D-Wave Quantum Inc., a leader in commercial quantum computing systems, reported a 56% increase in Q1 revenue and a 54% increase in bookings year over year. The company introduced a new fast-anneal feature that enhances quantum computations and announced the production of 4800+ qubit processors for the forthcoming Advantage2 system. D-Wave also renewed a multiyear partnership with the University of Southern California. CEO Dr. Alan Baratz highlighted the company’s progress in commercializing quantum technology through products and customer application development.
D-Wave Quantum Inc., a company specializing in commercial quantum computing systems, software, and services, recently announced its financial results for the first fiscal quarter ending March 31, 2024. The company reported a 56% increase in Q1 revenue and a 54% increase in Q1 bookings compared to the same period last year. Gross profit also saw a significant rise of 294% year over year.
D-Wave has made significant strides in its technical developments, including introducing a new fast-anneal feature. This feature allows users to perform quantum computations at unprecedented speeds, reducing the impact of external disturbances such as thermal fluctuations and noise that often hinder quantum calculations. The company has also recently yielded 4800+ qubit processors for the forthcoming Advantage2 system, marking an important milestone in its product delivery roadmap.
In addition to these technical advancements, D-Wave has renewed its multiyear partnership with the University of Southern California (USC). The USC Viterbi School of Engineering will continue to house a D-Wave state-of-the-art Advantage™ quantum computer, facilitating ongoing exploration and adoption of annealing quantum computing solutions for businesses, researchers, and government.
D-Wave has been working with customers on a variety of quantum-powered optimization applications. These include optimizing the usage of solar panels in buildings, scheduling for commercial vehicle production, optimizing schedules for crude oil tanker unloading at refineries, and cybersecurity. The company also announced its tenth Qubits quantum computing conference, which will demonstrate how partners and customers are using D-Wave’s innovative annealing quantum computing technology to solve complex real-world problems.
The first quarter of fiscal 2024 saw a revenue of $2.5 million, a 56% increase from the fiscal 2023 first-quarter revenue of $1.6 million. Bookings for the first quarter of fiscal 2024 were $4.5 million, a 54% increase from the fiscal 2023 first quarter bookings of $2.9 million. This represents D-Wave’s eighth consecutive quarter of year-over-year growth in quarterly bookings. The company also reported a GAAP gross profit of $1.7 million, a 294% increase from the fiscal 2023 first quarter gross profit of $0.4 million.
Balance Sheet, Liquidity, and Fiscal Year 2024 Outlook
As of March 31, 2024, D-Wave’s consolidated cash balance totaled $27.3 million, a 204% increase from the fiscal 2023 first quarter consolidated cash balance of $9.0 million. The company expects the fiscal 2024 Adjusted EBITDA Loss to be less than the fiscal 2023 Adjusted EBITDA Loss of $54.3 million. D-Wave’s ability to raise additional funds under the ELOC is subject to a number of conditions including having a sufficient number of registered shares and having D-Wave’s stock price above $1.00 per share.
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