D-Wave Quantum faces a steep financial climb as first-half 2026 revenue dropped 67% to $5.9 million. According to The Globe and Mail, a revenue triple before 2030 remains entirely plausible thanks to soaring bookings and a robust $40.7 million contract backlog.
Quantum computing companies are gradually beginning to generate real commercial revenue, though growth trajectories remain wildly uneven. IonQ raised its full-year 2026 revenue outlook to a range of $450 million to $460 million, buoyed by the acquisition of chipmaking business SkyWater Technology at the end of July, according to The Globe and Mail. By comparison, D-Wave Quantum operates at an earlier, more volatile stage.
First-Half 2026 Revenue Drop and Lumpy Comparisons
According to The Globe and Mail, the company’s first-half revenue for 2026 fell 67% year over year down to $5.9 million. For the full year of 2025, revenue reached $24.6 million, marking a 179% increase from $8.8 million in 2024. That prior jump leaned heavily on a single milestone: the company’s first-ever sale of an annealing quantum computing system, which contributed $12.6 million to the first quarter of 2025.
When 2026 lapped that specific system deal, year-over-year comparisons suffered sharply, plunging 81% in the first quarter of 2026. Meanwhile, second-quarter revenue remained essentially flat at $3.1 million, according to the published report. Stripping away hardware system sales, the ongoing business of selling cloud-based machine access generates only a few million dollars per quarter.
Soaring Bookings and Florida Atlantic University Contract Drive Backlog
Bookings measuring the total value of newly signed contracts reached $35.5 million in the first half of 2026, marking a massive surge from just $2.9 million during the same period a year earlier. In fact, that six-month booking figure surpassed D-Wave’s total revenue for all of the previous year, according to The Globe and Mail.
The recent sales haul included a $20 million system purchase by Florida Atlantic University and a $10 million, two-year cloud access agreement with a Fortune 100 company. These signed contracts flow directly into remaining performance obligations. As of June 30, that backlog sat at $40.7 million, climbing dramatically from just $5.3 million a year prior. D-Wave expects roughly 57% of that backlog to convert into revenue within the next 12 months, with 72% materializing inside two years.
CHIPS Act Funding and Path to 2030 Revenue Goals
Operating expenses climbed 93% year over year to $55 million in the second quarter, but the company held approximately $550 million in cash and marketable securities as of June 30, according to The Globe and Mail. Additionally, D-Wave finalized an agreement with the U.S. Department of Commerce providing access to up to $100 million in CHIPS and Science Act research and development funding in exchange for a minority equity stake.
Achieving a tripled top line by 2030 means annual revenue reaching roughly $74 million in 2029, the final full year before the decade closes. If the Florida Atlantic system installation begins before the end of 2026 as anticipated, the following three years would require about 44% annual growth. With a market capitalization hovering around $6.6 billion, it is noted that even a tripled top line leaves the stock trading at roughly 90 times projected sales.
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