D-Wave Quantum Reports Strong Bookings Growth in 2024

D-Wave Quantum Inc. ( (QBTS) ) has released its Q4 earnings. Here is a breakdown of the information D-Wave Quantum Inc. presented to its investors.

D-Wave Quantum Inc. is a pioneering company in the quantum computing industry, providing advanced quantum systems, software, and services to tackle complex computational challenges. The company recently reported its financial results for the fourth quarter and fiscal year 2024, highlighting significant growth in bookings and a strong cash position. D-Wave achieved a 128% increase in annual bookings and a remarkable 502% rise in fourth-quarter bookings year-over-year, with a current cash position exceeding $300 million. The company also announced a groundbreaking achievement in quantum computational supremacy, demonstrating its Advantage2 annealing quantum computer’s ability to outperform classical supercomputers on real-world problems. Despite these advancements, D-Wave’s revenue remained flat at $8.8 million for the year, and the company reported a net loss of $143.9 million, primarily due to non-cash charges related to warrant liabilities. Looking ahead, D-Wave remains focused on expanding its quantum computing capabilities and market reach, with expectations of exceeding $10 million in revenue for the first quarter of fiscal 2025.