D-Wave just announced their 2026 Q2 results. Some notable insights from it:

1. Second-quarter revenue of $3.1 million, unchanged from a year earlier 
2. D-Wave's RPO fell from $42.4 million to $40.7 million during Q2, even as the company booked $2.1 million in new business. That implies roughly $3.8 million left the backlog during the quarter, but reported revenue was only $3.1 million (a $0.7m gap)
3. Six months later, no updates on their $20m FAU deal
4. D-Wave itself expects only 57% of its remaining performance obligations (40% backlog) to convert to revenue within 12 months
5. Sell-side consensus missed by almost 25%, which shows how far sell-side analysts are from understanding the sector. Coherence Report predicted revenue of $2.9m compared to actual results $3.1m.

Revenue and New Deals

If we believe that the AT&T deal and others are bringing in meaningful sales, yet revenue is zero... that means that current customers are abandoning the technology.

We’ve been predicting this, in published reports, for months. The problem with D-Wave is that customers believe their annealing technology is useless, but they get benefits from signing the initial Proof-of-Concept deal. That’s why you get initial excitement, but then the project never amounts to anything meaningful for either party (D-Wave or the client). 

See the bottom for links on technical explanations on why quantum annealing is useless.

The Truth about their Bookings

D-Wave's remaining performance obligations fell from $42.4 million to $40.7 million in Q2, even as the company booked $2.1 million in new business. Backlog rises by what you book and falls by what you recognize as revenue, so adding $2.1 million in bookings and still ending $1.7 million lower means about $3.8 million left the backlog. Yet reported revenue was only $3.1 million, a $0.7 million gap between what exited the pipeline and what became revenue.

What this means: revenue and cancellations was faster than new bookings in the quarter. Here, $2.1m came in, but $3.8m left. Keep that in mind when getting excited about the AT&T partnership news.

Op-Ex Accelerating (In the Wrong Direction)

Operating expenses nearly doubled while revenue didn't move.

This company is living on their ability to raise additional cash (dilution) from shareholders. Op-Ex is likely accelerating due to investments in gate technology, which is the future direction of the company. Unfortunately, according to our industry scorecards, D-wave’s gate tech comes in dead last, even when considered on a 5 year time horizon. 

Therefore, they are pulling cash from investors, spending it on tech that will lag behind all of the major quantum providers, and still have minimal commercial traction.

Is FAU Deal a Fraud?

It is Coherence’s stance that the $20m FAU deal is a backroom deal among South Florida millionaires, and will never turn into meaningful revenue. This earnings report has done nothing to disprove that assertion.

Coherence Report is the only quantum industry publication on the record for predicting the collapse of D-Wave’s commercial narrative. Reading through the results, it’s clear that: 

1. Existing commercial clients are abandoning the company, at a rate that is faster than new signings
2. Revenue growth is stagnant, which is alarming for a company with a 575x market cap:revenue ratio and $8+ billion valuation 
3. Op-ex and cash burn is accelerating faster than revenue, which means investors should expect a long period of high dilution

Additionally, D-Wave has not yet revealed any information that disputes whether the FAU deal is a fraud (or at best, a backroom deal that will never come to fruition).

The direction of the backlog. RPO fell this quarter while bookings were positive, the core warning sign. If it drops again in Q3, a one-quarter fluke becomes the churn trend Coherence Report has warned about.

The unexplained $0.7 million. D-Wave hasn't said why more work left the backlog than converted to revenue. Watch the 10-Q and next call for an accounting. Timing is forgivable; a recurring, unexplained gap is a disclosure problem.

Whether the FAU deal converts. It's Coherence Report's stance that the $20 million Florida Atlantic University sale won't produce revenue, and this report didn't change that. It sits in first-half bookings with revenue promised later, so watch whether it converts on schedule or lingers in backlog.

Any paid gate-model business. Op-ex is accelerating on gate development, which our scorecards rank last among major providers. Watch for a single paid gate contract or system sale in the next two quarters. Without one, the spend funds a roadmap with no commercial traction.

The next capital raise. At roughly $55 million in quarterly op-ex against $3 million in revenue, with cash already drawn down, the math points to another raise. Watch upcoming filings for a shelf or equity offering.

D-Wave is a growth company with no revenue growth, fleeing customer base, and annealing technology that is unmarketable and useless. 

Our detailed analysis on D-Wave is detailed in our investment reports, which are available for free on our website. We can no longer assert our fair market value of $12 per share, and will continue to downgrade it lower, based on today’s results. 

If you’d like to really understand what’s going on at D-Wave, I recommend starting here:

1. D-Wave and AT&T: Nothing New to See, Where Is the Revenue Growth? https://coherence.report/editorial/?qid=27
2. D-Wave's Annealer is USELESS – https://youtu.be/qsbyt8GRyg4?si=p4i-DB7AyWhEVZXR
3. Our Stance on D-Wave- https://coherence.report/our-stance-on-d-wave-2/
4. D-Wave Investment Report - https://coherence.report/insights/how-d-wave-built-a-15-billion-market-cap-on-misleading-customer-claims-manufactured-ai-hype-and-a-gate-model-program-that-never-existed/

D-Wave Quantum Inc. (2026, August 6). D-Wave Reports Second Quarter 2026 Results [Press release]. D-Wave Quantum Investor Relations. https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Reports-Second-Quarter-2026-Results/ 

The Quantum Insider. (2026, August 6). D-Wave Reports Bookings Surge as Quarterly Revenue Holds Steady. https://thequantuminsider.com/2026/08/06/d-wave-reports-bookings-surge-as-quarterly-revenue-holds-steady/