Live Event: Former D-Wave Insider Steps Forward (NYSE: QBTS)

Josh Speyer previously worked at D-Wave in 2025 in a strategically important role between technology and revenue. While there, he was alarmed at a number of ways that the outside narrative differed from reality.

The Coherence Report is releasing a comprehensive due diligence report on D-Wave Quantum Inc., presenting an independent analysis of the company’s commercial traction, technical positioning, and valuation assumptions.

“The gap between what this company tells investors and what is actually happening inside the business is not a matter of interpretation,” said Speyer. “I watched it from the inside. Investors are making decisions based on a narrative that the company’s own leadership knows is not accurate.”

Core findings include a customer base structured to overstate commercial adoption; annealing technology that has been exaggerated in its applicability in use for the enterprise and government markets; and a Quantum AI positioning that is not supported by the company’s internal resources or technical capabilities, and is promoted to appease investor appetite despite D-Wave having essentially exited the AI market in July 2025.

In this live event, Josh Speyer will detail his analysis of how D-Wave Quantum has misrepresented its commercial traction, overstated the usefulness of its technology, and obscured the true trajectory of its customer base. At the end of the discussion, attendees will be presented with evidence how the company continually crafts narratives for Wall Street, and how we believe those narratives will come crashing down in the next 60 days.

Coherence Reports asserts that no confidential information or MNPI will be revealed, and draws solely on public information, earnings call records, and his own expertise.

Disclosure: Mr. Speyer and Coherence is short QBTS. This is independent research and opinion, not investment advice.