D Wave Quantum : Q1 2026 Presentation

Published: 2026-05-12 09:18:09 ET QBTS

Published on 05/12/2026 at 09:18 am EDT

May 12th, 2026

As used in this presentation:

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contracts and excludes unexercised renewals.

service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open

Remaining Performance Obligations: Revenues allocated to remaining performance obligations represents the transaction price of noncancellable orders for which

performance in future periods.

present the operating metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential

includes $2.3 million in Quantum Circuits bookings that were closed immediately prior to the completion of the acquisition of Quantum Circuits in January 2026. We

Bookings: An operating metric that is defined as customer orders received that are expected to generate net revenues in the future. Year-to-date FY 2026 Bookings

Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements related to the expected benefits of the Quantum Circuits acquisition, our development and commercialization plans, dual-platform roadmap, and plans to accelerate the projected time to a scaled, error-corrected gate model quantum computer, among others. In some cases, you can identify forward-looking statements by the following words: "believe," "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "trend," "estimate," "predict," "project," "potential," "seem," "seek," "future," "outlook," "forecast," "projection," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this presentation making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

Sold Advantage System to Jülich

Introduced General Availability of Advantage System

Launched

Released New Developer Tools for Quantum AI

Closed €10M Agreement for

Signed $10 Million QCaaS Agreement with Fortune 100 Company

May 2026

Acquired

Supercomputing Centre

Demonstrated Quantum

Ford Otosan Application

Announced Advanced Cryogenic

System in Italy

Quantum Circuits, Inc.

Announced $20M System Purchase Agreement with Florida Atlantic

January 2025

Supremacy on Real-World Problem

Packaging Initiative

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Launched Advantage2 System at Davidson Technologies

Demonstrated First On-Chip

Cryogenic Control of Gate-Model Qubits

University

Driving to 100,000 qubit annealing processor

Dual-rail technology driving gate-model leadership

Larger enterprise QCaaS engagements

Growing adoption and support of

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D-Wave technology with U.S. government

Increasing number of system sales

Established Product Portfolio:

Dual-Platform Quantum Computing Technologies

Both annealing and gate-model systems

Advantage quantum computers powering real-world optimization

Accessible through production-grade cloud service and via on-premises installation

Unique technology delivering high fidelity and superconducting speed

Lea real-time quantum cloud with hybrid solvers

Quantum supremacy published in Science

Offering Production Annealing Quantum Systems

Building Scalable Gate-Model Quantum Systems

Dual-rail superconducting qubit platform

Growing Commercial Adoption:

1st commercial quantum computing company

1st in-production quantum applications

Over 100 customers in Q1 2026, over 50% of which are commercial enterprises

30+ enterprise use cases, including applications in production

First commercial use of quantum computer for LLMs

On-chip cryogenic control and multi-chip packaging

Advancing toward scalable, fault-tolerant quantum computing

Revenue Model:

Quantum Computing as a Service (QCaaS)

Professional services

System sales

Strong Customer Base

Thought & Technical Leadership

290+ U.S. granted patents * | 800+ granted & pending patents worldwide* | 100+ PhDs

*Includes exclusively licensed patents

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Dual-Platform Approach

Only company delivering both annealing and gate-model systems addressing

the full set of quantum applications

Production-Grade & In-Use

Only company with customer applications in production, providing 99.9% up-time service level agreements

Beyond Classical

Only company that's demonstrated capabilities beyond classical on a real-world problem (Annealing)

Built-In Error Detection

Unique dual-rail technology enabling efficient error-corrected gate systems

On-Chip Control Proprietary local cryogenic control and multi-chip superconducting packaging

for efficient systems scaling

Significant Talent & Extensive IP

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Doubled size of world-class quantum team, with Quantum Circuits' esteemed quantum scientists and developers

Production-Ready Today

Optimization AI/ML & GenAI Research

Annealing

Gate-Model

Production-Ready in 5+ Years

Quantum Chemistry Materials Design Research

Problem

Types

Combinatorial Optimization

Workforce Scheduling Logistics Routing Production Scheduling

Linear Algebra & Factorization

Machine Learning Cryptography

Drug Discovery

Differential Equations

Designer Drugs Everlasting Batteries 3D Fluid Dynamics

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Computational Problem

Annealing

( y)

D-Wave Onl

Annealing or Gate-Model

Gate-Model

Combinatorial Optimization

Linear Algebra & Factorization (Machine learning & cryptography)

Differential Equations

(Simulation)

LONG- TERM

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MID- TERM

5 - 15 Years

$25B - $50B TAM ( $5B - $10B )

NEAR- TERM

3 - 5 Years

$2B - $5B TAM ( $400M - $1B )

1. Boston Consulting Group: "Where Will Quantum Computers Create Value - and When?" May 2019 (80% of TAM accruing to end-users; 20% to quantum hardware, software and services providers)

15 - 30 Years

$450B - $850B TAM ( $90B - $170B )

Advantage System

Advantage Performance System

Advantage System

Product Commercialization

Advantage System

D-Wave On System

D-Wave Tw System

D-Wave 2 System

D-Wave 2000

System

D-Wave 2000Q LN

System

Annealing Processors (only D-Wave)

Transition to Commercial Product

Transition from government and academic to commercial customers

Gate-Model Processors (D-Wave and all other players)

Noisy Intermediate Scale Quantum (NISQ)

One Scalable and Error-Corrected Qubit

One Scalable and Error-Corrected Few Qubit Processor

It is important to note that no one has yet shown a working error-corrected logical qubit that is scalable

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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E & Beyond

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Commercial Applications Computational Supremacy

Over 73% of Q1 2026 revenue from commercial enterprises

Business applications in production to improve customers' operations

IonQ and Rigetti revenue dominated by government grants (as per public SEC filings)

Application Benchmarking

D-Wave

IBM

IonQ

~98% of optimal at problem size 320

~75% of optimal at problem size 6

~80% of optimal at problem size 10

Runs in a fraction of a second

~100x slower than QA

~10,000x slower than QA

D-Wave annealing quantum computers have long-term advantage in optimization

QED-C benchmarking: https://doi.Org/10.1145/3678184

D-Wave: demonstrated supremacy on a real-world magnetic materials simulation problem

Google and Quantinuum: demonstrated supremacy on contrived problem

Random circuit sampling -no practical application

No other unspoofed claims from any quantum computing company

Reliability and Availability

99.9%+ availability of Leap quantum cloud service

Real-time access with no lengthy queuing

SOC 2 Type 2 compliance

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Calculations beyond the reach of the Frontier supercomputer at Oak Ridge National Lab, one of the world's most powerful classical supercomputers

Computation on D-Wave's Advantage2TM prototype took just minutes and consumed <$1 of electricity

Classical computations performed on the Frontier supercomputer would have taken nearly 1 million years and required more than global annual electricity consumption

Exponential advantage over state-of-the-art classical techniques (tensor networks, neural networks, heuristics)

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Driving enhanced computational performance through greater qubit coherence, connectivity and energy scale. Accessible in D-Wave's LeapTM quantum cloud service and via on-premises installation.

Supports hybrid applications with up to 2 million variables.

Performance Gains Driven by:

Greater Coherence: Doubled to drive faster time-to-solution

Greater Connectivity: Increased from 15 to 20-way connectivity to enable solutions to more complex problems

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Increased Energy Scale: Increased by 40% to deliver higher-quality solutions

one of the world's largest airlines

one of the world's largest healthcare companies

one of the world's leading mobile carriers

one of the world's largest chemical companies

Retail Manufacturing Drug Discovery

80% Increase in Scheduling Efficiency

1,000 Vehicles Scheduled Per Run in 5 vs. 30 Min

Accelerating Identification of Novel Small-Molecule Candidates

Chemical Asset Utilization Law Enforcement

Scheduling Time Reduced From 10 Hours to Just Seconds

15% Improvement in Mobile Network Performance

North Wales Police

Optimized Placement of Police Vehicles for Faster Response

Expected Continued Rapid Innovation in Scaling

2026

2026-2027

2027

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Initial design of sample space for technology scaling

3D packaging demonstrations of multiple integrated circuits with superconducting interconnects

Small scale dual annealing processor prototype and scalable control prototype

Discrete-Continuous Latent Variable Diffusion Models (arXiv: 2407.03300v1)

Illustration of quantum hash generation and its use as proof of work for block security (arXiv: 2503.14462)

Quantum AI:

Quantum hybrid transformer architecture uses samples from rich QPU distributions to accelerate generative AI model training and potentially significant reduction in power consumption

Quantum hybrid diffusion architecture adds semantic information

and QPU samples to potentially reduce training time and inference costs

Integrated AI and optimization framework facilitates expanded

use cases such as supply chain demand forecasting and optimization

Blockchain:

Published a new research paper titled "Blockchain with Proof

of Quantum Work" that used quantum computation to generate and validate blockchain hashes

Leveraging techniques from D-Wave's quantum supremacy demonstration, quantum computation for hashing and proof of work could potentially require a fraction of the electricity used by classical resources alone

Shionogi Quantum Hybrid transformer architecture delivers higher quality candidates for drug discovery application compared to classical architecture

Nonlinear Program Solver Supports Growing Set of Use Cases

Quantum

Lists, Sets, and

Optimization Other Combinatorial

Variables

(Mixed-Integer) Linear Programming

Tensor Programming

Support for Surrogate Models:

ML models as part of optimization function and constraints

Satellite Placement

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Addresses optimization problems for business-critical workflows such as workforce scheduling, logistics routing, price optimization, production scheduling and more

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Disclaimer

D-Wave Quantum Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 13:17 UTC.