Key Highlights

  • Canadian traders pushed D-Wave Quantum (NYSE:QBTS) down about 8%, to roughly USD 10.59, during the morning session on November 10, 2026.
  • Sales grew 21% to USD 4.51 million, slightly above a USD 4.33 million estimate, yet orders slid 19% to USD 1.9 million and the adjusted EBITDA Deficit deepened 83% to USD 37.7 million.
  • Quantum Computing Inc booked USD 9.5 million of Revenue versus USD 7.21 million expected, though its USD 0.07 loss per share exceeded a USD 0.05 forecast.
  • D-Wave has about USD 503.4 million in cash and marketable securities, and nine-month orders of USD 37.4 million include a USD 20 million system sale mostly due in the fourth quarter.

Sales Ahead, Orders Behind

D-Wave Quantum (NYSE:QBTS) develops annealing machines and is also building gate-model hardware. Sales in the third quarter rose 21% to USD 4.51 million, a bit ahead of consensus, helped by professional services and cloud usage that more than made up for a USD 1.5 million decline in hardware sales. The sore spot was incoming orders, which dropped 19% to USD 1.9 million year on year and sat below the prior quarter. Contracted future revenue, known as remaining performance obligations, eased to USD 38.3 million from USD 40.7 million at the end of June, though it remained far higher than a year earlier. Gross Margin contracted to 52.9% from 71.4%, reflecting more low-margin services and heavier stock-based pay. Operating costs climbed 84% as research spending more than doubled, pushing the adjusted EBITDA loss to USD 37.7 million. The GAAP net loss was USD 48.2 million, or USD 0.13 per share, a sharp improvement because Warrant charges declined, while the adjusted loss of USD 0.11 per share came in one cent worse than projected.

Quantum Computing Inc: Top-Line Strength, Bigger Deficit

Quantum Computing Inc, a maker of photonic and optical computing products, booked third-quarter revenue of USD 9.5 million, well ahead of the USD 7.21 million projection and a big jump from USD 0.384 million a year earlier. Its first-half sales totalled USD 9.2 million, so this quarter was a clear step up. The loss of USD 0.07 per share, however, was deeper than the USD 0.05 analysts had pencilled in, and the stock eased. D-Wave shows the same split: sales are growing, but from a small base, while heavy Investment in technology and production capacity keeps the red ink flowing. Sector participants are now asking whether higher revenue will eventually translate into smaller operating losses.

Cash Piles and Catalysts to Monitor

Both firms raised substantial funds during the quantum boom, which buys them time. D-Wave finished September with USD 503.4 million in cash and securities, down from USD 546.2 million at the end of June, and has a deal for up to USD 100 million in CHIPS Act support from the Department of Commerce. Management reported that its sales pipeline grew more than 75% in dollar terms since June. Nine-month orders include USD 20 million from a system sale to Florida Atlantic University, largely expected to be recognised in the fourth quarter. Shares had already lost roughly 56% of their value this year before the release, a sign that sentiment has cooled considerably. Investors will focus on fourth-quarter revenue recognition, the direction of new orders and whether D-Wave (NYSE:QBTS) can shrink its losses while gate-model work proceeds beside the annealing business.

Where Things Stand

D-Wave Quantum (NYSE:QBTS) dropped about 8% on November 10, 2026 as a 21% sales gain to USD 4.51 million was outweighed by a 19% fall in orders and a wider adjusted EBITDA deficit. Quantum Computing Inc beat on sales at USD 9.5 million yet missed on earnings. Both carry hefty cash balances, and the sector's next hurdle is narrowing losses as revenue rises.