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Quantum-computing companies can earn money by selling systems, providing cloud access, and selling software and services. Their bookings and backlog-like figures may indicate future work, but they are not revenue already earned—and each company may define them differently. To judge what a figure says, check its definition, reporting period, expected delivery or recognition timing, and whether large one-time system sales are included.
How quantum-computing companies earn revenue
Most quantum businesses combine several revenue channels. A system purchase can be a substantial one-time transaction; cloud access, software, maintenance, support, and consulting may be sold alongside hardware or over the course of a customer relationship. The mix matters: a company reporting more revenue in a period has not necessarily gained more recurring customers.
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| Revenue channel | What the customer pays for | What to keep in mind |
|---|---|---|
| Hardware and complete systems | A quantum processing unit (QPU), quantum computer, or complete system. | A large sale can make revenue uneven across quarters or years. Revenue is recognized according to the applicable accounting and contract terms, not necessarily when an order is announced. |
| Hosted or cloud access | Access to a quantum system through a cloud service, often described as quantum computing as a service (QCaaS). | Customers can use a system without buying and operating it themselves. The amount and timing of revenue depend on the access arrangement. |
| Software and services | Software, algorithms, consulting, co-development, system maintenance, and customer support. | These may supplement a system sale or cloud access. The label alone does not establish whether revenue is recurring or how much it contributes. |
IonQ’s FY2025 SEC filing lists quantum-system design, development, construction and sales, QCaaS, consulting and other quantum-product services, maintenance, and support. It also lists satellite imagery and data delivered through an online platform. IonQ announced more than $100 million in FY2025 annual GAAP revenue in 2026, but that company-wide figure should not be treated as quantum-computing revenue alone.
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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Company disclosures also illustrate how one contract can affect a period. D-Wave said first-half 2025 revenue included $13.7 million from its first annealing quantum-computer system sale. It later reported a $20 million system sale in first-half 2026 bookings, with revenue expected in subsequent quarters. Those are distinct disclosures: one describes revenue in the earlier period; the other describes an order and expected future recognition.
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Bookings, backlog, RPO, and revenue are different measures
“Backlog” is often used loosely in business coverage. The safer approach is to use the company’s own metric name and definition rather than assume that two companies’ backlog numbers measure the same thing.
- Recognized revenue is revenue reported for goods or services delivered in the period under the applicable accounting rules.
- Bookings generally refers to orders received, but the definition is company-specific. D-Wave defines Bookings as customer orders received that it expects to generate net revenues in the future. The company says it reports the measure to reflect customer demand and help readers analyze potential future performance. It is an operating metric, not a schedule or guarantee of revenue.
- Remaining performance obligations (RPO) is a separate measure in D-Wave’s disclosures. The company defines it as the transaction price of noncancellable orders for which service remains to be performed. Its definition includes deferred revenue and amounts to be invoiced and recognized from open contracts, while excluding unexercised renewals.
A signed order still leaves practical questions: when the company will deliver, what performance the contract requires, when revenue can be recognized, and whether the customer or vendor will exercise any options. Those questions are why a bookings total should not be substituted for sales already earned.
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What D-Wave’s recent figures show—and what they do not
D-Wave’s 2026 releases provide a useful example of why periods and metric labels belong beside every figure. The company’s FY2025 results cover the year ended December 31, 2025; its first-half 2026 results and RPO are different measures covering different periods.
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| D-Wave disclosure | Figure and period | How to read it |
|---|---|---|
| Recognized revenue | $24.6 million for FY2025, the year ended December 31, 2025. | Revenue reported for that fiscal year; not a bookings or backlog figure. |
| Bookings | $18.7 million for FY2025, down 22% from $23.9 million in FY2024. | D-Wave said FY2024 included an eight-figure first system-sale booking, so the comparison reflects a large order in the prior-year base. |
| Recognized revenue | $5.9 million in first-half 2026. | The comparable first-half 2025 period included $13.7 million from the first annealing-system sale. |
| Bookings | $35.5 million in first-half 2026, including a $20 million system sale. | D-Wave expected revenue from that system sale in subsequent quarters; the booking itself was not all revenue recognized in the first half. |
| Remaining performance obligations (RPO) | $40.7 million as of June 30, 2026. | D-Wave expected about 57% to be recognized within 12 months and 72% within two years of that reporting date. This was the company’s estimate, not a guarantee. |
The figures can move in different directions without contradiction: D-Wave reported lower first-half 2026 revenue year over year while bookings rose. The previous period included a large system sale in revenue, and the newer bookings figure included a $20 million system order whose revenue was expected later. The measures describe different events and timing.
D-Wave also reported that more than 135 individual customers, including more than 70 commercial enterprises, were recognized as revenue customers during FY2025. A customer count adds context to revenue, but it does not show how much each customer spent, whether they will renew, or how concentrated revenue was among the largest buyers.
How to assess whether an order points to durable demand
A large booking or RPO can signal contracted work, but by itself it does not establish sustained demand, successful delivery, renewal, or profitability. Compare disclosures across several dimensions rather than treating the headline number as a verdict.
- Match metric to metric. Compare revenue with revenue, bookings with bookings, and RPO with RPO only when definitions align. If a company does not explain its definition, do not silently equate its number with another company’s.
- Check the period and timing. Separate orders received from work delivered and revenue recognized. Look for company estimates of when contracted work may be recognized, and attach the stated date and horizon to those estimates.
- Inspect revenue mix. A system sale can create a spike; cloud, software, and service revenue may behave differently. Confirm what the company actually reports by segment before attributing all company revenue to quantum computing.
- Look at customer breadth and order concentration. Customer counts can help, but a major contract is not evidence on its own of broad adoption. Check whether disclosures explain the customer base and whether a handful of orders dominate the total.
- Read costs and losses alongside growth. Revenue growth does not show that a business is profitable or self-funding. D-Wave reported substantial operating expenses and a net loss alongside FY2025 revenue growth.
Other dated disclosures should be read with the same care. IonQ’s more-than-$100-million FY2025 annual GAAP revenue announcement is a company-wide figure, with the company’s SEC filing listing both quantum and satellite-imagery businesses. A copy of Rigetti Computing’s FY2025 annual report hosted by a third party describes an $8.4 million purchase order to Rigetti Computing India for a 108-qubit system, with C-DAC identified as the customer. That order is not, by itself, a figure for revenue recognized or evidence of a recurring customer relationship.
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When a quantum company announces a “backlog,” first ask what it calls the measure and exactly what it includes. Then identify the reporting date, the period in which revenue is expected (if disclosed), the role of one-time system sales, and the revenue and expense figures already reported. That sequence makes it possible to distinguish an order pipeline from delivered business without assuming all companies use the same accounting or operating definitions.
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