D-Wave Systems reported strong Q4 2022 Results, Increased Customer Engagement, and Advances in Quantum Computing Technology. D-Wave Quantum, a company dedicated to providing quantum computing systems, software, and services, announced its Q4 2022 financial results, reporting a 41% increase in revenue from Q3 and an 18% increase in commercial customers, with 67 revenue-generating customers in 2022. The company also closed a $50 million four-year term loan.
The company reported a 41% increase in Q3 to Q4 sequential revenue growth, driven by the increasing adoption of quantum computing technology. The number of commercial customers also increased by 18% to 67 during fiscal 2022, including over two dozen Forbes Global 2000 companies. D-Wave Quantum also closed a $50 million four-year term loan.
The company continued to innovate and advance its product portfolio by introducing new offerings that enable customers to accelerate their artificial intelligence and machine learning efforts using quantum computing.
Regarding financial metrics, D-Wave Quantum reported a GAAP gross profit of $4.3 million for fiscal 2022, compared to $4.5 million in fiscal 2021, and a GAAP gross margin of 59.3% for fiscal 2022, down from 72.1% in fiscal 2021. Non-GAAP gross profit for fiscal 2022 was $4.6 million compared with $4.5 million in fiscal 2021, and non-GAAP gross margin for fiscal 2022 was 64.5% compared with 72.1% in fiscal 2021.
D-Wave’s Quantum Technical Highlights and Commercial Achievements over the Year
In addition to its financial performance, D-Wave Quantum highlighted recent commercial and technical achievements. The company’s annual user conference, Qubits 2023, showcased quantum and quantum-hybrid applications from more than a dozen companies, including Mastercard, Deloitte, and Davidson Technologies. D-Wave also signed several new and expanded customer engagements with industry leaders such as ArcelorMittal, BASF, and Siemens Healthineers.
D-Wave Quantum reported an increase in average QCaaS deal size by 78% on a year-over-year basis. It announced plans to build and deliver feature selection solutions to help customers expedite artificial intelligence/machine learning workflows. The company also continued the expansion of its commercial customer base, with more than 50 million problems running on its Leap quantum cloud service since September 2020.
D-Wave Quantum also made significant progress in advancing its technology, including continued growth of its quantum cloud service and calibration of its next-generation Advantage2 annealing quantum system, which is expected to feature 7000+ qubits, 20-way connectivity, and higher coherence. The company also extended its scientific efforts through research published in Nature Physics that demonstrated large-scale coherence in quantum annealing computers, an important step toward proving quantum advantage. Read More