D-Wave Quantum Inc (QBTS), a leading provider of commercial quantum computing systems, software, and services, announced its financial results for the third quarter ended September 30, 2023. The company reported significant growth in revenue, bookings, and cash balance, showcasing its strong performance and financial health.
Financial Performance and Highlights
D-Wave Quantum Inc experienced a remarkable increase in revenue, with $2.6 million generated in the third quarter. This represents a 51% year-over-year increase and a 50% sequential increase from the previous quarter. The company’s total bookings also grew to $2.9 million, marking a 53% year-over-year increase and a 16% increase compared to the second quarter of 2023. This growth in bookings marks the sixth consecutive quarter of year-over-year growth for D-Wave Quantum Inc.
The company’s cash balance reached a record high of $53.3 million, a substantial increase from the previous quarter’s $7.5 million. This increase can be attributed to successful fundraising efforts, including raising over $94.0 million in debt and equity during the nine months leading up to September 30, 2023.
Commercial Success and Expansion
D-Wave Quantum Inc also achieved notable success in its commercial sector, witnessing a 62% increase in revenue from commercial customers compared to the previous year. The average revenue per commercial customer also experienced a significant growth of 68%. Commercial revenue now accounts for 70% of the company’s total revenue, up from 50%.
Operational and Technical Advancements
The company has made significant progress in its technical advancements, particularly in the development of high coherence qubits and the successful demonstration of quantum error mitigation on the upcoming Advantage2TM annealing quantum system prototype. These advancements are expected to have a profound impact on future quantum technologies.
What Does the Future Hold?
D-Wave Quantum Inc has positioned itself well for future growth in the rapidly evolving quantum computing industry. With a strong financial foundation and continuous operational advancements, the company expects full fiscal year 2023 revenue to range between $10 million and $11.5 million. Additionally, the company aims to achieve an Adjusted EBITDA Loss of less than $56 million for the same fiscal year.
FAQ
Q: What was D-Wave Quantum Inc’s revenue in the third quarter?
A: D-Wave Quantum Inc reported $2.6 million in revenue for the third quarter.
Q: How much did the company’s total bookings grow year-over-year in the third quarter?
A: The company’s total bookings grew by 53% year-over-year in the third quarter.
Q: What is D-Wave Quantum Inc’s cash balance?
A: D-Wave Quantum Inc has a record cash balance of $53.3 million.
Q: What percentage of the company’s revenue comes from commercial customers?
A: Commercial revenue represents 70% of D-Wave Quantum Inc’s total revenue.
Q: What technical advancements has the company made?
A: D-Wave Quantum Inc has made progress in the development of high coherence qubits and has successfully demonstrated quantum error mitigation on the upcoming Advantage2TM annealing quantum system prototype.
Q: What are D-Wave Quantum Inc’s financial expectations for the full fiscal year 2023?
A: D-Wave Quantum Inc expects revenue to be in the range of $10 million to $11.5 million and an Adjusted EBITDA Loss of less than $56 million for the full fiscal year 2023.