Kessler Topaz Meltzer & Check, LLP has launched an investigation into D-Wave Quantum Inc. (NASDAQ: QBTS) regarding potential federal securities law violations. The probe follows the company’s disappointing second-quarter financial results and the sudden departure of its chief financial officer.

Second Law Firm Joins Investigation

Kessler Topaz announced on September 6, 2026, that it is investigating potential violations on behalf of investors who purchased or acquired securities and experienced significant losses. The firm issued a reminder on September 12, 2026, and again on September 15, 2026, encouraging affected investors to contact them to discuss their legal rights.

This adds to an existing investigation by Pomerantz LLP, which is probing potential securities fraud claims following the same events. Investors with questions about the Pomerantz case are advised to contact Danielle Peyton at that firm.

Financial Results and Market Reaction

On August 6, 2026, D-Wave reported its financial results for the second quarter of 2026. The company issued revenue of only $3.08 million, compared to $3.1 million for the same period in the prior year. This figure missed analyst expectations, which ranged from $4.03 million to $4.08 million.

Following the earnings announcement, D-Wave’s stock price fell $1.99 per share, or 9.28%, to close at $19.41 per share on August 6, 2026.

Leadership Change

Further complicating the outlook, D-Wave announced on August 25, 2026, that John Markovich is retiring and resigning from his position as Chief Financial Officer, effective September 2, 2026.

On this news, D-Wave’s stock price fell another $1.84 per share, or 9.51%, to close at $17.51 per share on August 26, 2026.

What the Numbers Show

The combination of a revenue miss against analyst estimates and the immediate resignation of the CFO suggests significant underlying operational or reporting concerns. The stock declined nearly 10% on two separate occasions within three weeks, reflecting sharp investor reaction to both the financial underperformance and leadership instability.

D-Wave Quantum (NYSE: QBTS) reported second-quarter FY26 revenue of $3.1 million, consistent with the prior year period, while its customer base shifted decisively toward global enterprises.

The company’s adjusted EBITDA loss widened 85% to $37.1 million, driven by increased personnel costs supporting product development and go-to-market initiatives.

Financial Performance

Revenue for the quarter remained essentially flat compared to $3.1 million in Q2FY25. However, the composition of that revenue changed significantly. Commercial enterprises accounted for 62.4% of total revenue, up from 45.1% in the same quarter last year. Forbes Global 2000 customers contributed 47.7% of revenue, a sharp rise from 20.4% in Q2FY25.

GAAP gross profit fell 14% to $1.7 million, causing gross margins to contract by 8.4 percentage points to 55.4%. The decline was attributed primarily to increased personnel costs. Net loss narrowed significantly to $48.0 million ($0.13 per share) from $167.3 million ($0.55 per share) a year earlier. This improvement was driven by a $142 million year-over-year decrease in non-cash, non-operating charges related to the remeasurement of the company’s previous warrant liability, which was fully redeemed in November 2025.

Bookings and Backlog

Bookings for Q2FY26 totaled $2.1 million, a 59% increase from $1.3 million in Q2FY25. The average booking size grew by over 87% year-over-year. For the first half of FY26, bookings surged 1,120% to $35.5 million, anchored by a $20 million annealing quantum computer system sale to Florida Atlantic University.

As of June 30, 2026, remaining performance obligations (backlog) stood at $40.7 million, a 668% increase from $5.3 million at the end of June 2025. Approximately 57% of this backlog is expected to be recognized as revenue within the next 12 months.

What the Numbers Show

While top-line revenue remained static, the underlying revenue mix indicates a structural shift in D-Wave’s business model. The proportion of revenue from production applications within the QCaaS segment rose from 9.8% in the first half of FY25 to 37% in the first half of FY26. This suggests that recent enterprise wins are moving beyond pilot stages into recurring operational usage, even as overall revenue growth remains muted by the absence of large system sales in the current quarter compared to the prior year.

Commercial and Technical Updates

D-Wave highlighted expanded agreements with AT&T, Optum, and NTT DOCOMO. AT&T is using annealing technology to optimize network operations, reducing processing time from one hour to less than 15 seconds in early applications. Optum moved directly from proof-of-technology to production, running approximately 30,000 jobs by mid-June. NTT DOCOMO reduced location registration signals by approximately 65% using D-Wave’s technology.

Technically, the company published research in Nature demonstrating a high-fidelity 2-qubit entangling gate with approximately 99.9% fidelity on its dual-rail architecture. This supports its gate-model roadmap targeting commercial fault tolerance by 2032. The company expects to deliver a 17-qubit system later this year and a 49-qubit system in 2027.

Balance Sheet and Outlook

Cash and marketable investment securities totaled $546.2 million as of June 30, 2026, down 33% from $819.3 million a year earlier. The decrease was largely due to the $250 million cash consideration for the acquisition of Quantum Circuits in January 2026.

Management expects Q3FY26 revenue to be modestly higher than Q2FY26, with Q4FY26 revenue rising significantly due to the delivery of two annealing systems. The company aims to be the first independent publicly held quantum computing firm to achieve sustained profitability.