D-Wave Quantum: A Class Action, a 611% Bookings Surge and a Quarterly Order Book That Went the Other Way

Pomerantz disclosed on Tuesday that a securities class action has been filed against D-Wave Quantum and certain executives in the federal court for the Northern District of California. The allegations are accusations, not established facts. For shareholders, the suit adds a legal variable to a story that was already being judged on whether quantum computing can be turned into dependable business.

The stock slipped 2.8% on Friday, a modest move that sits alongside a much larger set of questions than a single session can answer.

Two faces of the order book

D-Wave's third-quarter 2026 results, released Tuesday, showed revenue of $4.5 million — up 21% year over year and ahead of expectations. One source puts the figure at $4.51 million. Either way, the top line expanded.

Bookings told a different story. New orders came in at $1.9 million, 19% below the prior-year level. That contraction is the number to watch, because it tracks freshly signed business rather than revenue already recognized. Whether the dip proves temporary or the start of a trend will shape how the growth case is valued: a rebound would support the argument that technical progress is being converted into commercial traction, while continued weakness would argue for tempering growth expectations.

The longer view complicates the picture in D-Wave's favor. Bookings for the first nine months of 2026 totaled $37.4 million, an increase of 611%. As of September 30, 2026, the company carried remaining performance obligations of $38.3 million, up 1,221% from a year earlier. Those commitments lend substance to the expansion narrative — provided they are eventually converted into revenue. Revenue already booked, new orders signed and obligations still outstanding each illuminate a different stretch of the road from contract to income statement.

The cost side of the growth equation

Profitability remains the counterweight. D-Wave reported a third-quarter 2026 net loss under accounting standards of $48.2 million, or $0.13 per share, against an analyst expectation of $0.10. The adjusted EBITDA loss reached $37.7 million, 83% wider than a year earlier.

Expansion gains quality only when rising revenue is paired with a more contained loss trajectory. Until that condition is met, the growth story demands patience and a critical reading of the numbers.

Brokers trim targets, keep their calls

Analyst reactions captured the tension. Rosenblatt cut its price target to $30 from $43 on Thursday while maintaining a buy rating; John McPeake pointed to results below the firm's own forecasts and a quarterly revenue pattern that is hard to predict. B. Riley Securities lowered its target to $22 from $27 on Monday, also keeping a buy recommendation. A lower target paired with an unchanged rating amounts to a more cautious form of optimism.

Stride as a possible commercial hinge

A potential lever arrived on November 4, when D-Wave announced an improved version of its hybrid Stride solver. According to the company, the new release found better solutions to assembly-line balancing tasks in 15 seconds than the previous version managed in 120 seconds. The investor payoff would come through stronger commercial demand — if customers judge the performance gain valuable enough. In a favorable scenario, the upgraded offering makes new deals easier to close, and a recovering bookings line would then reinforce the link between engineering and sales.

What to watch next

The near-term legal date is December 15, 2026, the deadline Pomerantz has set for motions to be appointed lead plaintiff — a procedural step that should be weighted for its limited informational value. On the operating side, further bookings and earnings figures remain the likeliest catalysts.

The bull case holds together as long as D-Wave keeps growing revenue and converts product improvements into new orders. Should bookings stay weak while losses outrun expectations, the cautious reading gains ground. For now the equity represents a conditional opportunity: it acquires substance only if commercial progress follows the technical kind.