D-Wave Quantum Stock Falls Despite Eightfold Backlog Growth

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D-Wave Quantum's stock has dropped about 21% over the past three months even as its contracted backlog grew nearly eightfold to $40.7 million by the end of June. First-half 2026 bookings reached $35.5 million, six times the $5.9 million of revenue recognized in the same period, with revenue down from $18.1 million a year earlier largely because $13.7 million of that came from a single annealing system sale. Management expects to ship two annealing quantum computers in the fourth quarter, including a $20 million machine for Florida Atlantic University, and says the fourth quarter should carry most of the year's revenue. Six customer applications are now in production, supplying over 37% of first-half subscription revenue compared with 9.8% a year earlier, with AT&T cutting a network task from about an hour to under 15 seconds and NTT DOCOMO reducing location registration signals by roughly 65%. The company posted a first-half adjusted EBITDA loss of $69.9 million against $546.2 million of cash and marketable securities, and the stock trades at more than 600 times trailing sales.

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