2024

Quantum

Million

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<p class="has-drop-cap">D-Wave Quantum Inc. (NYSE: QBTS), a trailblazer in commercial quantum computing systems, software, and services, recently unveiled its financial achievements for the <a aria-label="fourth quarter (opens in a new tab)" href="https://ir.dwavesys.com/news/news-details/2024/D-Wave-Reports-Fourth-Quarter-and-Year-End-2023-Results/default.aspx" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">fourth quarter</a> and the conclusion of the fiscal year 2023.</p> 
<p>The company’s CEO, Dr. Alan Baratz, heralded this period as a testament to D-Wave’s undeniable momentum, underscored by remarkable commercial traction, significant product advancements, and the establishment of pivotal strategic partnerships.<br><br>According to Dr. Baratz, these accomplishments are steering D-Wave to fortify its standing as the pioneering force and commercial leader in quantum computing.</p> 
<h3 id="d-wave-reports-2-9-million-in-q4-earnings-up-21-year-over-year">D-Wave Reports $2.9 Million in Q4 Earnings, Up 21% Year-Over-Year</h3> 
<p>The financial highlights for the fourth quarter of fiscal 2023 reflect D-Wave’s success. The company reported a 21% year-over-year increase in revenue, amounting to $2.9 million, marking the third consecutive quarter of sequential growth. <br><br>Bookings for the same period exhibited a 34% rise from the previous year, totaling $3.1 million and representing the company’s seventh consecutive quarter of year-over-year growth in this metric. Moreover, D-Wave’s gross profit surged by 45% to $2.0 million, and its GAAP gross margin expanded significantly to 67.7%, both indicators of the company’s robust financial health and operational efficiency.</p> 
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<h3 id="d-wave-misses-on-revenue-expectations-in-q4">D-Wave Misses on Revenue Expectations in Q4</h3> 
<p>When juxtaposed with market expectations, D-Wave’s fiscal achievements underscore the company’s capacity to outperform and drive growth. Analysts had projected an earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">EPS</a>) of -$0.11 and revenue of $4.69 million for the quarter. Although D-Wave’s revenue fell short of these projections, its EPS of -$0.10 per share reflected a narrower loss than anticipated, demonstrating the company’s improving profitability trajectory.</p> 
<p>The company’s effective management of operating expenses, which decreased 17% year over year, along with a notable advancement in adjusted EBITDA, further illustrates D-Wave’s adeptness at surpassing expectations through strategic financial stewardship.</p> 
<h3 id="d-wave-expects-4-3-million-in-bookings-for-fiscal-q1">D-Wave Expects $4.3 Million in Bookings for Fiscal Q1</h3> 
<p>Looking ahead, D-Wave has set ambitious targets for the first quarter of fiscal 2024, aiming for at least $4.3 million in bookings. This goal signifies a minimum of 36% growth over the fourth quarter of fiscal 2023 and a 47% increase from the first quarter of the previous fiscal year, signaling the company’s eighth consecutive quarter of year-over-year growth in quarterly bookings. <br><br>D-Wave’s projection for the full fiscal year 2024 anticipates an Adjusted EBITDA Loss of $54.3 million, less than the fiscal 2023 Adjusted EBITDA Loss of $54.3 million, highlighting the company’s ongoing efforts to refine its profitability and operational efficiency.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/quantum-computing-firm-d-wave-quantum-inc-qbts-reports-mixed-q4-results/">Quantum Computing Firm D-Wave Quantum Inc. (QBTS) Reports Mixed Q4 Results</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Quantum Computing Firm D-Wave Quantum Inc. (QBTS) Reports Mixed Q4 Results

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