D-Wave Quantum shares fall after Q3 results highlight larger losses and higher expenses

D-Wave Quantum (QBTS) is down 8.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The sell-off appears tied to D-Wave’s third-quarter results, where revenue grew but losses and operating expenses remained very high. This could be because investors focused more on the company’s $48.2 million quarterly net loss and rising spending than on its commercial progress and backlog growth.

Details:

D-Wave reported third-quarter 2026 revenue of $4.5 million, up 21% from a year earlier, with growth in professional services and quantum computing as a service.

Net loss was $48.2 million, or $0.13 per share, even though that was narrower than the year-ago period.

GAAP operating expenses rose 84% year over year to $55.9 million, driven mainly by higher personnel costs, stock compensation, amortization, professional services, and marketing.

The company ended the quarter with $503.4 million in cash and marketable investment securities and highlighted strong bookings growth plus potential access to up to $100 million in CHIPS Act funding, but those positives did not stop the stock from falling.

Sources:

D-Wave Investor Relations, SEC, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$QBTS Insider Trading Activity

$QBTS insiders have traded $QBTS stock on the open market 14 times in the past 6 months. Of those trades, 0 have been purchases and 14 have been sales.

Here’s a breakdown of recent trading of $QBTS stock by insiders over the last 6 months:

ALAN E BARATZ (President & CEO) sold 687,627 shares for an estimated $17,967,693
JOHN M. MARKOVICH (Chief Financial Officer) has made 0 purchases and 7 sales selling 628,752 shares for an estimated $16,785,833.
DIANE NGUYEN (EVP, Chief Legal Officer & GC) sold 40,000 shares for an estimated $1,000,560
SOPHIE C AMES (Exec. Vice President & CHRO) has made 0 purchases and 2 sales selling 26,095 shares for an estimated $488,975.
ROHIT GHAI sold 13,518 shares for an estimated $357,054
JOHN D DILULLO has made 0 purchases and 2 sales selling 8,950 shares for an estimated $211,609.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

$QBTS Hedge Fund Activity

We have seen 312 institutional investors add shares of $QBTS stock to their portfolio, and 237 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

NORGES BANK added 4,318,454 shares (+2715.9%) to their portfolio in Q2 2026, for an estimated $103,599,711
HRT FINANCIAL LP removed 3,359,551 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $80,595,628
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 3,284,474 shares (+inf%) to their portfolio in Q2 2026, for an estimated $78,794,531
BLACKROCK, INC. added 2,993,471 shares (+9.9%) to their portfolio in Q2 2026, for an estimated $71,813,369
JPMORGAN CHASE & CO added 2,744,938 shares (+inf%) to their portfolio in Q2 2026, for an estimated $65,851,062
DEFIANCE ETFS, LLC added 2,570,193 shares (+751.8%) to their portfolio in Q2 2026, for an estimated $61,658,930
JANE STREET GROUP, LLC removed 2,368,927 shares (-99.4%) from their portfolio in Q2 2026, for an estimated $56,830,558

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$QBTS Price Targets

Multiple analysts have issued price targets for $QBTS recently. We have seen 5 analysts offer price targets for $QBTS in the last 6 months, with a median target of $40.0.

Here are some recent targets:

Vijay Rakesh from Mizuho set a target price of $35.0 on 06/15/2026
John McPeake from Rosenblatt set a target price of $43.0 on 06/11/2026
N. Quinn Bolton from Needham set a target price of $40.0 on 06/02/2026
Craig Ellis from B. Riley Securities set a target price of $40.0 on 06/02/2026
Suji Desilva from Roth Capital set a target price of $40.0 on 06/02/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.