Cloud computing innovator D-Wave Quantum (QBTS) has reported a surge in bookings and its first system sale, suggesting that the technology may be closer to everyday use than Nvidia (NVDA) CEO Jensen Huang would have us believe.
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QBTS, which describes itself as the world’s first commercial supplier of quantum computers, announced today that Fiscal year 2024 bookings will exceed $23 million, an increase of 120% over Fiscal year 2023.
A significant portion of this growth came from the first-ever customer purchase of a D-Wave Advantage annealing quantum computing system.
Excluding the system sale, the company reported that Fiscal 2024 Q4 bookings will reach at least $18 million, an increase of approximately 500% compared to prior-year Fiscal 2023 Q4 bookings of $3 million. The company also stated that it ended Fiscal year 2024 with a record cash position of approximately $178 million.
“We believe it is evident that the world is quickly recognizing the near-term usefulness and value of D-Wave’s quantum systems,” said Dr. Alan Baratz, CEO of QBTS.
Bookings Growth Comes amid QBTS Stock Turmoil
QBTS was among several quantum computing stocks to tumble after NVDA boss Huang stated that real practical use for the technology is 20 years away.
Baratz hit back and told CNBC that Huang was “dead wrong” and emphasized that his company already has significant paying clients.
Quantum computing stocks rallied strongly at the end of last year after Google announced it had completed a 100-qubit chip, marking the second phase of its strategy to build a quantum system with one million qubits. Shares of QBTS soared 178% in December after jumping 185% the month before.
However, Huang’s comments at the CES 2025 event in Las Vegas this week caused stocks like Rigetti Computing (RGTI), IONQ (IONQ), and Quantum Computing (QUBT) to tumble.
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