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D-Wave shares rise as bookings and commercial revenue offset Q2 miss
Commercial revenue made up 62% of Q2 revenue, up 45% year over year, while quarterly bookings improved 59% despite the earnings and revenue miss.
Investors in quantum computing got mixed signals after D-Wave Quantum Inc. missed Q2 2026 earnings and revenue estimates, but the stock still gained about 20% over the prior month, according to analysis from MarketBeat Ratings.
The article points to what it calls a slower revenue ramp versus competitors, with Q2 sales growth described as grinding to a halt. It also notes that short interest rose, though only to about 1.3% of the float over the past month.
Despite the disappointing results, the bullish case highlighted in the piece rests on commercial momentum, including that commercial revenues represented about 62% of revenue for the quarter, a 45% increase versus the prior-year quarter. The company also added more customers, with revenue generated from over 100 customers in the first half of 2026.
MarketBeat Ratings also cites signs that customers are moving beyond experimentation, with production applications accounting for more than 37% of quantum computing as a service revenue in the first half of 2026, nearly quadruple their share in the first half of 2025. The company reported 59% year-over-year improvement in quarterly bookings, and the analysis says that bookings growth has not yet fully translated into realized revenue.