QBTS is the Nasdaq ticker for D-Wave Quantum Inc., a company that sells two structurally different kinds of quantum computer.
Its 10-Q for the period ended June 30, 2026 describes it as the first supplier of dual-platform quantum products spanning both annealing and gate-model technologies. That split is the whole story behind the ticker.
Annealing solves one narrow class of problem
Annealing hardware does not run arbitrary programs. It settles a physical system into its lowest-energy state, and that maps onto optimization work: scheduling, routing, portfolio weighting, anything shaped like finding the cheapest arrangement.
D-Wave’s current annealing machine is its sixth generation, named Advantage2 in the filing. The company’s superconducting systems deliver sub-second response times and run either on-premises or through its Leap cloud service, which the 10-Q lists at 99.9% availability.
The gate-model side is a separate bet
Gate-based machines apply logic gates to qubits the way a classical processor applies instructions. That generality is why researchers expect gate hardware to eventually run the famous quantum algorithms, and it is also why it is much harder to build.
D-Wave bought into that side rather than starting over. On January 20, 2026 it completed the acquisition of Quantum Circuits, Inc., described in the filing as a privately held developer of superconducting gate-model technology, for its dual-rail qubit and error-detection intellectual property.
The filing lists accelerating the projected time to a scaled, error-corrected gate-model computer among its forward-looking statements. That is company language about a plan, not a shipped product.
Where the revenue actually comes from
Three lines: cloud access sold as quantum computing as a service, professional services that help customers build applications, and outright system sales. The mix tells you more than the total does.
Second-quarter 2026 revenue was flat at $3.1 million against $3.1 million a year earlier. Inside that number, QCaaS rose roughly $0.6 million while system sales fell roughly $0.8 million, which the company attributes to installation timing.
The six-month view is harsher. Revenue fell 67% to $5.9 million from $18.1 million, almost entirely because a $13.3 million swing in system sales did not repeat.
What the filing puts next to that
Research and development more than doubled, reaching $28.2 million in the second quarter against $12.7 million, a 122% increase. For the half it came to $54.0 million.
Operating loss for the six months was $108.0 million, against $37.8 million a year earlier. Reported net loss was $66.4 million versus $172.8 million, a gap the filing attributes largely to non-cash items rather than operations.
The balance sheet holds $546.2 million in cash, cash equivalents and short-term investments as of June 30, 2026, alongside an accumulated deficit of $1.0 billion.
What to watch in the next filing
Whether QCaaS keeps compounding, since it is the only line that grew in both periods. System sales are lumpy by construction and will keep distorting year-over-year comparisons.
Anyone reading this beside other quantum computing stocks should hold the two platforms apart. The annealing business has paying customers now; the gate-model business is a research program with a January acquisition attached.
That distinction travels. It applies to photonics stocks and across AI infrastructure stocks, where revenue that ships today and revenue that lives on a roadmap often get read as the same asset.
Is D-Wave a gate-based quantum computing company?
It is both now. Annealing is the commercial line, while the gate-model program was expanded by the January 2026 Quantum Circuits acquisition and is still described in development terms.
What does the Advantage2 system do?
It is the sixth-generation annealing computer named in the 10-Q. Customers reach it on-premises or through the Leap cloud service for optimization, artificial intelligence and research workloads.
Where is D-Wave’s revenue concentrated geographically?
In the United States. Of $3.1 million in second-quarter 2026 revenue, $2.2 million came from US customers, with Japan, Germany and Canada each under $0.2 million.
