D-Wave Shares Sink to Fresh Low as Revenue and Bookings Face Scrutiny
D-Wave Quantum stock has dropped 62% over the past year and reached a new 52-week low. Revenue declined in the first half of 2026 even as bookings surged, and a class-action lawsuit alleges the bookings came mostly from two older contracts. The next test is the third-quarter report, expected in early November.
D-Wave’s shares have fallen 62% over the past year and touched a new 52-week low, a smaller decline than Rigetti’s 71% but larger than IonQ’s 47%. First-half 2026 revenue was about $5.9 million; first-quarter sales dropped 81% year over year, and second-quarter revenue of $3.08 million missed the $4.03 million consensus.
Bookings rose 1,120% to $35.5 million in the first half, lifting backlog to $40.7 million. A 15 October class action alleges those bookings relied mainly on two older contracts and that deliveries were slipping. Analysts expect $42.5 million of 2026 revenue and $80.6 million in 2027.
D-Wave’s struggles may affect investors, employees, suppliers, and public funders tied to quantum computing. A delayed revenue conversion could temper enthusiasm for government-backed tech bets and make capital harder for smaller quantum firms. If the lawsuit or weak results reduce confidence, customers may scrutinize delivery timelines, while taxpayers and agencies may face questions about returns on public support.