D-Wave Quantum Inc.(QBTS.US) 2026年第三季度业绩电话会
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会议摘要
Q3 revenue rose 21% to $4.5M, driven by a 56% increase in subscription revenue and a 318% rise in professional services. Year-to-date bookings surged 611% to $37.4M, including a $20M system sale to Florida Atlantic University. RPO reached $38.3M, with 59% expected to convert to revenue within 12 months and up to 71% within 24 months. Net loss narrowed to $48.2M, while adjusted EBITDA loss widened to $37.7M due to product development expenses. Cash and marketable securities stood at $503.4M, down 40% year-over-year. Commercially, NTT Docomo deployed a second production application, and a Fortune 100 customer signed a two-year, $10M deal with one application in production. A new cryogenic control architecture supports both annealing and gate-model systems, with sample chips returning for testing this month. Funding is broadly applicable to both approaches, and the company is exploring independent commercial funding for European systems.
会议速览
D-Wave's Q3 2026 Earnings: Record Bookings and Dual-Platform Advancements Highlight GrowthD-Wave reported Q3 2026 revenues of $4.5 million, a 21% YoY increase, with H1 bookings soaring 611% to $37.4 million. The company emphasized its dual-platform quantum computing strategy, noting a robust pipeline and confidence in future growth opportunities.
D-Wave's Quantum Computing Progress: Hybrid Systems, Partnerships, and Technology RoadmapD-Wave highlights advancements in commercial applications, partnerships, and technology for both annealing and gate model quantum computers, aiming to address computational challenges and expand quantum ecosystem adoption.
V-Wave's Strategic Focus on Fault-Tolerant Quantum Computing and Government PartnershipsThe dialogue emphasizes V-Wave's commitment to advancing fault-tolerant quantum computing, targeting 100 logical qubits by 2032, and securing $100 million in US government funding for next-generation quantum systems. It also highlights the company's market recognition and board expansions, reinforcing its strategy to expand customer adoption and technical progress.
Q3 2026 Earnings Report Highlights Revenue Growth, FAU System Sale, and Increased RPOThe company reported a 20% year-over-year revenue increase to $4.5 million in Q3 2026, driven by strong commercial enterprise sales. A $20 million system sale to FAU is expected to be delivered and recognized in Q4. Remaining performance obligations (RPO) surged to $38.3 million, reflecting significant growth in the sales pipeline and future revenue expectations.
Efficient Cubit Control in Quantum Computing: Advancements in Gate Model SystemsThe dialogue discusses advancements in controlling qubits in quantum computers, focusing on multiplexing control signals to reduce I/O lines. The goal is to match the efficiency of annealing systems, aiming to control 100 logical qubits with 200-300 I/O lines. A new scalable control design for gate model systems is in fabrication, expected to be tested soon.
Expanding Quantum Computing Partnerships and Market Confidence Post-ElectionsThe dialogue highlights the strengthened and expanded partnership with a key supplier, ensuring IP protection and operational support through quantum technology. It also reassures ongoing market momentum and sales agreement progress post-elections, emphasizing bipartisan support for quantum advancements.
Discussion on Business Progress and Diversification StrategiesAcknowledging recent achievements, the conversation shifts to strategies for business diversification, emphasizing the importance of expanding operations to mitigate risks and capture new market opportunities.
Supply Chain Bottlenecks & Inventory Strategies for Quantum ComponentsDiscusses current supply chain issues, particularly long lead times for dilution refrigerators, and the strategy of pre-purchasing longer lead items as suppliers diversify.
Dual Chip System Enhancements for Scalable Quantum ComputingExploration of multichip quantum processor technology, focusing on interconnecting qpu chips to preserve quantum properties and manage IO lines, with initial fabrication and testing underway for both gate model and annealing processors.
Revenue Growth and Market Expansion in FY27: System Sales, Partnerships, and Government InterestThe dialogue discusses expected growth in system sales, quantum computer as a service, professional services, and sales through partners for fiscal year 27. It highlights the increasing significance of system sales in bookings and revenue mix, the emerging role of partnerships, particularly with CGI, and the growing interest from the US government in quantum computing systems. The speaker also mentions progress on significant application opportunities and anticipates a larger government component in future revenues.
NQC's Role in Partnering with NTT for Quantum Computing Solutions and Enhancing Solver PerformanceThe dialogue discusses NQC's ISS solution, highlighting NTT's development of two production applications with minimal professional services assistance. It emphasizes the infrequent yet impactful nature of these applications. Additionally, improvements to the Stride Hybrid solver through code rework and new capabilities are noted, underscoring NQC's focus on system sales and quantum compute as a service.
Global Trends in Sovereign Supply Chains and Quantum Technology FundingDiscussion revolves around the push for sovereign supply chains, with Europe leading by restricting quantum funding to EU companies. Asia shows interest in incorporating local firms into supply chains. The dialogue highlights the necessity of a global supply chain, emphasizing management challenges and the potential for independent commercial funding in Europe.
Allocation of Funding and Progress on Cryo-Controlled Chip IntegrationThe dialogue discusses the allocation of funding towards superconducting gate technology and the progress on integrating cryo-controlled chips with annealing systems. The first sample chips designed for scalability and compatibility with both annealing and gate model systems are expected back this month for testing. The funding primarily supports chip design, fabrication, and testing, benefiting both annealing and gate technologies equally, with some specific applications for each.
Revenue Performance Outlook: Ford's RPO Pipeline and Future Revenue ExpectationsDiscussion focused on Ford's Revenue Performance Outlook (RPO) pipeline, detailing expected delivery percentages over 12 and 24 months, emphasizing growth due to system sales opportunities and Fortune 100 line services. Specific deal values and closing dates were not disclosed, maintaining confidentiality. Participants encouraged to press *11 for additional questions.
Engagement with Fortune 100 Customer and Expansion of Cubic System SalesDiscussions on cubic system sales involve both existing and new customers, with a significant focus on a Fortune 100 customer engagement. The relationship has been productive, with initial applications in production and plans for further expansions. Professional services have supported these engagements, indicating a strong, ongoing partnership.
Closing Remarks on Advancing Quantum Computing Strategy and Customer Value DeliveryThe call concludes with appreciation for attendees' support, emphasizing the company's strategy to expand quantum technology use, aiming for fault-tolerant quantum computing, and focusing on customer value and business growth, with future progress updates anticipated.
要点回答
Q：What were the revenue and bookings for the third quarter of 2026?
A：The third quarter 2026 revenue was $4.5 million, up 21% year over year, and the bookings for the first nine months of 2026 were $37.4 million, a 611% year over year increase.
Q：What differentiates D-Wave in the market?
A：D-Wave is the only dual platform quantum computing company, which gives it a distinctive position in the market.
Q：What are the commercial achievements highlighted for D-Wave?
A：D-Wave highlights commercial achievements such as the deployment of its hybrid quantum technology by Japan's largest mobile operator NTT Doko Mo, progress with large enterprise customers like United Health Group's Optum, and AT&T for production applications, and the delivery of Italy's first annealing quantum computer.
Q：How are partners contributing to D-Wave's market efforts?
A：Partners are playing a stronger role in advancing D-Wave's go-to-market efforts, with CGI integrating D-Wave's platforms into its services portfolio and LG CNS focusing on enterprise optimization with the aim of expanding the use of D-Wave's technology in South Korea and beyond.
Q：What improvements were announced for the Strive Hybrid solver?
A：The Strive Hybrid solver was announced with performance gains, achieving better solutions for assembly line balancing benchmark problems in less time compared to the previous version.
Q：What capabilities have been expanded for annealing quantum computers?
A：The capabilities of annealing quantum computers have been expanded with the demonstration of analog digital quantum computation and the ability to investigate programmable quantum dynamics on more than 700 cubits in experiments realizing topological insulators in 1, 2, and three dimensions.
Q：What advancements are being made in the hardware roadmap for annealing systems?
A：In the hardware roadmap for annealing systems, advancements include superconducting interconnects for multi-chip systems and scalable IO control circuitry to support larger processors. An experimentally strong coupling between prototype annealing fabrics on two chips has been demonstrated, and the design of a dual-chip annealing processor has been completed.
Q：What is the progress in gait model development and the simulator beta program?
A：D-Wave is on track to complete a 17-qubit gate model system with discussions for system orders in 2027. The simulator beta program was launched in early October for error-aware programming and application development prior to hardware availability, with participants including commercial and research organizations.
Q：What are the characteristics of a useful quantum computing system according to D-Wave, and what is the projected timeline for achieving a fully error-corrected system?
A：D-Wave defines a useful quantum computing system as having at least 100 fault-tolerant logical qubits with fault tolerance defined as the ability to perform at least 1 million operations successfully. The projected timeline for D-Wave to achieve the first fully error-corrected fault-tolerant logical qubit is by 2028, with the goal of having 100 such qubits by 2032.
Q：What significant agreement was reached with the US Department of Commerce, and what are the intended uses for the funding?
A：D-Wave executed a definitive agreement with the US Department of Commerce providing access to up to $100 million of US Chips and Science Act funding. The funding is intended to support the development of next-generation annealing and gate model quantum computers, including the 100,000 annealing quantum computing system for applications in optimization, material simulation, blockchain, and artificial intelligence, and the scalable, fault-tolerant gate model system designed to execute more than 1 million operations.
Q：Which recognition has V-Wave received from industry analysts, and what does this signify?
A：V-Wave has been recognized by industry analysts, being named one of only two companies in the leaders category in IDC's 2026 quantum computing vendor assessment and recognized as a market shaper in Gartner's emerging market Quantum quadrant for quantum computing. This signifies V-Wave's position as a leading company in the quantum computing industry.
Q：What changes have been made to the board of directors, and what expertise do the new members bring?
A：The board of directors at D-Wave has expanded with the addition of Bernard Gavhande, former group CIO of BHP, who joined the board and cybersecurity committee, bringing extensive enterprise technology experience. Kevin Krylar was added to the board and audit committee, contributing expertise in public company finance, growth strategy, and risk management.
Q：What were the financial results and growth indicators for D-Wave in the third quarter of 2026?
A：D-Wave's revenue in the third quarter of 2026 totaled $4.5 million, an increase of approximately 20% year over year. The company recognized revenue from over 100 customers, with commercial enterprises accounting for 81% of total revenue, up from 31% in the same period in 2025. Q3 revenue comprised $2.2 million from QCA subscriptions, up 56% year over year, $2 million in professional services, up 318% year over year, and approximately $360,000 in systems and other revenue. Bookings for the quarter were $1.9 million, down 19% year over year.
Q：What was the impact of professional services revenue on D-Wave's gross profit and margin?
A：Gross profit for the third quarter of 2026 was $15.4 million, a year-over-year decrease of 0.3 million or 11%, while gross margin was 52.9%, a year-over-year decrease of 18.5%. Non-GAAP gross profit was $2.9 million, essentially flat year over year, and non-GAAP gross margin was 63.6%, a decrease of 14.1% year over year. The decrease in gross profit and gross margin was primarily due to a higher proportion of professional services revenue, which carries a lower margin.
Q：What were the year-over-year changes in operating expenses for D-Wave in the third quarter, and how do non-GAAP adjusted operating expenses compare?
A：D-Wave's GAAP operating expenses for the third quarter of 2026 were $55.9 million, a year-over-year increase of 25.5 million or 84%. Non-GAAP adjusted operating expenses were $40.5 million, a year-over-year increase of 17 million or 72%.
Q：What changes occurred in cash and marketable securities balances, and what was the reason for the decline?
A：D-Wave's cash and marketable securities balance as of September 30, 2026, totaled $503.4 million, a 40% year-over-year decrease. The decline was primarily due to the use of approximately $253 million of cash to acquire quantum circuits in January 2026.
Q：What is the revenue recognition process for system sales, and what are the expectations for recognizing revenue from the sale to Florida Atlantic University?
A：For system sales, such as the sale to Florida Atlantic University (FAU), a substantial portion of revenue is recognized upon delivery, expected in the fourth quarter. An additional portion of any system sale revenue is recognized over the installation period, typically several months after delivery, which for the sale to FAU is likely to occur in early 2027. There are also small recurring revenue streams related to maintenance and QCA access that span several years.
Q：What are the capabilities of annealing quantum computers in controlling cubits compared to gate model systems?
A：Annealing quantum computers can control up to 4000 cubits with two to 300 I/O lines, whereas in the gate model, typically 3 to 5 I/O lines are required per cubit. This indicates that annealing quantum computers are significantly more efficient, using considerably fewer I/O lines than the gate model systems.
Q：What is the goal for the number of I/O lines in relation to the number of logical qubits for the upcoming chip design?
A：The goal is to control 100 logical qubits with a couple hundred I/O lines, specifically aiming for efficiency with 2 to 300 lines. The first chip design with this new scalable I/O control for gate model systems is out for fabrication, and results are expected this month to begin testing.
Q：How has the relationship with SkyWater been extended or expanded?
A：The relationship with SkyWater has expanded in two directions. Firstly, the partnership ensures continued access to SkyWater's chips and potentially seeks collaborations like firewall or switching assistance. Secondly, the companies have entered into a bidirectional relationship where they support each other: SkyWater is now a supplier after successful completion of a proof of technology using their annealing quantum computers, and in turn, the collaboration ensures the protection of intellectual property and the continued participation of skilled individuals in the program.
Q：What are the implications of the recent elections on the support for quantum and the potential changes to existing programs?
A：There has been no indication of changes to the strength of the sales pipeline or existing programs in the wake of the recent elections. The support for quantum technologies has remained largely bipartisan, and there has been continued forward momentum.
Q：What potential bottlenecks exist in the diversification of quantum components supply chain?
A：A potential bottleneck is the timeline for the dilution refrigerator, which is the largest single component in the system and has extended delivery times. However, the diversification in the market with more suppliers such as Bluefield and new entrants like one in the US, who have been ordered to qualify, is hoped to shorten these timelines. The company is buying ahead for longer lead-time items as part of their strategy.
Q：What is the new dual chip and processor, and why is it significant for scaling up?
A：The new dual chip and processor represent a move from increasing the number of qubits on a single chip to a multichip solution. This innovation is significant because it allows for scaling by interconnecting multiple quantum processing unit (QPU) chips rather than just adding more qubits on a single chip. To achieve this, two critical technologies are required: one for interconnecting chips while preserving superconducting and quantum properties, and another for managing the number of I/O lines to avoid significant growth as the processor size increases. The new chip in fabrication aims to enhance this control capability for both gate model and annealing processors, thus enabling more scalable solutions.
Q：What are the characteristics of the first pair of interconnected processor chips being fabricated?
A：The first pair of interconnected processor chips being fabricated are described as sample processor chips at a small scale. They will be tested to ensure the interconnect works, superconducting bonds are functional, quantum properties are preserved, and they can operate as a single integrated processor.
Q：What are the expected changes in revenue composition for fiscal year 27 compared to recent years?
A：The expected changes in revenue composition for fiscal year 27 include growth in system sales, quantum computer as a service, professional services, and sales through partners over what is expected by the end of 2026. System sales are expected to have a more significant impact on bookings and revenue due to larger bookings and quicker revenue recognition periods compared to other services. The speaker also mentions that partners have been signed to aid in the business, and there is a significant interest from the U.S. government, which is expected to become a more substantial component of the business.
Q：What progress is being made with respect to government interest and potential applications?
A：There is a lot of interest in the U.S. government in the company's systems, which is unprecedented, and progress is being made on a couple of significant application opportunities that are hoped to be discussed in the near future. The opportunities are anticipated to be much larger than in the past.
Q：What is the relationship between your company and NTT regarding the NQC ISS solution?
A：NTT developed the NQC ISS solution on their own, established a strong team, and built the application with the company's assistance. The solutions are production-grade and both are currently operational.
Q：What are the characteristics of the two production applications developed by NTT?
A：The two production applications developed by NTT are significant in terms of their potential impact on the company's operations and financial metrics but are not required to run daily or weekly. They are described as running infrequently.
Q：What has been the focus of the Stride Hybrid solver's development?
A：The Stride Hybrid solver's development primarily involved reworking the code to improve system performance, with some additional capabilities incorporated.
Q：Are you observing a push towards sovereign supply chains in other countries, especially in Asia?
A：There is a push towards sovereign supply chains in other countries, particularly in Asia, where there is an interest in incorporating local companies into the supply chain for quantum systems. The U.S. administration is pushing for domestic manufacturing, and this trend is being observed in various countries globally. While not all components are sourced from the U.S., there is a recognition that the supply chain must be managed globally and that it's challenging to achieve complete sovereignty in this area.
D-Wave Quantum Inc.
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