QBTS

Over the past six months, D-Wave Quantum Inc. (QBTS) stock has experienced significant volatility and a downward trend, declining 58.38% from $35.07 on October 9, 2025, to $14.60 on October 8, 2026, trading between a 52-week low of $12.75 and a high of $46.75. Key negative events included 'lumpy' Q2 2026 results with revenue of $3.1 million and an adjusted EBITDA loss of $37.1 million, missing analyst expectations, and dependence on two annealing system shipments in Q4. The CFO's resignation in September 2026 and growing law-firm shareholder investigation notices also weighed on sentiment. Q1 2026 revenue of $2.9 million fell short of Wall Street estimates and declined 81% year-over-year, partly due to a large $12.6 million system sale in Q1 2025. Positive developments included the launch of a beta program for D-Wave's gate-model simulator on October 1, 2026, with several participants. Up to $100 million in CHIPS Act funding was finalized with the U.S. Department of Commerce to support R&D. A strategic go-to-market partnership with global IT consulting firm CGI was announced, integrating D-Wave's systems and hybrid solvers. First-half bookings jumped to $35.5 million, with Q1 2026 bookings surging 1,994% year-over-year to $33.4 million, including a $20 million agreement with Florida Atlantic University. Broader market conditions, such as high Treasury yields and Federal Reserve rate-hike worries, also contributed to a sell-off in quantum names and speculative technology shares.