D-Wave Quantum Inc. stock research
FY2026 Q1
D-Wave Quantum (QBTS) Gross Margin — Quarter Ended Mar 31, 2026
Revenue was nearly stable compared to the prior quarter, while gross profit remained unchanged, leading to a slightly lower gross margin. Compared to the same quarter one year earlier, revenue was substantially lower, gross profit decreased, and gross margin weakened.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue was nearly stable compared to the prior quarter, while gross profit remained unchanged, leading to a slightly lower gross margin. Compared to the same quarter one year earlier, revenue was substantially lower, gross profit decreased, and gross margin weakened.
- The gross margin was primarily driven by the relationship between revenue and cost of revenue, as gross profit remained unchanged from the prior quarter despite a slight increase in revenue.
- Compared to the prior quarter, revenue was slightly higher, cost of revenue was slightly higher, and gross profit was unchanged, resulting in a slightly lower gross margin. Compared to the same quarter one year earlier, revenue was significantly lower, cost of revenue was slightly lower, and gross profit was significantly lower, leading to a weaker gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
63.6%
Gross profit
$1.8M
Revenue
$2.9M
Cost of revenue
$1.0M
Quarter-over-quarter change
-1.2 pts
Year-over-year change
-28.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $3.1M | $2.0M | $1.1M | 63.8% |
| Sep 30, 2025 | $3.7M | $2.7M | $1.1M | 71.4% |
| Dec 31, 2025 | $2.8M | $1.8M | $968000 | 64.8% |
| Mar 31, 2026 | $2.9M | $1.8M | $1.0M | 63.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-1.2 pts
Year-over-year change
Mar 31, 2025
-28.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin was primarily driven by the relationship between revenue and cost of revenue, as gross profit remained unchanged from the prior quarter despite a slight increase in revenue.
Compared to the prior quarter, revenue was slightly higher, cost of revenue was slightly higher, and gross profit was unchanged, resulting in a slightly lower gross margin. Compared to the same quarter one year earlier, revenue was significantly lower, cost of revenue was slightly lower, and gross profit was significantly lower, leading to a weaker gross margin.
Monitor the trend in cost of revenue relative to revenue, as a slight increase in cost of revenue without a corresponding increase in gross profit could pressure gross margin further.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| D-Wave Quantum Inc. (QBTS) | 63.6% |