D-Wave Quantum Inc has announced its financial results for the fiscal second quarter ended June 30, 2023. The company reported a revenue of $1.7 million and total bookings of $2.5 million. The company’s cash balance is more than $50 million. The company has seen triple-digit booking increases and average deal size year-over-year, reflecting growing enterprise commitment to and investment in practical quantum computing solutions. The company is also developing the next-generation Advantage2 quantum computing system, which is expected to feature 7,000 qubits, 20-way connectivity and higher coherence for increased performance.
The company’s CEO, Dr Alan Baratz, stated that the results reflect a growing commitment to practical quantum computing solutions that can address complex operational challenges. The company has seen triple-digit increases in bookings and average deal size on a year-over-year basis.
During the second quarter, D-Wave Quantum Inc. signed several new and expanded existing customer engagements with Forbes Global 2000 companies including Interpublic Group and VINCI Energies, as well as industry companies such as Unisys Corporation.
“Our second quarter results reflect, we believe, growing enterprise commitment to and investment in practical quantum computing solutions that can address their complex operational challenges today. Our triple-digit increases in bookings and average deal size on a year-over-year basis are evidence, in our opinion, of forward-looking organizations prioritizing quantum as part of their modern tech infrastructure,”
Dr. Alan Baratz, CEO of D-Wave.
The company worked with customers on a variety of new quantum and quantum-hybrid applications spanning media and advertising optimization, industrial construction, financial market performance
D-Wave Quantum Inc. continued the development of the next-generation Advantage2 quantum computing system, which recently successfully yielded 1,200-qubit prototype processors in the new higher coherence fabrication stack. Advantage2 is expected to feature 7,000 qubits, 20-way connectivity and higher coherence for increased performance.
The company also introduced new enhancements to the Leap real-time quantum cloud service, including algorithmic updates to hybrid solvers designed to drive increased performance for key customers.
The company’s revenue for the second quarter of fiscal 2023 was $1.7 million, an increase of $336,000, or 25%, from fiscal 2022 second-quarter revenue of $1.4 million. Bookings for the second quarter of fiscal 2023 were $2.5 million, an increase of $1.5 million, or 146%, from fiscal 2022 second quarter bookings of $1.0 million.
The average deal size per booking in the second quarter increased by 136% on a year-over-year basis and by 252% when comparing the first half of 2023 to the first half of 2022.
As of August 8, 2023, D-Wave’s consolidated cash balance exceeded $50 million compared to the June 30, 2023, consolidated cash balance of $7.5 million. This represents the company’s largest cash balance in its history.
The company entered into a $50 million four-year term loan agreement with PSPIB Unitas Investments II Inc., an affiliate of PSP Investments. The loan agreement comprises three individual tranches of $15 million, $15 million, and $20 million, respectively and, to date, D-Wave has drawn the first two tranches totalling $30 million.
“Companies and governments alike appear to be recognizing the value of today’s market-ready annealing quantum computing systems to drive business and national competitiveness. We’re helping harness the power of this transformative technology through industry-leading quantum hardware and software solutions and a consultative professional services approach that fuels application development and, increasingly, is preparing these applications for in-production scenarios that support customers’ daily operations.”
Dr. Alan Baratz, CEO of D-Wave
Quick Summary
D-Wave Quantum Inc., a commercial quantum computing firm, has reported significant growth in its second quarter of 2023, with bookings increasing by 146% year-on-year and average deal size also rising. The company is also developing its next-generation Advantage2 quantum computing system, which is expected to feature 7,000 qubits and higher coherence for increased performance.
- D-Wave Quantum Inc., a leader in commercial quantum computing systems, software, and services, announced its financial results for the second quarter of 2023, with a revenue of $1.7 million and total bookings of $2.5 million.
- The company’s CEO, Dr. Alan Baratz, highlighted the growing enterprise commitment to practical quantum computing solutions.
- D-Wave signed new and expanded existing customer engagements with Forbes Global 2000 companies including Interpublic Group and VINCI Energies, and industry leaders such as Unisys Corporation.
- The company is developing the next-generation Advantage2 quantum computing system, expected to feature 7,000 qubits, 20-way connectivity and higher coherence for increased performance.
- D-Wave also introduced enhancements to the Leap real-time quantum cloud service, including algorithmic updates to hybrid solvers designed to drive increased performance for key customers.
- The company’s consolidated cash balance exceeded $50 million as of August 8, 2023, representing the largest cash balance in its history.
- D-Wave is the world’s first commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers.
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