d-wavequantum3q26earning

Investor Update November 10, 2026

2 Copyright © D-Wave Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to help customers realize value from quantum computing, development of annealing and gate-model systems, enterprise-scale adoption of quantum computing, our development and commercialization plans, dual-platform roadmap and milestones, access to, anticipated use of, and ability to realize the anticipated benefits of the U.S. CHIPS and Science Act funding from the U.S. Department of Commerce, expectations regarding our quantum computing simulator and plans for an error-corrected gate-model quantum computer, among others. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this presentation in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law. As used in this presentation: Bookings: An operating metric that is defined as customer orders received that are expected to generate net revenues in the future. Year-to-date 2026 Bookings includes $2.3 million in Quantum Circuits bookings that were closed immediately prior to the completion of the acquisition of Quantum Circuits in January 2026. We present the operating metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods. Remaining Performance Obligations: Revenues allocated to remaining performance obligations represent the transaction price of noncancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.

4 Copyright © D-Wave Finalized CHIPS Act Funding Agreement • Executed a definitive agreement with the U.S. Department of Commerce based on the previously announced Letter of Intent, providing access to up to $100 million of U.S. CHIPS and Science Act funding, in installments upon satisfying specified milestones and conditions • Funding is expected to accelerate R&D for the development and scaling of both D-Wave’s annealing and gate-model quantum systems • The U.S. Department of Commerce received a minority, non-controlling equity stake in D-Wave as a condition for receiving the funds

5 Copyright © D-Wave New Production Application with NTT DOCOMO • Announced that NTT DOCOMO, Japan’s largest mobile operator, deployed its second production application powered by D-Wave’s hybrid quantum technology • Application optimizes tracking area lists across multiple network areas, reducing daily peak location registration signals by 65% and paging signals by 7%, lowering network signaling load and improving operational efficiency • Optimization completed in approximately five minutes, with results incorporated into DOCOMO’s network planning and day-to-day operations

6 Copyright © D-Wave Delivered Italy’s First Annealing Quantum Computer • Shipped an Advantage2TM annealing quantum computer to Lombardy, Italy for installation at Villa Saporiti to support the Q-Alliance • Provides European researchers, universities and businesses access to powerful, production-grade annealing quantum computing technology once installed • Will support Q-Alliance’s efforts to accelerate application development, build quantum workforce skills, and advance commercial adoption

7 Copyright © D-Wave Launched Gate-Model Simulator Beta Program • Launched a gate-model quantum computing simulator beta program, advancing error-aware programming capabilities, an important milestone in D-Wave’s gate-model development roadmap • Select customers, including BBVA, FirstQFM, Florida Atlantic University and the Jülich Supercomputing Centre received early access to experiment with error-aware programming and to develop quantum applications in preparation for D-Wave’s forthcoming gate-model systems

8 Copyright © D-Wave Extended Quantum Manufacturing Collaboration With SkyWater; Demonstrated Successful Proof-of-Technology • Announced a multi-year extension to the long- established manufacturing partnership with SkyWater to continue specialized semiconductor process development and manufacturing in support of D-Wave’s quantum technology roadmap • D-Wave’s history with SkyWater spans more than a decade, supporting multiple generations of D-Wave quantum technology • Separately, the companies collaborated on a proof- of-technology using D-Wave’s annealing quantum computing technology that resulted in up to a 30% reduction in lot delays at SkyWater’s fab; the work will be expanded to a new proof-of-concept that will include additional constraints

9 Copyright © D-Wave Major New Partnerships Accelerate Go-To-Market Efforts CGI – One of the largest independent IT and business consulting services firms in the world • Strategic partnership that will integrate D-Wave’s quantum computing platforms into CGI’s advanced technology services portfolio, with a goal of moving more applications into production in industries like logistics, transportation and retail LG CNS – A leading AI transformation company in South Korea with expertise in mathematical optimization • Signed a MOU to advance the adoption of quantum computing for enterprise optimization in South Korea and international markets. The collaboration will focus on moving applications into production in industries like manufacturing, telecommunications, finance and retail.

10 Copyright © D-Wave Two New Board Members Appointed • Veteran financial technology executive, Bernard Gavgani, was appointed to the Board of Directors and Cybersecurity Committee. Bernard currently serves as Senior Advisor for Technology and Innovation to BNP Paribas Group Executive Management and previously served as Group Chief Information Officer of BNP Paribas. He brings deep expertise in enterprise technology strategy. • Veteran technology finance executive Kevan P. Krysler was appointed to the Board of Directors and Audit Committee. Kevan currently serves as Chief Financial Officer at Carbon Robotics and has extensive experience in public company financial reporting, corporate growth strategy, and risk management.

11 Copyright © D-Wave Q3 & YTD 2026 Financial Highlights $- $1 $2 $3 $4 $5 Q3 2025 Q3 2026 M IL LI O N S -Q3 Total Revenue $4.5M $3.7M $- $10 $20 $30 $40 2025 2026 M IL LI O N S -First 9 Months Bookings * $5.3M $37.4M $- $10 $20 $30 $40 $50 Q3 2025 Q3 2026 M IL LI O N S - Remaining Performance Obligations $2.9M $38.3M $- $1 $2 $3 Q3 2025 Q3 2026 M IL LI O N S -Q3 QCaaS Revenue $2.2M $1.4M $- $200 $400 $600 $800 $1,000 Q3 2025 Q3 2026 M IL LI O N S $836.2M $503.4M Liquidity Position $252.8M QCI Acquisition The financial information set forth above is unaudited $- $1 $2 $3 Q3 2025 Q3 2026 M IL LI O N S -Q3 Professional Services Revenue $2.0M $0.5M * Q3 Bookings: $2.4M in 2025 and $1.9M in 2026

13 Copyright © D-Wave Driving to 100,000 qubit annealing processor Dual-rail technology driving gate-model leadership Larger enterprise QCaaS engagements Growing adoption and support of D-Wave technology with U.S. government Increasing number of system sales 2026: The Year of D-Wave Quantum

14 Copyright © D-Wave D-Wave Market Leadership Dual-Platform Quantum Computing Technologies Building Scalable Gate-Model Quantum Systems Offering Production Annealing Quantum Systems Established Product Portfolio: • Both annealing and gate-model systems • Accessible through production-grade cloud service and via on-premises installation • Quantum supremacy published in Science Growing Commercial Adoption: • 1st commercial quantum computing company • 1st in-production quantum applications • Over 125 customers in the first 9 months of 2026 Revenue Model: • Quantum Computing as a Service (QCaaS) • Professional services • System sales Advantage2 quantum computers powering real-world optimization Leap real-time quantum cloud with hybrid solvers 30+ enterprise use cases, including applications in production First commercial use of quantum computer for LLMs Strong Customer Base Dual-rail superconducting qubit platform Unique technology delivering high fidelity and superconducting speed On-chip cryogenic control and multi-chip packaging Advancing toward scalable, fault-tolerant quantum computing 290+ U.S. granted patents * | 800+ granted & pending patents worldwide* | 100+ PhDs Thought & Technical Leadership *Includes exclusively licensed Yale patents

15 Copyright © D-Wave Advantage System Advantage Performance System D-Wave 100 Logical Qubits Leading the Commercialization of Quantum Tech D-Wave One System D-Wave Two System D-Wave 2X System D-Wave 2000Q System D-Wave 2000Q LN System Advantage2 System Advantage3 100K Qubits SystemAdvantage3 20K Qubits System 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E Noisy Intermediate Scale Quantum (NISQ) One Scalable and Error- Corrected Qubit D-Wave 10 Logical Qubits Product Commercialization Annealing Processors (only D-Wave) Gate-Model Processors (D-Wave & all other players) Transition from government and academic to commercial customers It is important to note that no company has yet to demonstrate a working error-corrected logical qubit that is scalable

16 Copyright © D-Wave Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems Annealing or Gate-Model Machine Learning Cryptography Drug Discovery L I N E A R A L G E B R A & F A C T O R I Z A T I O N Gate-Model Production-Ready in 5+ Years Quantum Chemistry Materials Design Research Designer Drugs Everlasting Batteries 3D Fluid Dynamics D I F F E R E N T I A L E Q U A T I O N S Production-Ready Today Annealing Optimization AI/ML & GenAI Research Workforce Scheduling Logistics Routing Production Scheduling C O M B I N A T O R I A L O P T I M I Z A T I O N Problem Types

17 Copyright © D-Wave D-Wave Dual Platform Addresses the Full Quantum TAM1 1. Boston Consulting Group: “The Long-Term Forecast for Quantum Computing Still Looks Bright” May 2024 (80% of TAM accruing to end-users; 20% to quantum hardware, software and services providers) LONG- TERM Post – 2040 MID- TERM 2030 – 2040 NEAR- TERM Pre – 2030 $5B - $10B TAM ( $1B - $2B ) $80B - $170B TAM ( $15B - $30B ) $450B - $850B TAM ( $90B - $170B ) Computational Problem Combinatorial Optimization2 Linear Algebra (Machine Learning) & Factorization (Cryptography) Differential Equations (Simulation) Annealing (D-Wave Only) 25% Annealing or Gate-Model 35% Gate-Model 40% 2. L-T (post-2040) sector value similar to the current Global Semiconductor Equipment ($135B) and Global Cybersecurity ($213B) Markets; Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis

18 Copyright © D-Wave D-Wave Named a Leader in the IDC 2026 Quantum Computing Vendor Assessment According to the IDC MarketScape, D-Wave’s key strengths include: • Broad production deployment footprint • Mature enterprise accessibility and hybrid adoption framework • Extending quantum annealing beyond optimization into scientific simulation D-Wave is one of only two companies named to the Leaders Category in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment SOURCE: “IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment”, June 2026, IDC #US54125526e. IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market is indicated by a plus, neutral or minus next to the vendor name.

19 Copyright © D-Wave Revenue Model – Products and Services Systems Annealing Quantum Computers Gate-Model Quantum Computers Revenue recognized primarily upon shipment & completion of calibration Other • Paid Research (associated with government grants) • Support & Maintenance • Training Professional Services D-Wave PS team works with customers on proof of technology, proof of concept & pilots Ratable revenue recognition over service period Quantum Computer as a Service (QCaaS) Access to D-Wave Quantum Computers via LEAP Cloud Ratable revenue recognition over life of contracts, including production applications

21 Copyright © D-Wave Full-Stack Commercial Annealing Platform Quantum Computers H A R D W A R E Cloud Services S O F T W A R E Developer Tools S O F T W A R E Professional Services S E R V I C E Hybrid Solver S O F T W A R E F O C U S E D O N AI BlockchainComplex Optimization Problems

22 Copyright © D-Wave Quantum Optimization: Applications Driving Enterprise Operational Excellence Scheduling Time Reduced from 10 Hours to Just Seconds Chemical Retail 80% Increase in Scheduling Efficiency Manufacturing 1,000 Vehicles Scheduled Per Run in 5 vs. 30 Minutes Asset Utilization 15% Improvement in Mobile Network Utilization Drug Discovery Accelerating Identification of Novel Small-Molecule Candidates Government 10x Faster Time-To-Solution, 9% to 12% Improvement in Threat Mitigation

23 Copyright © D-Wave Quantum + AI For Drug Discovery PROBLEM Exploring improvements in speed and quality in the development of AI-driven drug discovery A joint proof-of-concept project using quantum + AI in the process of drug discovery SOLUTION Integrating quantum computing in the LLM workflow resulting in more valid drug candidates than the classical benchmark OUTCOME More Valid Drug Candidates

24 Copyright © D-Wave Quantum AI Applications Enhancing generative ML models with discrete latent spaces: QPUs drive potentially faster and more efficient training and inference Quantum AI Data is mapped to latent space via encoder Annealing QPU model weights trained alongside encoder + decoder QPU then generates novel samples that are mapped back via decoder

25 Copyright © D-Wave Quantum Blockchain Applications Q U A N T U M P R O O F O F W O R K Quantum proof of work blockchain requiring potentially orders of magnitude less power consumption Q U A N T U M - C L A S S I C A L B L O C K C H A I N S On testnet with 18,500 users and 1,500+ nodes, Advantage2 system outperforming classical and winning majority of blocks global participation in testnet Node Locations Geo-IP derived from publicHost; marker size scales with estimated TFLOPS 52 NODES UNLOCATED GitHub - dwave-examples/quantum-blockchain: A proof of quantum work simulated blockchain on D-Wave QPUs. · GitHub

26 Copyright © D-Wave • Calculations beyond the reach of the Frontier supercomputer at Oak Ridge National Lab, one of the world’s most powerful classical supercomputers • Computation on D-Wave’s Advantage2TM prototype took just minutes and consumed <$1 of electricity • Classical computations performed on the Frontier supercomputer would have taken nearly 1 million years and required more than global annual electricity consumption • Exponential advantage over state-of-the-art classical techniques (tensor networks, neural networks, heuristics) Demonstration of Quantum Supremacy on Useful, Real-World Problem

27 Copyright © D-Wave Improvements in Advantage2 over Advantage Annealing Quantum Computing System G R E A T E R C O H E R E N C E Doubled to drive faster time-to-solution G R E A T E R C O N N E C T I V I T Y 20-way connectivity to enable solutions to more complex problems A C C E S S I B L E Via the Leap Quantum Cloud Service and on premises I N C R E A S E D E N E R G Y S C A L E Increased by 40% to deliver higher-quality solutions E N T E R P R I S E - S C A L E Hybrid applications with up to 2 million variables

28 Copyright © D-Wave Annealing Scaling Roadmap 4,500 qubits Quantum Computer 100,000 qubits20,000 qubits 2025 20312029 • Advanced packaging & superconducting interconnects enable multi-chip fabric to drive qubit counts • Scalable I/O prototype design to enable significant QPU expansion with limited increase in control lines • Increases in qubits, connectivity & coherence enable solutions to more complex problems

30 Copyright © D-Wave Why Gate-Model Development? Finance Machine Learning & AI Cryptography Chemistry & Pharma Gate-model systems unlock a breadth of valuable use cases & applications • Likely earliest use-cases • New medicines, materials • Robust area of research • Portfolios, trading, models • Large market opportunity • Likely later-stage use cases • Valuable to national sec. • Recent work suggests big resource savings • Value is immense • Early use: AI for quantum • Long-term: quantum for AI Quantum Computing market*: $450B - $850B across 100+ use cases Approximately 75% of this market can be addressed with gate-model systems Breadth of high-value applications motivates large-scale investment in gate-model program *Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis

31 Copyright © D-Wave Powerful Synergies to Advance Commercial Gate-Model Quantum Computing We believe that D-Wave will be the first to build and deploy large-scale error-corrected gate-model systems Superconducting Superconducting quantum systems with gate operations up to 1000x faster than other modalities On-chip Control Local cryogenic control and multi-chip superconducting packaging needed for large-scale processors Built-in Error Detection Industry-leading gate fidelities; error detecting dual-rail qubits for efficient error correction: fewer physical qubits per logical qubit Production Grade Systems Only company with cryogenic quantum computing platforms with years-long uptimes for commercial grade operations

32 Copyright © D-Wave Dual-Rail Gate-Model Qubits • Error detection is the key unique capability, an efficient bridge to full error correction and a novel tool for algorithm design and exploration • D-Wave’s dual-rail qubits with built-in erasure detection identify 90% of errors that occur • With erasure detection, this technology delivers gate fidelities that exceed 99.9% • This performance will allow us to deliver logical qubits with an order of magnitude fewer physical qubits • We retain the key advantages of superconducting qubits: manufacturability and execution speed

33 Copyright © D-Wave Superconducting Speed with Ion Trap Fidelity Quantinuum IonQ Low < 99.5% High 99.9% Slow 1-5 ms Fast 50-500 ns G at e Fi de lit y Gate Speed Google IQM IBM Rigetti Trapped ions: High fidelity but slow Transmons, Xmons, etc. Fast & manufacturable but low fidelity

34 Copyright © D-Wave Scalable Control • Qubit control signal multiplexing and qubit readout signal multiplexing is required for large scale systems • Our annealing architectures generate 100,000 cryogenic control signals with less than 300 external signal lines • We demonstrated scalable cryogenic control of gate model qubits with no loss of fidelity • This allows us to deliver fault tolerant architectures within a compact cryogenic platform

35 Copyright © D-Wave Superconducting Dual-Rail Qubits Offer Faster Path to Error Correction; On-Chip Control Unlocks Scale Up to 10x Reduction in Physical Qubits Required for Error Correction On-chip Control Reduces Control Line Count by Orders of Magnitude Other Companies D-Wave D-Wave Google Number of qubits D-Wave

36 Copyright © D-Wave Best Metrics for Comparing Gate-Model Program Progress Optical arrays Trapped Ion Neutral Atom ~30,000 us ~200,000 us < 10 2 Shuttling ions Superconducting (Others) < 5 us 2 Superconducting (D-Wave) M O D A L I T Y S P E E D (QEC Cycle Time) L A M B D A * (Error Reduction Rate) S C A L A B I L I T Y < 5 us 10 Achieved through error detection Standard surface code Photonic N/A N/A (Photon loss dominated) Brute force networking *LAMBDA is a measure of how rapidly errors decline as the size of error-correcting code increases – it determines how many physical qubits are required to create a logical qubit

37 Copyright © D-Wave Pathway Towards Achieving Fault Tolerant Systems Dual-Rail Qubits enable scalable error correction for the first time High-performance error correction is predicted to exceed competition by wide margin Dual-rail architecture makes error correction easier to start; DR17 error rate is much lower than competition Scaling is efficient, reaching low error rates much faster using fewer qubits Error detection at single dual-rail qubit hardware level is key to efficiency gains DR181 achieves error rates to set the blueprint for scalable and efficient error correction Key Advantages of Dual-Rail Transmon Dual-Rail 2027 2026 2028 Lower error rate = Better performance 181974917 D=9D=7D=5D=3 QEC Distance LAMBDA is the slope of each line, showing the rate at which errors are reduced as the error correcting code is incremented

38 Copyright © D-Wave F A U L T - T O L E R A N T E R A P O S T - N I S Q E R A Gate-Model Roadmap 2026 17 physical qubits 2X Error reduction factor 2027 49 physical qubits 20X Error reduction factor 2028 181 physical qubits 2000X Error reduction factor 2030 10 logical qubits > 2000X Error reduction factor 2032 100 logical qubits > 2000X Error reduction factor Initial applications in quantum chemistry and quantum AI Error corrected logical qubit Blueprint for scalable error correction Leading gate model application development platform First fault tolerant algorithms Scalable modular design Partially error corrected logical qubit Leading error correction research platform Error-aware programming tools Current physical error rates of 10-3 projected to be reduced by > 2000x Enables circuits with millions of gates

40 Copyright © D-Wave D-Wave Key Considerations Technology Leadership • Only dual-platform quantum computing company – developing and selling both annealing and gate-model quantum computers • Only company positioned to address the entire quantum computing TAM • Designed, developed and operating the world’s largest quantum computers • Only company to achieve quantum supremacy on a useful, real-world problem • One of the world’s largest quantum computing patent portfolios Applications • Multiple optimization use cases with demonstrated ROI (from workforce scheduling to supply chain logistics) • Energy-efficient blockchain prototype operational as first distributed quantum application • Quantum ML & AI research and product development Customer Traction First nine months of 2026: • Over 125 customers • Highly diverse customer base across commercial, research and government • Significant progress in positioning for US government opportunities Production-grade Offerings • Scalable production-grade commercial systems accessible by either the Leap Cloud platform or on premises • Service Level Agreements • SOC 2 Type 2 compliant