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On September 4, 2026, D-Wave entered an agreement with the U.S. Department of Commerce to receive up to $100 million in research and development funding. The money comes from the CHIPS and Science Act, a federal law designed to boost domestic semiconductor and advanced technology production. The company will receive an initial $53.6 million shortly, with the rest tied to hitting technical milestones like building and testing new quantum processor prototypes over the next five years.
This is a significant win for D-Wave because it provides non-dilutive cash to fund its expensive hardware roadmap. In exchange for the funding, the company will issue about 7.1 million shares to the Department of Commerce at $14.09 per share. While this adds some new shares to the market, the trade-off is a massive infusion of capital that validates D-Wave's technology and helps protect its $588 million cash pile as it works toward profitability.
Source: 8-K filing
BMO Capital set a price target of $35 for the company on Thursday. This is roughly double where the stock trades today and sits near the average analyst target of $34. While price targets are just estimates of where a stock might trade in a year, this move shows that analysts remain optimistic about the company's growth. The business is currently trying to prove it can turn record bookings into steady revenue from its cloud-based quantum computing services.
Source: BMO Capital
D-Wave announced that John Markovich, who has served as the company's finance chief for five years, will retire on September 2, 2026. Greg Golkov, the current senior vice president of finance, will step in as the acting Chief Financial Officer. The company stated the departure is not due to any disagreements over its financial reporting or business practices.
A CFO transition is a major event for a company in a hyper-growth phase because that role manages the cash needed to fund expensive research. Markovich oversaw the company's move to the public markets and helped raise significant capital. While a retirement is generally less concerning than a sudden resignation, the new leadership will now be responsible for the difficult task of turning record bookings into actual cash flow before the company's current funds run out.
Source: 8-K filing
NTT DOCOMO has moved a second quantum application into its daily operations. The system uses D-Wave's annealing technology, which is a specialized type of quantum computing designed to find the most efficient solution to complex math problems. This specific application helps manage the signals that mobile devices send to register their location, making the network more efficient.
This is a meaningful win because it shows a major customer moving beyond testing and into real-world use. For a company like D-Wave that is trying to prove quantum computers can solve business problems today, having a massive telecom provider rely on its systems for network traffic is a strong signal that the technology is ready for commercial use.
Source: Business Wire
D-Wave has added Kevan P. Krysler to its board of directors and the audit committee, which oversees the company's financial reporting and internal controls. Krysler is currently the finance chief at Carbon Robotics and has a background in technology finance. Board appointments like this are routine for growing companies. While his experience in robotics and finance is a logical fit as D-Wave tries to scale its commercial business, this change does not alter the company's immediate financial outlook or its technical roadmap.
Source: Business Wire
Management has missed its own targets in five of the last eight quarters. This choppy record makes it difficult to trust their forecasts as they try to turn research into a real business.
| Expectation | |
|---|---|
| EPS | $-0.09 |
| Revenue | $4M |
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