QBTS reported $40.7M of remaining performance obligations at 30 Jun 2026, up 668% from a year earlier and down 4% from the previous quarter. That is 3.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.45.
Net new backlog added in the latest quarter: -$1.70M.
Over the last twelve months it turned about 195% of its opening backlog into revenue (12-month conversion).
57% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 26.0% of the backlog.
Twelve-month book-to-bill: 3.85, i.e. 3.85 of new orders for every 1 of revenue recognised.
By backlog size it ranks 477th among US filers the cockpit tracks.
QBTS backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Jun 2026
$40.7M
$12.4M
3.3 yrs
$10.6M
31 Mar 2026
$42.4M
$12.4M
3.4 yrs
$11.6M
31 Dec 2025
$13.4M
$24.6M
0.5 yrs
$3.30M
30 Sep 2025
$2.90M
n/a
n/a
$4.00M
30 Jun 2025
$5.30M
n/a
n/a
$5.60M
31 Mar 2025
$6.40M
n/a
n/a
$6.20M
31 Dec 2024
$19.4M
$8.80M
2.2 yrs
$19.4M
30 Sep 2024
$4.00M
$9.40M
0.4 yrs
$3.00M
30 Jun 2024
$8.10M
$10.1M
0.8 yrs
$2.60M
31 Mar 2024
$7.40M
$9.60M
0.8 yrs
$2.40M
31 Dec 2023
$5.00M
$8.80M
0.6 yrs
$2.70M
30 Sep 2023
$4.40M
$8.20M
0.5 yrs
$2.30M
Questions
What is QBTS's backlog?
QBTS reported $40.7M of remaining performance obligations at 30 Jun 2026, up 668% from a year earlier and down 4% from the previous quarter. That is 3.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.45.
How fast does QBTS's backlog turn into revenue?
Over the last twelve months QBTS recognised revenue equal to about 195% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.