D-Wave Quantum (NASDAQ: QBTS) saw its shares decline about 8% to $10.59 in early Tuesday trading after the quantum‑computing firm released its third‑quarter results, which showed a sharp fall in bookings and a widening adjusted EBITDA loss despite revenue beating analysts’ forecasts.

Revenue beats estimates, bookings tumble

The company posted Q3 revenue of $4.5 million, up 21% year over year and above the $4.37 million consensus estimate, according to The Crypto Basic. However, quarterly bookings slipped to $1.9 million, a 19% decline from the same period last year and below the $2.1 million recorded in Q2.

Profitability metrics deteriorate

Adjusted EBITDA loss expanded 83% to $37.7 million, compared with $20.6 million a year earlier. Zacks reported an adjusted loss of $0.11 per share versus a consensus expectation of a $0.10 loss. GAAP gross margin fell to 52.9% from 71.4% a year ago, driven by a higher mix of lower‑margin professional services and increased stock‑based compensation.

Cash position and future outlook

D-Wave ended September with $503.4 million in cash and marketable securities, down slightly from $546.2 million at the end of June. The firm highlighted a 75% growth in its sales pipeline in dollar terms during Q3 and expects to recognize a substantial portion of a $20 million system sale to Florida Atlantic University in Q4, with additional installation revenue spilling into early 2027.

What to watch next

Investors will monitor whether the expanding pipeline translates into confirmed bookings in the coming quarters, and how the company manages its high operating expense base while maintaining the momentum in revenue growth. The performance of the tokenized stock (QBTSon) on secondary markets may also provide insight into broader investor sentiment toward quantum‑computing assets.