D-Wave Quantum: A 611% Bookings Surge, a 19% Quarterly Retreat and Two Analysts Who Kept the Faith
Published on 11/15/2026 at 18:31 | Editorial boerse-global.de
D-Wave Quantum's latest quarterly report card reads less like a verdict than a split decision. Revenue is climbing, the order pipeline over the long haul has exploded, yet the most recent three months brought a bookings pullback and a loss that ran hotter than Wall Street had penciled in. For investors, the puzzle is figuring out which number tells the truer story.
The company on Tuesday reported third-quarter 2026 revenue of $4.5 million, a 21% increase from the year-earlier period. Bookings for the quarter, however, came in at $1.9 million — a 19% decline year over year. Those two figures pull in opposite directions, and neither cancels the other out. Revenue captures business already delivered; bookings point to what's coming through the door next.
Zoom out and the picture brightens considerably. For the first nine months of 2026, D-Wave booked $37.4 million in orders, up 611% from the same stretch a year ago. Remaining performance obligations — the backlog of work still to be fulfilled — stood at $38.3 million as of September 30, a jump of 1,221% over the prior year.
That contrast is where the real analytical work begins. A stellar nine-month run doesn't render a soft quarter meaningless, and one weak quarter doesn't erase the broader momentum. The question worth asking isn't which growth figure is most spectacular, but whether the business is settling into a durable rhythm. On that score, the recent data still speak with more than one voice.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
Price Targets Trimmed, Ratings Held
Analysts spent Wednesday recalibrating. Jefferies' Kevin Garrigan cut his price target on D-Wave to $33 from $40 while keeping a Buy rating on the shares. Separately, media reports pointed to another target reduction — from $43 down to $30 — with the buy recommendation left intact. The cited reasons: the timing of machine sales and a slower-than-hoped ramp of quantum computing offered as a service.
The rationale matters more than the headline number. It puts the spotlight squarely on the pace of commercialization, and it shows that a bullish stance and tempered near-term expectations can coexist comfortably. A Buy rating, after all, doesn't dissolve reservations about how the business trajectory unfolds.
Wedbush, for its part, reaffirmed its Outperform rating on Wednesday following the results, flagging the expected system delivery to Florida Atlantic University as a potential growth catalyst for the fourth quarter.
D-Wave Quantum at a turning point? This analysis reveals what investors need to know now.
The Bottom Line and the Tape
Profitability remains the sore spot. D-Wave posted a net loss of $48.2 million for the third quarter of 2026, wider than anticipated. The stock slipped 2.8% on Friday, closing at €8.66, having already given ground in the wake of the earnings release.
The takeaway is sober rather than dramatic. D-Wave doesn't simply need to grow — it needs to make the quality of that growth more convincing. The strong nine-month bookings tally argues for patience; the weak latest quarter argues for caution. What should tip the scales is the reliability of the business over time, not the single most eye-catching figure on the page.
Ad
D-Wave Quantum Stock: New Analysis - 15 November
Fresh D-Wave Quantum information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
