Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$6.9B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

D-Wave Quantum Inc. specializes in quantum computing technology, which is becoming increasingly important in sectors like artificial intelligence and data processing....

Key Metrics to Watch

Revenue Growth

Revenue growth is crucial for demonstrating the company's ability to scale its technology and attract more customers.

N/A

Earnings Per Share (EPS)

EPS is a key indicator of profitability and financial health, which investors closely monitor.

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. specializes in quantum computing technology, which is becoming increasingly important in sectors like artificial intelligence and data processing. As part of the Information Technology sector, D-Wave aims to leverage its innovative software solutions to solve complex problems faster than traditional computing methods.

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 led to a 6.99% drop in stock the following day. The company continues to face challenges in revenue generation despite positive surprises in earnings.

Management Promises & Guidance

Expectations

Wall Street Expectations

Market expectations are mixed as D-Wave prepares for its Q2 earnings report. Investors are looking for signs of improved revenue and customer growth.

Bull Case

If D-Wave can show significant revenue growth and continued improvement in EPS, it could boost investor confidence and drive the stock price higher.

Bear Case

Conversely, if the company fails to demonstrate progress in revenue or customer acquisition, it could lead to further declines in stock value.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth for this quarter?

Revenue growth will be a key indicator of market demand and the effectiveness of D-Wave's business strategy.

How many new customers has D-Wave acquired in the last quarter?

Customer acquisition rates can provide insights into the company's competitive positioning and future revenue potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate D-Wave's potential for revenue growth due to its unique positioning in the quantum computing market, which could lead to higher demand than anticipated.

Supporting Evidence

The options market is pricing a significant move, indicating that traders expect volatility, which may reflect underlying optimism.

D-Wave's recent EPS surprises suggest that the company may be better at managing costs than the market realizes.

Key Risk

If customer acquisition significantly exceeds expectations, it could shift market sentiment dramatically.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on D-Wave's ability to grow revenue and attract new customers in a competitive market.

Bull Confirmed If

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

Bear Confirmed If

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

Pre-Earnings Positioning

Options Market

Implied Move

±21.60%

Historical Avg

±12.1%

Pricing rich

The options market is pricing in a significant move, indicating 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)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations and raises guidance, history suggests a potential stock increase of around 10.65%.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may react moderately, reflecting uncertainty.

Miss

If D-Wave misses expectations, history suggests a potential decline of around 1.74%, indicating disappointment among investors.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new customer contracts or partnerships.
2Details on the company's revenue growth strategy.
3Insights into the competitive landscape and how D-Wave plans to differentiate itself.
4Management's outlook on market trends in quantum computing.
5Any commentary on operational efficiencies or cost management.

See the full picture

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Company Snapshot

D-Wave Quantum Inc. specializes in quantum computing technology, which is becoming increasingly important in sectors like artificial intelligence and data processing....

Key Metrics to Watch

Revenue Growth

Revenue growth is crucial for demonstrating the company's ability to scale its technology and attract more customers.

N/A

Earnings Per Share (EPS)

EPS is a key indicator of profitability and financial health, which investors closely monitor.

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

Expectations

Wall Street Expectations

Market expectations are mixed as D-Wave prepares for its Q2 earnings report. Investors are looking for signs of improved revenue and customer growth.

Bull Case

If D-Wave can show significant revenue growth and continued improvement in EPS, it could boost investor confidence and drive the stock price higher.

Bear Case

Conversely, if the company fails to demonstrate progress in revenue or customer acquisition, it could lead to further declines in stock value.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth for this quarter?

Revenue growth will be a key indicator of market demand and the effectiveness of D-Wave's business strategy.

How many new customers has D-Wave acquired in the last quarter?

Customer acquisition rates can provide insights into the company's competitive positioning and future revenue potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate D-Wave's potential for revenue growth due to its unique positioning in the quantum computing market, which could lead to higher demand than anticipated.

Supporting Evidence

The options market is pricing a significant move, indicating that traders expect volatility, which may reflect underlying optimism.

D-Wave's recent EPS surprises suggest that the company may be better at managing costs than the market realizes.

Key Risk

If customer acquisition significantly exceeds expectations, it could shift market sentiment dramatically.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on D-Wave's ability to grow revenue and attract new customers in a competitive market.

Bull Confirmed If

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

Bear Confirmed If

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

Pre-Earnings Positioning

Options Market

Implied Move

±21.60%

Historical Avg

±12.1%

Pricing rich

The options market is pricing in a significant move, indicating 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)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations and raises guidance, history suggests a potential stock increase of around 10.65%.

In-Line / Cautious

If results are in line with expectations but management is cautious, the stock may react moderately, reflecting uncertainty.

Miss

If D-Wave misses expectations, history suggests a potential decline of around 1.74%, indicating disappointment among investors.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new customer contracts or partnerships.
2Details on the company's revenue growth strategy.
3Insights into the competitive landscape and how D-Wave plans to differentiate itself.
4Management's outlook on market trends in quantum computing.
5Any commentary on operational efficiencies or cost management.