D-Wave Quantum: A 611% Nine-Month Bookings Jump, a 19% Quarterly Slip and a Wall of Trimmed Targets
Published on 11/15/2026 at 20:52 | Editorial boerse-global.de
D-Wave Quantum's latest quarterly report card is a study in contrasts, and the market has spent the days since its release working through both halves of the story. The quantum computing specialist booked $37.4 million in orders across the first nine months of 2026 — a 611% leap over the same stretch a year earlier. Zoom in on the third quarter alone, though, and bookings fell 19% to $1.9 million.
That split between the year and the quarter sits at the heart of the pullback in the shares. D-Wave stock shed 2.8% on Friday, closing at €8.66, as quantum computing names and the wider technology sector both softened. The stock had already come under pressure in the wake of the earnings release.
Remaining Performance Obligations Swell
Backlog offers the most forward-looking signal in the report. As of September 30, D-Wave put its remaining performance obligations at $38.3 million — an increase of 1,221% year over year.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
Revenue for Q3 2026 reached $4.5 million, up 21% from the prior-year quarter. Profitability remains the sticking point: the net loss for the period came in at $48.2 million, or $0.13 per share, with the adjusted loss before interest, taxes, depreciation and amortization at $37.7 million. The quarterly shortfall landed wider than analysts had anticipated.
Brokers Trim Targets, Keep Buy Ratings
The analyst community responded by cutting price targets while leaving its bullish stances intact. Jefferies analyst Kevin Garrigan lowered his target to $33 from $40 on Wednesday, maintaining a Buy rating. Stifel made the same call that day, taking its target down to $23 from $35 while sticking with Buy. Evercore ISI also reduced its price objective on Wednesday without abandoning its positive rating. B. Riley had moved earlier, trimming its target to $22 from $27 on November 9 and reaffirming its Buy recommendation.
Not every house reached for the red pen. Wedbush reiterated its Outperform rating on Wednesday following the quarterly numbers, pointing to the expected delivery of a system to Florida Atlantic University as a potential growth driver in the fourth quarter.
For now, the debate turns on whether the blockbuster nine-month bookings figure and the swelling backlog outweigh a softer quarter and a wider-than-expected loss — a question the trimmed targets suggest analysts are still answering with a buy, if a more cautious one.
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.
