By Mackenzie Tatananni

Shares of D-Wave Quantum were rising as investors looked past an 81% drop in quarterly revenue and focused instead on a massive surge in bookings fueled by a recent $20 million system sale.

First-quarter revenue declined sharply to $2.86 million, missing analysts' calls for $4.2 million. The company attributed the drop to the large, one-time sale of a quantum computer in the year prior. In earlier interviews with Barron's, CEO Alan Baratz has warned of so-called lumpiness in the results resulting from irregular infusions of revenue.

Bookings, a measure of customers orders that should generate revenue in the future, reached $33.4 million in the quarter, up from $1.6 million in the same period last year. The figure includes a $20 million system purchase by Florida Atlantic University and a $10 million, two-year pact with an unnamed Fortune 100 company.

Shares added 2.7% in premarket trading Tuesday. Peers IonQ and Rigetti Computing were up 3.5% and 4.1%, respectively. Rigetti reported first-quarter earnings after the closing bell Monday.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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May 12, 2026 07:24 ET (11:24 GMT)

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