D-Wave Quantum: A Pomerantz Class Action Lands Alongside a 19% Bookings Retreat

D-Wave Quantum shareholders now have two separate files to weigh: a securities class action filed in a Northern California federal court and a third-quarter report that showed revenue advancing while new business slipped. The stock gave up 2.8% yesterday, extending a soft stretch for quantum computing names after weaker results from D-Wave and Rigetti, together with broader pressure across the technology sector, had already weighed on the group.

Pomerantz disclosed on Tuesday that the suit targets D-Wave Quantum and certain executives. The allegations remain just that — accusations, not findings established by a court. How the case develops, and whether the operating business can generate enough positive momentum, will shape the investment case from here.

Revenue and bookings pull in opposite directions

The figures D-Wave released on Tuesday put a clear test in front of investors. Revenue for the third quarter of 2026 came in at $4.51 million, up 21% year over year and ahead of expectations. Bookings, the measure that tracks newly signed business, fell 19% to $1.9 million.

That gap is what makes the decision awkward. Top-line growth points to commercial progress, yet a durable growth story needs the order book to cooperate as well. Whether the bookings decline proves temporary or persists is the pivot: a rebound would support the case that D-Wave can convert its technical work into signed contracts, while continued weakness would argue for tempering growth expectations.

Over the first nine months of the year, bookings reached $37.4 million — a gain of 611%. The quarterly loss, meanwhile, came in wider than analysts had forecast. D-Wave posted a net loss of $48.2 million, or $0.13 per share. Consensus had pointed to $0.10.

Stride solver gets faster, and B. Riley stays constructive

A potential lever sits in the hybrid Stride solver upgrade announced on 4 November, alongside a new training offering aimed at developers that is meant to speed adoption of quantum optimization. According to the company — and based on its own comparative benchmarks — the improved version found better solutions to a production-line scheduling task within 15 seconds, versus 120 seconds for the prior version.

The commercial payoff would come if customers judge that extra performance valuable enough to sign. In a favorable scenario, the stronger offering makes new deals easier to close, and a rising order book would then reinforce the link between technical development and business success.

An analyst move on Monday left room for that scenario. B. Riley Securities cut its price target to $22 from $27 while keeping its Buy rating. A lower target paired with an unchanged recommendation reads as a more cautious form of optimism — one that gains credibility if D-Wave reports progress on new business alongside revenue growth.

The bear case: losses and litigation

Against any rush to confidence stands the earnings line. D-Wave missed profit expectations despite the higher revenue. In an unfavorable scenario, continued weak bookings meet sustained pressure on results, and revenue growth loses its weight as a positive argument unless the economics improve alongside it. Technical advances can only offset that drag once they pay off commercially.

The class action widens the calculation. Its trajectory belongs in any risk assessment, while the alleged violations remain legally unresolved. A bullish thesis therefore has to assume enough operational progress to absorb both the softer bookings and the added uncertainty.

What to watch next

As long as D-Wave keeps growing revenue and turns product improvements into new orders, the positive case rests on something tangible. Should bookings stay weak while losses outrun expectations, the cautious view of the stock would only harden.

The nearest concrete date concerns the litigation: Pomerantz has set 15 December 2026 as the deadline for motions seeking appointment as lead plaintiff — a procedural step investors should weigh for what it is worth. On the economic side, further bookings and earnings figures remain the key potential catalysts. A more convincing recovery story emerges when D-Wave brings technical capability, new business and better results together. Until then, the equity represents a conditional opportunity — one that gains substance only if commercial progress follows the technical kind.