D-Wave (QBTS) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, May 13, 2026 astatine 9:09 AM CDT 38 min read

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DATE

May 12, 2026

CALL PARTICIPANTS

• Chief Executive Officer — Alan Baratz

• Chief Financial Officer — John Markovich

Full Conference Call Transcript

Alan Baratz: Good morning, everyone, and convey you for joining us. I privation to statesman by sharing a fewer perspectives connected the quantum computing landscape. As Lynas Turbus, the creator of Linux, erstwhile said, Talk is cheap, Show maine the code. That thought feels particularly applicable successful quantum computing contiguous arsenic excitement rises, contention increases and investors are looking for proof, not conscionable promise. As quantum computing attracts expanding capitalist attention, the assemblage is generating important excitement but besides important noise. New entrants, caller nationalist listings and ambitious and immoderate mightiness reason precise overstated exertion and merchandise claims are drafting attention. In this environment, it is much important than ever to separate hype from execution.

As the tract grows much crowded, the speech is shifting from who is participating to who is positioned to deliver. Customers are looking for exertion that tin springiness them a competitory borderline today. Researchers privation cutting-edge tools that tin accelerate discoveries now, and investors are moving diligently to abstracted awesome from sound successful a assemblage that tin sometimes make much headlines than grounds oregon results.

As the CEO of 1 of the world's archetypal and starring quantum computing companies, I judge that it is important to assistance amended the marketplace connected the realities of quantum computing's existent near-term capabilities and commercialized traction arsenic good arsenic the strengths and trade-offs of the antithetic quantum computing modalities arsenic this marketplace continues to instrumentality shape. Let maine beryllium direct. Many inactive presumption e-Wave done an outdated lens, but I deliberation it's clip for a imaginativeness check. We judge we are the wide person successful quantum computing today, a marketplace that Boston Consulting Group, BCG, projects to beryllium successful excess of $800 billion.

A afloat 1/4 of that marketplace is optimization, which is uniquely addressed by annealing quantum computing, wherever we are the lone player. This is not a niche exertion oregon marketplace arsenic immoderate similar to qualify it. It is estimated by BCG to beryllium a whopping $100 cardinal to $220 cardinal opportunity. For comparison, that's arsenic large arsenic either the planetary semiconductor instrumentality marketplace oregon the planetary cybersecurity market. For those who accidental that D-Wave is addressing a niche market, halt spreading competitory misinformation and commencement doing your homework. Do you deliberation that the planetary semiconductor instrumentality and cybersecurity markets are niche? I don't.