D-Wave Quantum Inc.(QBTS.US) 2026年第一季度业绩电话会
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会议摘要
Q1 2026 revenue fell 81% to $2.9M as a prior-year system sale did not recur, while bookings surged 2,000% YoY to $33.4M and RPO rose 216% to $42.4M, with ~54% expected in 2026. Net loss widened to $18.4M due to the Quantum Circuits acquisition and R&D. Cash rose 93% to $588.4M after a $250M investment. A landmark $20M university system sale and a $10M enterprise license strengthened the backlog, which is split 50/50 between commercial and research. Management targets 2–3 system sales this year, with one commercial (blockchain/AI) and one academic. The dual-platform strategy leverages annealing and gate-model; dual-rail qubits aim for ~5x gate-fidelity gains, with 17 qubits by year-end, 175 physical qubits by 2028, and 100 logical qubits by 2032. Competitive claims emphasize dedicated annealing speed and efficiency, and a distinct error-correction approach versus GPU-centric methods.
会议速览
First Quarter 2026 Earnings Call for d-wade with Q&A SessionA scheduled earnings call for d-wade's first quarter 2026 results is announced, including a Q&A session with limitations on questions per analyst. Forward-looking statements, non-GAAP financial measures, and webcast availability are noted. Rules for participation and recording of the event are outlined.
Quantum Computing Leadership and Market PositioningDiscusses the importance of distinguishing execution from hype in quantum computing, highlighting the company's leadership in both annealing and gate model quantum computing, with a focus on dual rail qubit technology as a game-changer for performance and scalability.
Revolutionizing Quantum Computing: D-Wave's Dual Rail Qubits Offer Unmatched Speed, Fidelity, and ScalabilityD-Wave's dual rail qubits combine speed and efficiency, offering significant advantages in quantum computing. The technology showcases higher fidelity, reduced physical qubits for logical operations, and scalable control, setting a clear competitive edge. D-Wave's roadmap targets 100 logical qubits by 2032, with advancements in quantum error correction and integration with proprietary cryogenic control. The company's dominance in annealing quantum computing and real-world applications in blockchain and optimization further solidify its leadership position.
D-Wave's Quantum Computing Advancements and Commercial Momentum in AI and OptimizationD-Wave highlights progress in quantum AI, announcing strong sales momentum, new system sales, and partnerships. The company emphasizes its leading position in quantum computing, showcasing breakthroughs in AI applications and optimization, setting the stage for significant market impact.
D-Wave's Dual Platform Quantum Computing: Leadership, Commercial Deployment, and Technological DifferentiationD-Wave emphasizes its unique position in quantum computing through dual-platform development, leading in optimization problem-solving, commercial deployment by global companies, quantum supremacy achievement, and innovative dual-rail date model technology, showcasing technical differentiation, commercial proof, and scalable execution.
First Quarter Financials, Revenue Recognition, and Sales Outlook for Quantum Computing SystemsThe company reported a significant decrease in revenue and gross profit for Q1 2026, attributed to lower system sales compared to the previous year. However, there was an increase in QCA subscription and professional services revenue. The acquisition of Quantum Circuits impacted operating expenses, leading to higher net loss and adjusted EBITDA loss. The company's pipeline for sales opportunities more than doubled, with a focus on delivering 2-3 system sales per year, predominantly in the annealing model. The presentation concluded with an outlook on revenue recognition patterns and the confidence in achieving profitability with less funding than competitors.
Qubit Technology Advancements and Roadmap to High Fidelity Cubic GatesA discussion on achieving high fidelity cubic gates with dual rail qubits, targeting improvements over Google Willow's work by five times, aiming for 100 logical qubits by 2032 and enhancing quantum computing capabilities.
Quantum Computing Market Dynamics: Annealing vs Gate Model SystemsThe dialogue explores the quantum computing industry's landscape, focusing on annealing and gate model systems. It highlights the growing interest in annealing due to its error sensitivity and efficiency, while acknowledging established gate model companies' efforts to incorporate annealing protocols. Despite increased competition, Wave maintains its leadership in the quantum computing market.
Expanding Appetite for Quantum Systems: A Shift from Research to Commercial ApplicationsThe dialogue discusses the growing interest in quantum systems, particularly annealing quantum computers, with expectations for increased sales in both commercial and academic sectors. While current sales are more research-oriented, there's potential for significant commercial sales in blockchain and AI, areas where progress could validate the application opportunities for these systems.
QCI Roadmap Feedback: Customer Interest in Gate Model Systems & Cloud AccessCustomers show interest in acquiring gate model systems, both for premise installation and cloud access, with potential preliminary sales anticipated as QCI scales up qubei operations, aiming for 17 qubei by year-end and planning for 175 qubei in the future.
Backlog Composition & Commercial Potential of RPO SalesDiscussed the 50/50 split between commercial and research sales in the RPO backlog, highlighting opportunities for commercial acceleration through lessons from niche academic projects.
Inquiry on Multi-Touch Processors: Initial Readings and Coherence Time InsightsThe dialogue focuses on seeking initial insights and learnings from handling multi-touch processors, with a particular emphasis on understanding coherence time and any anticipated timelines for further developments.
Progress Update on Scalable IO Architecture and Bonding Process for Multi-Chip Quantum ProcessorsA significant advancement in quantum computing is highlighted, focusing on the development of a scalable IO architecture and bonding process for multi-chip processors. The unique capability of controlling 4000 qubits with 200 IO lines is noted, with plans to scale up to 100000 qubits. Prototypes for the new architecture are being tested, marking a crucial R&D milestone in enhancing the scalability and efficiency of quantum computing systems.
Revenue Allocation Between Initial Installation and Ongoing Services in FAU SystemsDiscussion focused on revenue distribution between upfront installation and recurring services for FAU systems, including the inclusion of these elements in the 12-month RPO.
Dual Rail Technology vs. Standard Error Correction: An Insight into Quantum Computing AdvancementsDiscusses the significance of dual rail technology in quantum computing, contrasting its efficiency with traditional error correction methods. Highlights Nvidia's relevance in gate model systems but notes modifications needed for dual rail processors, emphasizing GPU's role in classical computation for error correction.
Deferred Revenue Dynamics and Its Impact on RPO and BacklogThe dialogue explores the deferred revenue component within RPO, noting its recent increase attributed to quantum circuit activities. It discusses the significance of deferred revenue in backlog evolution and its future implications, without specifying individual accounts.
Balancing Pure Science and Commercial Relevance in Research ProjectsDiscusses the dual nature of research, from pure science investigations to commercially applicable advancements, highlighting examples such as Google's physics theory research and the Uli Supercomputing Center's AI workflow optimization system, underscoring a balanced approach to innovation.
Blockchain Innovations with Quantum Computing for Enhanced Efficiency and SecurityA discussion highlighted the development of a novel proof-of-work protocol designed for quantum computers, aiming for enhanced energy efficiency and quantum safety. The protocol leverages quantum processors' ability to generate samples from a distribution more efficiently than classical CPUs or GPUs. The focus is on creating a quantum-safe blockchain that could potentially give quantum processors a significant edge in mining operations. The conversation also emphasized the practical applications and market readiness of quantum computing technologies, underscoring the transition from experimental to commercial use.
要点回答
Q：Why is the distinction between hype and execution particularly important in the quantum computing market?
A：The distinction between hype and execution is critical because it helps investors and stakeholders differentiate real, measurable benefits from exaggerated or unproven claims in the rapidly growing quantum computing sector.
Q：What is the significance of quantum computing's near-term capabilities and commercial traction?
A：Quantum computing's near-term capabilities and commercial traction are crucial as they represent the reality of what the technology can achieve in the current market, as opposed to long-term potential or hype.
Q：How does D-Wave view its position in the quantum computing market?
A：D-Wave views itself as the clear leader in the quantum computing market, projecting a substantial market size of over $800 billion by 2030, with a significant portion dedicated to annealing quantum computing, an area where D-Wave is the unique leader.
Q：What advantages does D-Wave's dual rail quantum computing technology provide?
A：D-Wave's dual rail quantum computing technology combines the high fidelity of trapped ions and neutral atoms with the speed of superconducting systems, offering more reliable computation, more efficient error correction, and a path to building useful quantum systems with greater efficiency and reduced overhead.
Q：How does D-Wave's dual rail technology integrate with its cryogenic control to benefit quantum computing?
A：D-Wave's dual rail technology, when combined with its proprietary cryogenic control, enables the company to significantly reduce the wiring required for large numbers of qubits, which ultimately allows for full system control with multiple orders of magnitude fewer control lines, crucial for the scalability of quantum systems.
Q：What achievements in quantum error correction and logical operations are expected?
A：D-Wave plans to demonstrate quantum error correction technology and logical operations using the anticipated number of physical qubits by 2028. The roadmap also includes the integration with D-Wave's scalable control system and the expectation to capture a significant share of the gate model market.
Q：What has been the demonstrated leadership position of D-Wave in the quantum computing industry?
A：D-Wave's leadership position is solidified by its dominance in annealing quantum computing, which is widely trusted by global companies across various sectors and scientific researchers for optimization and acceleration of discovery. D-Wave's quantum computers are being deployed to solve real customer problems.
Q：What collaboration has D-Wave had with Postponed Labs, and what is the goal of the blockchain testnet?
A：D-Wave collaborated with Postponed Labs to develop and launch a quantum-classical blockchain testnet that is now live. The goal is to support the development of a global quantum blockchain standard and assess how quantum computing can contribute to a more secure and energy-efficient blockchain in a distributed network.
Q：What are the early results of combining quantum computing with AI, and which company is involved in this project?
A：D-Wave is working with a Japanese pharmaceutical company, CNova, on a multi-stage progress project that applies AI to drug discovery. This work focuses on using D-Wave's quantum computers in a large language model training process, showing promising results compared to classical machine learning algorithms.
Q：What new capabilities have been outlined for annealing quantum computers?
A：D-Wave published research on powerful new multicolor annealing protocols that enable some gate model operations within their commercial annealing quantum computers. These new features were launched with key customers to quantify the research and system behavior.
Q：How is D-Wave's momentum reflected in its latest quarterly results?
A：D-Wave's momentum is reflected in a double-digit increase in the sales pipeline and record first-quarter bookings. Notable agreements include a $20 million system sale to Florida Atlantic University and the industry's first $10 million enterprise license quantum computing as a service deal.
Q：What differentiates D-Wave's approach from other gate model quantum computing companies?
A：D-Wave's approach is differentiated by its dual rail gate model technology, which combines superconducting speed, high performance fidelity, and a clear path to scale. D-Wave is the only company developing both annealing and gate model quantum computing systems, giving it a unique position to participate in the full addressable market of quantum computing.
Q：What makes D-Wave unique compared to other companies in the quantum computing industry?
A：D-Wave is unique in being the only dual platform quantum computing company, developing both annealing and gate model systems, which positions it to participate in the full addressable market of quantum computing. Its focus on optimization, commercial deployment, and solving problems beyond classical computing's reach, along with its dual rail gate model technology, set it apart from other companies.
Q：What was the revenue for the first quarter of 2026 and how does it compare to the first quarter of 2025?
A：The revenue for the first quarter of 2026 was $2.9 million, a decrease of 12.1 million, or 81%, from the first quarter of 2025 revenue of $15 million.
Q：What was the recent progression of remaining performance obligations (RPO) as of March 31, 2026?
A：As of March 31, 2026, the aggregate amount of remaining performance obligations related to contracts was $42.4 million, a 29 million or 216% increase over the immediately preceding fourth quarter of 2025 RPO balance of $13.4 million.
Q：What's driving the increased system sales outlook and what is the split between the mailing and gate model?
A：The increased system sales outlook is driven by a significantly increased pipeline over the last year, with multiple system deals in various stages of negotiation with different customers. However, details on the split between the mailing and gate model are not provided in the transcript.
Q：What is the projected fidelity improvement with the dual rail technology?
A：The dual rail technology is expected to significantly improve system fidelity, with a projected improvement of about five times over the current 99.9% fidelity, particularly with the Google Willow work and the potential for high-high quri and 2 cubic gate fidelities.
Q：How should the landscape of quantum computing look in the future with respect to new entrants and competition?
A：While there is increasing interest in annealing approaches to quantum computing, with some companies implementing annealing protocols within their gate model systems, none of these represent a real threat to the established quantum computing advantage. The company believes they will continue to be leaders in the market segment where quantum computing is applicable.
Q：What progress is being made with blockchain and AI, and how could it affect commercial sales?
A：The company is making good progress in blockchain and AI, with the launch of the testnet with post Quant Labs for a new quantum blockchain environment being a significant step. Although not yet realized, there is potential for these developments to lead to significant commercial sales, especially in support of blockchain and AI applications.
Q：What is the feedback from commercial customers on engaging with the QCI roadmap and potential customer base for the gate model system?
A：The company has received interest from a handful of customers who have expressed interest in acquiring or accessing the gate model system at the level of the cloud. The company is working with these customers and moving the hardware into the cloud services to enable sales and access.
Q：What is the current status of the gate model system's capacity?
A：The gate model system is currently operational with 8 qubes, and there is an interest in acquiring more systems, with preliminary sales potentially starting this year but more likely in 2027.
Q：What is the composition of the RPO backlog, and what does it consist of?
A：The RPO backlog consists of 20 million in system sales and a significant portion of commercial enterprise SaaS deals, making it roughly 50/50 between commercial and research.
Q：What progress is being made on the annealing multi-chip processor and scalable IO architecture?
A：Good progress is being made on the annealing multi-chip processor and the scalable IO architecture. Masks and tips for the process as well as the new scalable IO architecture have been designed, and testing of the chips and the IO architecture is about to begin.
Q：Does the RPO for the installation of the system include some of the system sales?
A：Yes, the RPO includes some of the system sales, but detailed elements of the RPO cannot be provided yet.
Q：How does Nvidia's announcement on error correction relate to D-Wave's dual rail technology?
A：Nvidia's work on error correction is relevant to the gate model systems but not directly applicable to D-Wave's dual rail technology, as the error correction is more sophisticated and efficient in dual rail processors. Nonetheless, GPUs will still be important for the classical component of error correction in gate model systems.
Q：Can lessons learned from research and academic sales be applied to commercial adoption?
A：It is unclear from the provided text whether lessons learned from research and academic sales can be directly applied to accelerate commercial adoption. Further information would be needed to address this question.
Q：What kind of research is Google conducting with their systems?
A：Google is conducting pure science research with their systems, investigating physics theories that have not yet been demonstrated or analytically validated.
Q：What is the commercially relevant work mentioned in the speech?
A：The commercially relevant work includes the sale of a system to the Uli Supercomputing Center, which will be used for optimization in AI workflows on a Jupyter Exascale supercomputer with 25,000 Nvidia GPUs.
Q：Can the blockchain application described in the speech run on all proof of work protocols?
A：The blockchain application is designed for a new proof of work protocol that is quantum safe. It is not specified whether it can run all proof of work protocols or just a subset; however, it's highlighted that it's tailored for a new protocol.
Q：What advantage does the new proof of work protocol give to quantum processors?
A：The new proof of work protocol is tailored to leverage the strengths of quantum processors, which are very fast and energy-efficient at generating samples from a distribution. This can provide a significant edge to the quantum processor in winning the majority of blocks.
Q：What is Dwave's strategy for the quantum computing market?
A：Dwave's strategy is to be well-positioned for the quantum computing shakeout as the industry transitions from promise to proof and from experiment to evidence. They are building technology that is differentiated for the future and delivering results in the market today with annealing and driving commercial value with gate model. Dwave is aiming to be a leader in quantum computing and making the technology easier for customers to adopt and generate value.
D-Wave Quantum Inc.
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