QBTSNasdaqServices-Computer Processing & Data Preparation

D-Wave Quantum Inc. (QBTS) earnings date, market-implied expected move, and options open interest by expiry

10.39

pre 10.24 −1.35%

Pre-market07:28 ETdelayed

Open10.26Volume11.9MMkt cap$3.8BEPS-0.72

Day10.24 – 10.380%52-wk10.02 – 32.391%

QBTS

D-Wave Quantum Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±4.8%implied · straddle

8Q avg ±13.1%·×0.37·cheap

9.8810.88

spot 10.38exp Nov 6ATM strike 10.5ATM straddle 0.59IV 95%

Nov 4 close

Expected move

Inputs

Next report

Today

before open

est.Q3 FY26

Calendar

Next report

Last report

−9.28%

vs ±8.4% implied · ×1.10

shaded = implied · ▲▼ = realized

Aug 6 '26 · confirmed

Implied vs realized

Largest filed tie

—

Supply chain

13F top-10 QoQ

+2.20%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

133 managers

Top fund weight

0.27%

QBTS weight · IWM

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

D-Wave Quantum (QBTS) is expected to report on Nov 5 before open (estimated date). Implied ±4.8%, either direction. 3 of the last 8 reports moved at least as far as the implied move.

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±11.8%
avg realized: ±13.1%

Jan 10 '25Jan 10 '25confirmed±15.7%▼−5.41%×0.34

Mar 13 '25Mar 13 '25confirmed±13.5%▲+18.73%×1.39

May 8 '25May 8 '25confirmed±11.7%▲+51.23%×4.38

Aug 7 '25Aug 7 '25confirmed±12.8%▼−2.33%×0.18

Q3 FY25Nov 6 '25confirmed±11.2%▼−8.48%×0.76

Q1 FY26Feb 26 '26confirmed±10.2%▲+2.49%×0.25

May 12 '26May 12 '26confirmed±11.2%▼−6.99%×0.63

Q2 FY26Aug 6 '26confirmed±8.4%▼−9.28%×1.10

quarterimplied−55%0+55%realized×

Q2 FY26±8.4%▼−9.28%×1.10

May '26±11.2%▼−6.99%×0.63

Q1 FY26±10.2%▲+2.49%×0.25

Q3 FY25±11.2%▼−8.48%×0.76

Aug '25±12.8%▼−2.33%×0.18

May '25±11.7%▲+51.23%×4.38

2 older reports

Mar '25±13.5%▲+18.73%×1.39

Jan '25±15.7%▼−5.41%×0.34

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 10 expiries · Nov 4 close

0.38OI · 10 expiries · Nov 4 closeP/C open interest · Nov 6 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

8,489+20%Nov 61d22,371+13%

9,5470%Nov 138d0.7013,716+6%0.70

31,283−1%Nov 2015d0.4175,458+3%0.41

1,816+1%Nov 2722d0.553,273+8%0.55

426+17%Dec 429d1.16368+15%1.16

5 later expiries

241+31%Dec 1136d3.8962+59%3.89

3,721+3%Dec 1843d0.566,696+1%0.56

112,633+9%Jan 1571d0.80140,805+16%0.80

12,784+1%Mar 19134d0.3833,650+3%0.38

9,711+1%Apr 16162d0.7213,473+4%0.72

ExpiryPutsCallsP/C

Nov 61d8,489+20%22,371+13%0.38

Nov 138d9,5470%13,716+6%0.70

Nov 2015d31,283−1%75,458+3%0.41

Nov 2722d1,816+1%3,273+8%0.55

Dec 429d426+17%368+15%1.16

5 later expiries

Dec 1136d241+31%62+59%3.89

Dec 1843d3,721+3%6,696+1%0.56

Jan 1571d112,633+9%140,805+16%0.80

Mar 19134d12,784+1%33,650+3%0.38

Apr 16162d9,711+1%13,473+4%0.72

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±4.8%

Funds 4

IWM±0.0%

UWM±0.0%

VTI±0.0%

VT±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

−1561.38%as filednet margin · revenue +7.63% QoQ · −0.61% YoY

Revenue$3M+7.63%

Gross profit$2M55.40%−6.27%

Operating income−$53M−1732.05%+2.65%

Pre-tax income−$48M−2.59%

Net income−$48M−1561.38%−161.63%

Cost of revenue$1M+31.92%

Operating expenses$55M−2.76%

Tax$8,000+100.03%

Other income$5M−33.59%

Source: SEC filings · standardized · QE Jun 30 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 4 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 07:15 ET

Intraday

Event sensitivity

FOMC ×0.99· ±5.7% vs ±5.7% · 25 releases

eventrelease day|move|up · n×base

FOMCrate decision±5.7%11 of 25×0.99

PPIproducer prices±5.6%5 of 11×0.98

GDPgross domestic product±5.3%7 of 20×0.93

CPROFcorporate profits±5.2%4 of 12×0.91

NFPjobs report±5.0%3 of 10×0.88

PCEpersonal income & outlays±4.2%9 of 20×0.74

CPIconsumer prices±3.3%8 of 11×0.57

Bar = avg |move| to ±6% · tick = ±5.7% avg day · ×base = |move| ÷ ±5.7% · min 6 releases

Earnings history

EPS -0.13 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 6 '26 · confirmed	-0.13	—
Q1 FY26	Feb 26 '26 · confirmed	-0.05	—
Q3 FY25	Nov 6 '25 · confirmed	-0.41	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod