D-Wave Quantum Inc. ( (QBTS) ) has released its Q3 earnings. Here is a breakdown of the information D-Wave Quantum Inc. presented to its investors.
D-Wave Quantum Inc. is a leading provider of quantum computing systems and services, known for its pioneering role in commercial quantum computing, with a focus on diverse applications like logistics and AI. The company recently announced a 41% year-over-year increase in its Quantum Computing as a Service (QCaaS) revenue for the third quarter of 2024, reflecting a growing demand for its subscription services. However, overall revenue for the quarter saw a decline of 27% compared to the previous year, primarily due to a decrease in professional services income. Despite this, D-Wave continues to expand its customer base, particularly among government and research sectors, which saw significant revenue increases. Key strategic highlights include collaborations with major entities like NTT DOCOMO and Japan Tobacco Inc., alongside advancements in their 4,400 qubit Advantage2 processor aimed at solving larger, more complex problems. The company’s operating expenses increased as it invests in market growth, resulting in a net loss of $22.7 million for the quarter. Looking forward, D-Wave remains optimistic about improving fourth-quarter revenue and bookings, as it continues to drive the commercial adoption of quantum computing technology.
