D-Wave Quantum Inc. Q2 2026 Earnings Call Summary

D-Wave Quantum’s Q2 2026 earnings call highlighted a stronger commercial push in both annealing and gate-model quantum computing, with management emphasizing platform maturity, hybrid AI/enterprise integration, and technical differentiation rather than just qubit counts. The company pointed to peer-reviewed validation of its dual-rail architecture and outlined a long roadmap to 100 logical qubits and 1 million reliable operations by 2032. Near-term milestones include a 17-qubit system in late 2026 and a 49-qubit system in 2027, while annealing scaling targets 20,000 qubits by 2029. Financially, the quarter showed pressure from the $250 million Quantum Circuits acquisition, a 33% decline in cash and marketable securities, and an 85% increase in adjusted EBITDA loss. Still, backlog surged 668% to $40.7 million and production applications rose to over 37% of QCaaS revenue, signaling improving commercial adoption. The stock was down 5.2% on the session.