D-Wave Quantum QBTS retains substantial liquidity to fund product development and commercial expansion despite a decline in cash following its Quantum Circuits acquisition. As of June 30, 2026, cash and marketable securities totaled $546.2 million, down 33% from $819.3 million a year earlier. More than 90% of the decline was linked to the approximately $250 million cash consideration paid for the acquisition.
However, D-Wave continues to increase spending on product development and go-to-market initiatives. Adjusted EBITDA loss widened to $69.9 million in the first half of 2026 from $26.1 million a year earlier. Its liquidity provides flexibility to advance both annealing and gate-model quantum computing technologies.
The company is also expanding its quantum computing-as-a-service (QCaaS) business. First-half subscription revenues rose more than 30% year over year to $3.6 million. Bookings reached $35.5 million, while remaining performance obligations totaled $40.7 million at the end of June, providing visibility into future contracted revenues.
Stockholders' equity totaled $1.08 billion. Overall, D-Wave's liquidity and contracted business provide resources to support its technology roadmap and commercial expansion. However, continued investment and rising operating losses remain important factors in assessing its financial runway.
Peer Update
IonQ IONQ ended June 2026 with about $3.0 billion of cash, cash equivalents, restricted cash and investments before the SkyWater closing. After subtracting cash used for the acquisition, cash equivalents and investments were about $2.0 billion.
IONQ’s remaining performance obligations rose to $485 million as of June 30, 2026, from $470 million as of March 31, 2026, and the company expects about half of the June balance to convert to revenues within the next 12 months. This provides multi-quarter visibility as IonQ funds R&D, manufacturing and go-to-market investment. Operating cash outflow totaled $254.8 million in the first half of 2026, underscoring the importance of maintaining adequate liquidity to support ongoing investments.
Microsoft’s MSFT heavy infrastructure spending is absorbing a growing share of its operating cash generation. Cash, cash equivalents and short-term investments totaled $76.8 billion as of June 30, 2026, down from $94.6 billion a year earlier. Cash flow from operations rose about 30% year over year to $55.4 billion in fourth-quarter fiscal 2026, but free cash flow fell 23% to $19.6 billion as investment accelerated.
MSFT expects free cash flow to return to positive growth during fiscal 2027, so execution on that recovery matters as capital expenditures remain elevated. MSFT’s property and equipment, net, increased to $313.1 billion from $205.0 billion a year earlier, expanding the asset base that must earn adequate returns. Long-term debt, including the current portion, amounted to $31.1 billion as of fiscal 2026-end, leaving less financial flexibility if AI infrastructure develops more slowly than expected.
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