D-Wave's Revenue Fell 44% in a Year. Its Market Value Rose 38%.
The quantum computing specialist trades at more than 600 times its trailing sales -- because the market is pricing its bookings, not its revenue.
Overview
D-Wave Quantum (NASDAQ: QBTS) took in $12.4 million of revenue across the past year, down about 44% from the year before. Over the same stretch, the quantum computing specialist's market value climbed about 38%, to $7.5 billion.
The two lines diverge for an understandable reason. The year-ago period included D-Wave's first sale of a full quantum system (worth $13.7 million, recognized in the first half of 2025), and this year's big sale hasn't reached the revenue line yet.
Details
That bigger sale exists. Bookings for the first half of 2026 came to $35.5 million, up more than 1,100% from $2.9 million a year earlier. The total includes a $20 million system sale whose revenue will be recognized in future quarters. Second-quarter bookings rose 59% year over year to $2.1 million. And remaining performance obligations (contracted work the company hasn't yet delivered) reached $40.7 million at midyear, up 668%. About 57% of that is expected to convert into revenue within 12 months.
Source
Originally published at www.fool.com.