D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software and services, today announced financial results for the second quarter of fiscal 2024 (“Q2 2024”) ended June 30, 2024, and provided recent business and technical highlights. The company’s Q2 2024 revenue was $2.2 million, an increase of 28% from Q2 2023 revenue of $1.7 million, while Q2 2024 Bookings (*) were $2.7 million, a 6% increase from Q2 2023 Bookings of $2.5 million. According to the announcement, this represents D-Wave’s ninth consecutive quarter of year-over-year growth in quarterly Bookings. In addition, GAAP gross profit for Q2 2024 was $1.4 million, an increase of 97% from the Q2 2023 gross profit of $0.7 million. As of June 30, 2024, D-Wave’s consolidated cash balance totaled $40.9 million, an increase of $33.4 million, or 444%, from the Q2 2023 consolidated cash balance of $7.5 million.
“Our second quarter results show continued traction on all fronts – revenue, bookings, customer acquisition, liquidity and technical advancements,” said Dr. Alan Baratz, CEO of D-Wave. “There is rapidly growing awareness of annealing quantum computing and its ability to deliver business benefits today, and the market is responding. This is further strengthened by our product development activities in hardware (Advantage2(TM) prototype), software (new nonlinear hybrid solver and fast anneal feature), and Quantum Artificial Intelligence. Our momentum as one of the few companies in the world leading the quantum transformation is evident.”
(*) “Bookings” is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of Bookings because it reflects customers’ demand for our products and services and to assist readers in analyzing our potential performance in future periods.
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About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. The company’s mission is to unlock the power of quantum computing today to benefit business and society. D-Wave does this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of the company’s most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of the company’s Quarterly Reports on Form 10-Q and in its other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to the company on the date hereof. The company undertakes no duty to update this information unless required by law.
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