D-Wave Quantum Inc. (NYSE: QBTS) Announces Financial Results and Operational Updates for Q4 and Full Year Ending December 31, 2023

  • Bookings and revenue for the full year, as well as Q4 YOY, showed significant increases, with a number of operational and technical developments and market achievements
  • Key additions to the leadership team include Lorenzo Martinelli as Chief Revenue Officer and Dr. Trevor Lanting as Chief Development Officer. Sec. Kirstjen Nielsen, former Secretary of Homeland Security, has joined the Board of Directors
  • D-Wave’s current commercial product offerings include Advantage(TM), its fifth-generation quantum computer, the Leap(TM) quantum cloud service, the Launch(TM) quantum computing onboarding service, the Ocean(TM) suite of open-source programming tools, and the Quantum QuickStart(TM) quantum programming training

D-Wave Quantum (NYSE: QBTS) (“D-Wave”), a leader in commercial quantum computing systems, software, and services, recently announced financial results for its fourth fiscal quarter and year ending December 31, 2023. D-Wave also hosted a conference call on Thursday, March 28, 2024, discussing the company’s financial results and business outlook. Chief Executive Officer Dr. Alan Baratz and Chief Financial Officer John Markovich participated in the call on behalf of the company.

“Our momentum is undeniable. From our commercial traction to substantive product advancements, from our ground-breaking scientific milestones to new strategic partnerships — we believe all these achievements are propelling us forward to solidify D-Wave’s position as the commercial quantum category builder and leader,” said Dr. Baratz (https://ibn.fm/X0t7d).

The company’s financial results and business outlook cover the fourth quarter and full year ending December 31, 2023, including key leadership appointments, company collaborations, and more. Details on the call can be found on the company’s investor page (https://ibn.fm/Jk9QW).

As covered in the earnings call, D-Wave has achieved significant business and technical developments. D-Wave has also made key additions to its leadership team, including appointing Lorenzo Martinelli as Chief Revenue Officer and Dr. Trevor Lanting as Chief Development Officer. Kirstjen Nielsen, former Secretary of Homeland Security, has joined D-Wave’s Board of Directors.

A recently announced strategic collaboration with Zapata AI aims to advance quantum-enabled machine learning, focusing initially on quantum generative AI models for material and molecule discovery. In addition, D-Wave has made progress with customer applications deployed in employee and driver scheduling, with more applications nearing production deployment. New and renewed customer engagements include agreements with Bridgestone Corp., Ford Otosan, and others, while partnerships with NEC Australia and Deloitte Canada aim to further accelerate the adoption of quantum computing solutions.

Financially, D-Wave has seen growth in bookings, revenue, and customer base, with consecutive quarters of year-over-year growth. The company ended fiscal year 2023 with $41.3 million in cash and raised $98.1 million in capital. Guidance for fiscal year 2024 anticipates a reduction in adjusted EBITDA loss compared to 2023 and expects first-quarter bookings to reach at least $4.3 million.

For more information, visit the company’s website at www.DWaveQuantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

Forward-Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. Forward-looking statements in this press release include, but are not limited to, statements regarding fiscal year 2024 guidance. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including; the company’s ability to raise funds under the ELOC or meet the conditions necessary to draw on the third tranche of the PSP Loan; general economic conditions and other risks; the company’s ability to maintain and expand the company’s customer base and the customer adoption of its solutions; risks within D-Wave’s industry, including anticipated trends, growth rates, and challenges for companies engaged in the business of quantum computing and the markets in which they operate; the outcome of any legal proceedings that may be instituted against the company; risks related to the performance of the company’s business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and/or timing thereof; the performance of the company’s products; like its hybrid solvers and software like “zero downtime deployment”; the effects of competition on the company’s business; the risk that D-Wave will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that D-Wave may never achieve or sustain profitability; the risk that D-Wave is unable to secure or protect the company’s intellectual property; volatility in the price of its securities; the risk that the company’s securities will not maintain the listing on the NYSE; and the numerous other factors set forth in D-Wave’s Form 10-K for its fiscal year ended December 31, 2023 filed on March 29, 2024. Any such forward-looking statements represent management’s estimates as of the date of this press release. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to the company on the date hereof. The company undertakes no duty to update this information unless required by law.

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