Post-earnings recap
Reported
Thu, Aug 6, 2026
EPS actual
$-0.13
EPS est.
$-0.12
EPS surprise
-13.04%
1-day move
-9.28%
D-Wave Quantum Inc. reported a loss of $0.13 per share, which was below expectations. The stock reacted negatively, dropping 9.28% in response to the earnings report. The lack of revenue data and management commentary may have contributed to investor uncertainty.
| Metric | Actual | Expected | Surprise |
|---|---|---|---|
| EPS | $-0.13 | N/A | -13.04% |
| Revenue | N/A | N/A | N/A |
No transcript is on record, and the analysis is based on numerical results only.
D-Wave Quantum Inc. is a technology company specializing in quantum computing. As a leader in this emerging field, it aims to provide advanced computing solutions that could revolutionize various industries, including finance, logistics, and artificial intelligence.
Last quarter
In Q1 2026, D-Wave reported an EPS of -$0.05, beating expectations of -$0.10. However, the stock fell by nearly 7% the following day, reflecting market skepticism despite the surprise.
Management promises and guidance
EPS beat streak
0Q
EPS beat rate
50%
Avg EPS surprise
+2.27%
Avg 1-day reaction
+6.30%
Overall, expectations are mixed as D-Wave continues to navigate the challenges of the quantum computing market. Investors are looking for signs of growth and operational improvements.
Bull case
If D-Wave can demonstrate strong revenue growth and improved customer acquisition, it could signal a turning point for the company, leading to increased investor confidence.
Bear case
Conversely, if the company fails to show significant progress in revenue or customer growth, it may reinforce concerns about its long-term viability in a competitive landscape.
The print will turn on these.
Q1
What is the revenue growth rate compared to last quarter?
This metric will be crucial in determining if D-Wave is effectively scaling its operations and attracting new customers.
Q2
How many new customers were acquired this quarter?
Customer acquisition is a key indicator of market demand and the company's ability to compete in the quantum computing space.
—
Est. EPS
$3.08
Est. Rev
$7.2B
Impl. Move
±4.0%
Why consensus could be wrong
The Street may underestimate D-Wave's potential for customer acquisition in emerging markets, which could drive unexpected revenue growth.
Supporting evidence
The options market is pricing a significant move, indicating heightened expectations that may not align with historical performance.
Recent trends in quantum computing suggest increasing interest and investment, which could benefit D-Wave more than anticipated.
Key risk
If customer acquisition exceeds expectations, it could shift the narrative significantly.
Pre-commit to what would confirm each case.
The core debate this quarter revolves around D-Wave's ability to grow its customer base and revenue in a competitive market.
Bull confirmed if
Demonstrating revenue growth of at least 15% quarter-over-quarter would confirm the bull case.
Bear confirmed if
If revenue growth is flat or negative, it would confirm the bear case.
What the market is pricing for the move.
Implied Move
±21.60%
Historical Avg
±13.1%
The options market is pricing in a significant move, indicating that traders expect volatility around the earnings report.
Options are pricing ±21.6% while QBTS has averaged ±13.1% over the last 8 prints — setup is pricing rich.
ATM IV
1.1%
30d HV
125.9%
Smart-money positioning from the most recent 13F filings.
Institutional
54.43%
of float
Insider
2.21%
of float
Holders
702
institutions
Top Holders· as of Jun 2026
Blackrock Inc.
33,147,399 sh · $504.5M
9.04%
9.9%
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.
In line / cautious
If results are in line but management provides cautious commentary, the stock may experience a muted reaction.
Miss
Should the company miss expectations, history suggests a potential decline of about 1.74%, reflecting ongoing concerns.
The lines on the call that would change the story.
Vanguard Portfolio Management LLC
22,021,534 sh · $335.2M
6.00%
5.9%
Vanguard Capital Management LLC
15,940,671 sh · $242.6M
4.35%
0.6%
UBS Group AG
11,645,700 sh · $177.2M
3.18%
18.0%
Geode Capital Management, LLC
9,270,389 sh · $141.1M
2.53%
2.5%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.