D-Wave Quantum Inc. Reports 22% Revenue Increase and 89% Bookings Surge in 2023

D-Wave Quantum Inc., a leader in commercial quantum computing systems, reported a 21% increase in Q4 revenue and a 22% increase in FY revenue year over year. The company also announced the addition of Lorenzo Martinelli as Chief Revenue Officer and the promotion of Dr. Trevor Lanting to Chief Development Officer.

D-Wave has partnered strategically with Zapata AI to advance quantum-enabled machine learning. The company also launched the 1,200+ qubit Advantage2 prototype, accessible via the Leap quantum cloud service. New and renewed customer engagements include Bridgestone Corp., Ford Otosan, and the UKRI National Quantum Computing Centre.

D-Wave Quantum Inc. Financial Performance in 2023

D-Wave Quantum Inc., a company specializing in commercial quantum computing systems, software, and services, has reported its financial results for the fourth fiscal quarter and the year ending December 31, 2023. The company’s revenue for the fourth quarter and the fiscal year increased by 21% and 22% respectively compared to the previous year. Bookings for the same periods also saw a significant rise, with a 34% increase for the fourth quarter and an 89% increase for the fiscal year.

Executive Leadership and Strategic Collaborations

In 2023, D-Wave Quantum Inc. strengthened its executive leadership team and Board of Directors to drive rapid growth and deliver strategic execution. The company also integrated a multi-year strategic collaboration with Zapata AI to advance quantum-enabled machine learning. This collaboration initially focused on building quantum generative AI models that accelerate the discovery of new materials and molecules.

Customer Applications and Product Launches

D-Wave Quantum Inc. made significant progress in moving applications into production, with two customer applications deployed and additional customer applications nearing production deployment. The company also launched the 1,200+ qubit Advantage2 prototype, making it accessible in the Leap quantum cloud service. This new system, built with a lower-noise fabrication stack, offers 2x the qubit coherence for faster time-to-solution and a 40% energy scale improvement to deliver higher-quality solutions.

Customer Engagements and Partnerships

In 2023, D-Wave Quantum Inc. signed several new and renewed customer engagements, including agreements with Bridgestone Corp., Ford Otosan, Julich Supercomputing Centre, Quantum Algorithms Institute, Qunova Computing, SavantX, and UKRI National Quantum Computing Centre. The company also announced partnerships with NEC Australia and Deloitte Canada to expedite the exploration and adoption of quantum computing solutions among governments and businesses.

Financial Highlights for Fiscal Year 2023

For the fiscal year 2023, D-Wave Quantum Inc. reported revenue of $8.8 million, a 22% increase from the previous year. The company also saw an increase in the number of customers, with 133 compared to 120 in the previous year. The company’s bookings for the fiscal year totaled $11.5 million, an 89% increase from the previous year. The company ended 2023 with a consolidated cash balance of $41.3 million, a significant increase from the previous year.

Outlook for D-Wave Fiscal Year 2024

Based on the information available as of March 27, 2024, D-Wave Quantum Inc. expects the Adjusted EBITDA Loss for fiscal 2024 to be less than the fiscal 2023 Adjusted EBITDA Loss of $54.3 million. The company also expects the first quarter bookings for fiscal 2024 to be at least $4.3 million.

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