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D-Wave Quantum Inc. (NYSE: QBTS) unveiled its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a revenue of $2.3 million for the fourth quarter, marking a 21% decrease from the $2.9 million recorded in the same quarter the previous year. Despite this decline, the company achieved record bookings of $18.3 million, a 502% increase from the $3.0 million in bookings during the fourth quarter of 2023.
The surge in bookings highlights a growing demand for D-Wave’s quantum computing solutions. The company’s GAAP gross profit for the fourth quarter was $1.5 million, down by 25% from $2.0 million in the fourth quarter of 2023. This decline was attributed primarily to reduced professional services revenue. Meanwhile, the GAAP gross margin saw a decrease to 63.8% from 67.7% in the prior year’s quarter. On a non-GAAP basis, the gross profit was $1.7 million, showing a 28% decrease from $2.3 million in the same period last year, with the non-GAAP gross margin declining to 73.0% from 80.2%.
D-Wave Reports Fourth Quarter Results
D-Wave’s performance in the fourth quarter did not beat the market expectations of an EPS of $-0.078 and revenue of $2.51 million. The reported net loss for the quarter was $17.8 million, an increase from the $16.0 million loss in the same period of 2023. This increase was primarily driven by a $68.3 million non-cash charge related to the remeasurement of the company’s warrant liability. Adjusted net loss per share was reported at $0.08, an improvement from the $0.10 recorded in the fourth quarter of 2023, despite the broader financial challenges.
The company’s adjusted EBITDA loss for the quarter was $15.3 million, up 41% from $10.9 million in the fourth quarter of 2023. This increase was largely due to lower revenue and higher operating expenses, which were mainly related to expanding the company’s go-to-market and R&D efforts. Despite these financial setbacks, D-Wave’s strategic investments in innovation and customer engagement are seen as foundational steps for future growth.
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D-Wave Quantum Inc. Expects Q1 FY’25 Revenue Above $10 Million
Looking ahead, D-Wave Quantum Inc. has provided guidance for the first quarter of fiscal 2025, anticipating revenue to exceed $10 million. A substantial part of this revenue is expected to come from the sale of an Advantage annealing quantum computer.
This projection reflects the company’s confidence in its product offerings and market position, bolstered by its partnerships and technological advancements.
The company’s financial position remains robust, with a cash balance exceeding $300 million as of the latest earnings release. This financial strength is supported by successful equity raises through At-The-Market and Equity Line of Credit programs, which together brought in over $307 million. These funds are expected to support D-Wave’s strategic initiatives, including further development of quantum computing technologies and expansion into new markets.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
