D-Wave’s revenue falls 44%, but its market value keeps climbing

D-Wave Quantum just reported Q1 2026 revenue of $2.9 million, a staggering 81% drop from the $15.0 million it pulled in during the same quarter last year. Yet the company’s stock is up roughly 38% over the past year, giving it a market capitalization of approximately $7.5 billion. The one-time sale that warped everything The year-over-year revenue collapse is almost entirely explained by a single transaction. In Q1 2025, D-Wave recognized a $12.6 million one-time system sale. Strip that out, and the underlying business looks far less dire, though still small by any measure. Q2 2026 revenue came in at approximately $3.08 million, essentially flat compared to the prior year. That number missed analyst estimates, and the stock initially dropped 9-10% before clawing back some losses. The company’s shares have traded in a remarkably wide band throughout 2026, bouncing between roughly $12.75 and $46.75. At a recent price near $20, D-Wave sits closer to the bottom of that range than the top. Record bookings tell a different story The company reported record bookings of $33.4 million in Q1 2026, an increase of nearly 2,000% year-over-year. Two deals drove the bulk of that figure: a $20 mil...