Equity Profile

QBTS

D-Wave Quantum Inc.

Information TechnologyApplication Software$8.7B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is an emerging field that could revolutionize how complex problems are solved....

Key Metrics to Watch

Revenue Growth

Investors will be keen to see if D-Wave can demonstrate significant revenue growth, which is crucial for validating its business model.

N/A

EPS (Earnings Per Share)

Earnings performance is a critical indicator of the company's profitability and financial health, especially after recent surprises.

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 an emerging field that could revolutionize how complex problems are solved. With a market cap of $11 billion, D-Wave is positioned at the forefront of the application software industry, tapping into trends like artificial intelligence and advanced computing.

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 by 50%. However, the stock fell 6.99% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations are cautious given the lack of analyst estimates and mixed performance in previous quarters. Investors are likely looking for signs of stability and growth.

Bull Case

If D-Wave can show strong revenue growth and improved customer acquisition, it could signal a turnaround and boost investor confidence.

Bear Case

Conversely, if the company fails to meet expectations for revenue or customer growth, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth rate for the upcoming quarter?

This will be a key indicator of D-Wave's ability to scale its business and attract new customers.

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

Customer acquisition is critical for growth, and insights here could significantly impact market perception.

Edge

What the Street Is Missing

Why consensus could be wrong

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

Supporting Evidence

The options market is pricing a significant move, suggesting traders expect volatility that may not be reflected in current sentiment.

D-Wave's recent EPS surprises indicate potential for better-than-expected performance.

Key Risk

If revenue growth exceeds expectations, it could challenge the current cautious outlook.

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 competitive market.

Bull Confirmed If

Demonstrating revenue growth of at least 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in revenue or customer acquisition would solidify 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 of approximately 21.6%, indicating that traders expect volatility around the earnings report.

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).

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$65,548.49

3,070 sh

1 insider

Net

$65,548.49

Net selling

Most Active Insiders· 1 open-market trade

Exec. Vice President & CHROAMES SOPHIE C
$65,548.49

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests a potential stock increase of around 10.65%, confirming a positive outlook.

In-Line / Cautious

If results are in line but cautious, the stock may react modestly, reflecting ongoing uncertainty.

Miss

A miss could lead to a decline, with history suggesting an average drop of about 1.74%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new customer contracts or partnerships.
2Details on revenue growth compared to previous quarters.
3Insights into market demand for quantum computing solutions.
4Management's outlook on future growth and challenges.
5Any commentary on competitive positioning in the quantum computing market.

See the full picture

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

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

Aug3

ONBMO

ON Semiconductor Corporation

PreviewView

Aug3

LBMO

Company Snapshot

D-Wave Quantum Inc. is a technology company specializing in quantum computing, which is an emerging field that could revolutionize how complex problems are solved....

Key Metrics to Watch

Revenue Growth

Investors will be keen to see if D-Wave can demonstrate significant revenue growth, which is crucial for validating its business model.

N/A

EPS (Earnings Per Share)

Earnings performance is a critical indicator of the company's profitability and financial health, especially after recent surprises.

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

In Q1-2026, D-Wave reported an EPS of -$0.05, outperforming expectations by 50%. However, the stock fell 6.99% the following day, indicating mixed market reactions.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations are cautious given the lack of analyst estimates and mixed performance in previous quarters. Investors are likely looking for signs of stability and growth.

Bull Case

If D-Wave can show strong revenue growth and improved customer acquisition, it could signal a turnaround and boost investor confidence.

Bear Case

Conversely, if the company fails to meet expectations for revenue or customer growth, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected revenue growth rate for the upcoming quarter?

This will be a key indicator of D-Wave's ability to scale its business and attract new customers.

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

Customer acquisition is critical for growth, and insights here could significantly impact market perception.

Edge

What the Street Is Missing

Why consensus could be wrong

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

Supporting Evidence

The options market is pricing a significant move, suggesting traders expect volatility that may not be reflected in current sentiment.

D-Wave's recent EPS surprises indicate potential for better-than-expected performance.

Key Risk

If revenue growth exceeds expectations, it could challenge the current cautious outlook.

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 competitive market.

Bull Confirmed If

Demonstrating revenue growth of at least 15% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

A decline in revenue or customer acquisition would solidify 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 of approximately 21.6%, indicating that traders expect volatility around the earnings report.

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%)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$65,548.49

3,070 sh

1 insider

Net

$65,548.49

Net selling

Most Active Insiders· 1 open-market trade

Exec. Vice President & CHROAMES SOPHIE C
$65,548.49

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If D-Wave beats expectations, history suggests a potential stock increase of around 10.65%, confirming a positive outlook.

In-Line / Cautious

If results are in line but cautious, the stock may react modestly, reflecting ongoing uncertainty.

Miss

A miss could lead to a decline, with history suggesting an average drop of about 1.74%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new customer contracts or partnerships.
2Details on revenue growth compared to previous quarters.
3Insights into market demand for quantum computing solutions.
4Management's outlook on future growth and challenges.
5Any commentary on competitive positioning in the quantum computing market.