D-Wave Quantum shares are trading higher in a pre-earnings run-up after the company said it will release first-quarter fiscal 2026 results on Tuesday, May 12, 2026, before the market opens. With the print less than a week away, positioning and risk-reduction by short sellers are likely contributing to the stock’s day-to-day volatility.

The setup is unusually sensitive because short interest is elevated (roughly mid-teens as a percentage of shares/outstanding based on late-March short-interest snapshots). That dynamic can create fast upside bursts when buyers step in ahead of catalysts, while also leaving the stock vulnerable to sharp reversals if results or commentary disappoint.

Beyond headline EPS and revenue, the market will likely key on bookings momentum, customer expansion, and any update on the company’s dual-platform roadmap following the Quantum Circuits acquisition (completed in January 2026). Traders will also watch for liquidity and cash runway commentary given the company’s scale-up needs, and for any sign that commercialization timelines are tightening or slipping.