Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$7.8B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and is closely watched by investors.

N/A

Revenue Growth

Revenue growth will provide insight into the demand for D-Wave's quantum computing solutions and overall business health.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

QBTS Q2-2026 Earnings Preview

Context

Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is a cutting-edge field that has the potential to revolutionize various industries by solving complex problems faster than traditional computers. With a market cap of $8 billion, D-Wave is positioned within the information technology sector, focusing on application software that leverages quantum technology.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+3.90%

Avg Stock Reaction

+7.31%

Last Quarter Recap

In Q1 2026, D-Wave reported an EPS of -$0.05, outperforming expectations of -$0.10, which was a positive surprise for investors. However, the stock fell by 6.99% the following day, indicating some market skepticism despite the earnings beat.

Management Promises & Guidance

Focus on expanding customer base in quantum computing applications.
Commitment to improving operational efficiencies.
Plans to enhance product offerings and technology capabilities.

Expectations

Wall Street Expectations

Overall, expectations for D-Wave's upcoming earnings are mixed, with no analyst estimates available to guide investor sentiment. The stock has shown volatility in past earnings reports, leading to uncertainty.

Bull Case

If D-Wave can demonstrate strong revenue growth and continued customer acquisition, it may signal a robust demand for its quantum solutions, potentially driving the stock higher.

Bear Case

Conversely, if the company fails to meet expectations on revenue or customer growth, it could lead to further declines in stock price, especially given the recent history of mixed earnings reactions.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the revenue growth rate compared to last quarter?

This figure will indicate whether D-Wave is successfully scaling its business and attracting new customers in the competitive quantum computing market.

How many new customer contracts were signed this quarter?

New customer acquisition is crucial for D-Wave's growth strategy, and this number will reflect market demand for their technology.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating D-Wave's potential for customer acquisition in the quantum computing space, as evidenced by recent partnerships and technological advancements.

Supporting Evidence

Options are pricing a 21.6% move, indicating high expectations for volatility.

The company's recent EPS beat suggests operational improvements that may not be fully recognized by analysts.

D-Wave's focus on expanding its customer base could lead to stronger-than-expected revenue growth.

Key Risk

If new customer contracts exceed expectations, it could significantly alter the market's perception of D-Wave's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around D-Wave's ability to grow its revenue and customer base in a rapidly evolving technology landscape.

Bull Confirmed If

Demonstrating revenue growth of 15% or more compared to the previous quarter would confirm the bull case.

Bear Confirmed If

If revenue growth is flat or negative, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±21.6%

Historical Avg

±12.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±21.6% while QBTS has averaged ±12.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.1%

30d HV

125.9%

Calls (5.4M)P/C Ratio: 0.47Puts (1.6M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Information Technology

n=30

Fade rate: 4 of 9 (44%)

This setup has occurred 30 times across Information Technology in the last 2 years. 4 of 9 faded and 5 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 4.4%, with a raw directional average of -0.5% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests the stock could rise by around 10.65%, confirming a positive outlook for growth.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors weigh management's commentary on future growth.

Miss

A miss could lead to a decline of about 1.74%, reflecting ongoing concerns about the company's growth trajectory.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on new customer contracts signed this quarter.
2Any updates on product development and technological advancements.
3Management's outlook on market demand for quantum computing solutions.
4Insights into operational efficiencies and cost management.
5Comments on competitive positioning in the quantum computing industry.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and is closely watched by investors.

N/A

Revenue Growth

Revenue growth will provide insight into the demand for D-Wave's quantum computing solutions and overall business health.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

QBTS Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+3.90%

Avg Stock Reaction

+7.31%

Last Quarter Recap

Management Promises & Guidance

Focus on expanding customer base in quantum computing applications.
Commitment to improving operational efficiencies.
Plans to enhance product offerings and technology capabilities.

Expectations

Wall Street Expectations

Bull Case

If D-Wave can demonstrate strong revenue growth and continued customer acquisition, it may signal a robust demand for its quantum solutions, potentially driving the stock higher.

Bear Case

Conversely, if the company fails to meet expectations on revenue or customer growth, it could lead to further declines in stock price, especially given the recent history of mixed earnings reactions.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the revenue growth rate compared to last quarter?

This figure will indicate whether D-Wave is successfully scaling its business and attracting new customers in the competitive quantum computing market.

How many new customer contracts were signed this quarter?

New customer acquisition is crucial for D-Wave's growth strategy, and this number will reflect market demand for their technology.

Edge

What the Street Is Missing

Why consensus could be wrong

The market may be underestimating D-Wave's potential for customer acquisition in the quantum computing space, as evidenced by recent partnerships and technological advancements.

Supporting Evidence

Options are pricing a 21.6% move, indicating high expectations for volatility.

The company's recent EPS beat suggests operational improvements that may not be fully recognized by analysts.

D-Wave's focus on expanding its customer base could lead to stronger-than-expected revenue growth.

Key Risk

If new customer contracts exceed expectations, it could significantly alter the market's perception of D-Wave's growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around D-Wave's ability to grow its revenue and customer base in a rapidly evolving technology landscape.

Bull Confirmed If

Demonstrating revenue growth of 15% or more compared to the previous quarter would confirm the bull case.

Bear Confirmed If

If revenue growth is flat or negative, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±21.6%

Historical Avg

±12.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±21.6% while QBTS has averaged ±12.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.1%

30d HV

125.9%

Calls (5.4M)P/C Ratio: 0.47Puts (1.6M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Information Technology

n=30

Fade rate: 4 of 9 (44%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests the stock could rise by around 10.65%, confirming a positive outlook for growth.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors weigh management's commentary on future growth.

Miss

A miss could lead to a decline of about 1.74%, reflecting ongoing concerns about the company's growth trajectory.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on new customer contracts signed this quarter.
2Any updates on product development and technological advancements.
3Management's outlook on market demand for quantum computing solutions.
4Insights into operational efficiencies and cost management.
5Comments on competitive positioning in the quantum computing industry.