Kessler Topaz Meltzer & Check LLP has launched a securities investigation into D-Wave Quantum Inc. (NASDAQ: QBTS) following the quantum computing firm's Q2 revenue miss and CFO resignation. The stock dropped more than 9 percent after each announcement.
Kessler Topaz Meltzer & Check LLP opened a securities probe into D-Wave Quantum after Q2 revenue of $3.08 million missed estimates and its CFO resigned.
"Investors who purchased D-Wave securities and experienced significant losses may have legal rights under the federal securities laws," the firm said in a statement.
D-Wave reported Q2 revenue of $3.08 million on Aug. 6, missing analyst expectations of $4.03 million to $4.08 million. The stock fell more than 9 percent that day. On Aug. 25, the company announced CFO John Markovich's resignation, effective Sept. 2, and shares dropped another 9 percent the following day. Greg Golkov, previously senior vice president of finance, was named interim CFO. CEO Alan Baratz publicly thanked Markovich for his contributions, and the company said the departure was amicable and unrelated to accounting practices or financial disclosures.
The investigation adds legal uncertainty to a stock already down roughly 64 percent from its 52-week high of $40.41 reached in October 2025. First-half revenue fell to $5.93 million from $18.10 million a year earlier, while operating cash burn reached $73.5 million. The quarterly operating loss widened to $54.7 million from $26.5 million year over year, even as quarterly sales remained roughly flat.
D-Wave attributes the weak near-term revenue to a strategic shift toward larger system deliveries that take longer to recognize. Bookings for the first half surged more than 1,120 percent to $35.5 million, and commercial customers accounted for 67.7 percent of revenue, up from 16.0 percent a year earlier. The company maintains guidance of two system shipments this year, with most revenue expected in the fourth quarter. A recent milestone with NTT DOCOMO, announced roughly a week before the CFO transition, points to growing industrial adoption beyond the research community.
The investigation follows similar notices around other high-growth names, including AST SpaceMobile and Rackspace Technology. Kessler Topaz, which has recovered more than $25 billion for clients, is a leading plaintiff-side securities firm with offices in Pennsylvania and California. The firm was recognized in Chambers & Partners USA 2026 as a Band 1 top firm in securities and class actions. Just over three weeks before Markovich's departure was announced, D-Wave added Kevan P. Krysler, the sitting CFO of Carbon Robotics, to its board of directors and audit committee.
The probe raises questions about D-Wave's disclosures and governance as the company searches for a permanent CFO. Investors will watch for any class action filing and the company's next earnings report for evidence that the system-delivery strategy is translating into revenue.
This article is for informational purposes only and does not constitute investment advice.
