS) stacks up vs its most relevant competitors—both “direct peers” (other quantum hardware vendors) and “customer-built alternatives” (gate-model providers and classical/digital alternatives)—across its main product lines (annealing, emerging gate-model, and optimization versus general quantum computing). --- 1. QBTS’s Product Lines & Strategy - Annealing quantum computing : D-Wave’s core product is its Advantage and Advantage2 annealing systems. These handle combinatorial optimization, sampling, and related workloads—problems mapped to Ising / QUBO formulations. These systems already deliver commercial traction. (gminsights.com) - Gate-model quantum computing : In 2026, QBTS acquired Quantum Circuits, Inc. (QCI), as foundation for a superconducting dual-rail qubit approach. Roadmap: a 17-physical-qubit machine in 2026, 175 physical qubits by 2028; 1,000 physical / 10 logical qubits in 2030; 100 logical qubits by 2032. (nainagarg.com) --- 2. Key Competitors A. Direct Peer Quantum Hardware Companies | Company | Approach / Tech | Strengths vs D-Wave | Weaknesses vs D-Wave | |---|---|---|---| | IonQ (IONQ) | Trapped-ion gate model; strong fidelity | Larger recent revenue growth; stronger in general-purpose quantum, molecular simulation, networking; cloud access through major hubs. (marketbeat.com) | High losses; lacks maturity in optimization/annealing workloads; no annealing product line. | | Rigetti Computing (RGTI) | Superconducting gate-model; current QPUs like Cepheus-1 (≈108 qubits) | Better suited than QBTS for NISQ algorithms,...

The most important catalysts and risks for D-Wave Quantum Inc. (QBTS.NYSE) over the next 6-12 months include: Catalysts 1. Product Launches : The launch of the gate-model quantum computing simulator beta program, which allows select customers early access to technology designed for efficient quantum error correction. 2. Government Funding : Finalization of the definitive agreement with the U.S. Department of Commerce for up to $100 million to accelerate U.S. leadership in quantum computing, which could enhance D-Wave's capabilities and market position. 3. Strategic Appointments : Recent appointments of experienced executives to the Board of Directors, which may strengthen governance and strategic direction. Risks 1. CFO Resignation : The resignation of the Chief Financial Officer, which could lead to uncertainty in financial management and strategy execution. 2. Market Competition : Increasing competition in the quantum computing space, which may impact D-Wave's market share and pricing power. 3. Technological Challenges : Ongoing challenges in achieving practical, fault-tolerant gate-model quantum computing, which is critical for the company's long-term success. These factors could significantly influence D-Wave's performance and investor sentiment in the coming months.