Here's How QBTS' Liquidity Supports Expansion Despite Rising Cash Burn

D-Wave Quantum QBTS retains substantial liquidity to fund product development and commercial expansion despite a decline in cash following its Quantum Circuits acquisition. As of June 30, 2026, cash and marketable securities totaled $546.2 million, down 33% from $819.3 million a year earlier. More than 90% of the decline was linked to the approximately $250 million cash consideration paid for the acquisition. However, D-Wave continues to increase spending on product development and go-to-market initiatives. Adjusted EBITDA loss widened to $69.9 million in the first half of 2026 from $26.1 million a year earlier. Its liquidity provides flexibility to advance both annealing and gate-model quantum computing technologies.