- D-Wave third-quarter revenue grew by 51% year-over-year
- D-Wave’s third quarter bookings increased by 53% year-over-year, representing the company’s sixth consecutive quarter of year-over-year booking growth, while the first three quarters bookings increased by 125% when compared to the year earlier period
- CEO Dr. Alan Baratz recently met with Members of Congress to urge them to support the reauthorization of the National Quantum Initiative and ensure that it was expanded to encompass all quantum computing technologies
D-Wave Quantum (NYSE: QBTS), a leader in commercial quantum computing systems, software, and services, recently announced financial results for its fiscal third quarter, which ended September 30, 2023. D-Wave CEO Dr. Alan Baratz believes this is a pivotal moment in quantum computing, as the company leads the industry’s transformative shift from research and developmental experimentation to true delivery of quantum’s enterprise value and utility. “Our annealing quantum computing solutions are driving real business impact today, and we believe that our third quarter results reflect a growing recognition that D-Wave is leading the enterprise quantum wave,” said Baratz (https://ibn.fm/gUqPU).
Notable third-quarter financial highlights for the company include:
- Growing third-quarter revenue by 51% year-over-year and 50% sequentially from the second-quarter
- A 53% increase year-over-year in D-Wave’s bookings, representing the company’s sixth consecutive quarter of year-over-year booking growth. This brings the company’s year-to-date bookings to $8.4 million, an increase of $4.6 million, or 125% from the corresponding period in 2022
- Working with commercial customers on various new quantum and quantum-hybrid applications spanning customer rewards optimization, radar scheduling for national security, HVAC system design optimization, 6G satellite network optimization, and more
Baratz noted that the company is also seeing customers moving from development to deployment of applications, as they are witnessing first-hand the business impact and advantage that can be achieved using D-Wave’s annealing quantum computing solutions. “That growing commercial success, coupled with our ongoing world-class product development and scientific advancements, reflect, in our opinion, impressive progress across all facets of our business.”
D-Wave’s relentless pursuit of practical quantum computing has resulted in the company’s technology being used today by some of the world’s most advanced enterprises. The company recently initiated an exploration of its quantum technology’s integration with new machine learning areas, including prompt optimization and model training, to potentially bring the power of quantum to artificial intelligence and machine learning for its customers.
In September, Baratz met with Members of Congress to urge them to support the reauthorization of the National Quantum Initiative and ensure that it was expanded to encompass all quantum computing technologies (annealing, hybrid, and gate model). Passage of this legislation could accelerate the development of near-term quantum applications, providing solutions to complex public-sector problems, including optimizing global supply chains, electrical grid resilience, drug discovery, infrastructure, and stability.
SavantX, has used D-Wave’s quantum technology for a variety of projects, including optimization of Pier 300 operations at the Port of Los Angeles – addressing global supply chain strains facing the nation. SavantX CEO Ed Heinbockel said his company was proud to be at the forefront of quantum computing technology, driving innovation and pushing the boundaries of what is possible (https://ibn.fm/150lf). “Our work on application development to solve real-world problems is a testament to the power of this technology and is better than what classical computers can do alone,” Heinbockel added. “This legislation’s focus on near-term applications and commercialization will be important to push the use of the technology to solve critical public sector problems.”
More customer success stories highlighting D-Wave’s quantum solutions in real-world scenarios can be found at https://ibn.fm/EQ30o.
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 the potential for D-Wave to bring the power of quantum to artificial intelligence and machine learning to its customers and the potential impact of the National Quantum Initiative legislation. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including whether the initiatives set forth in the NQI are implemented and, if so, the success of such initiatives general economic conditions and other risks; the company’s ability to expand its 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 us; 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; the effects of competition on its 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 the company may never achieve or sustain profitability; the risk that the company is unable to secure or protect its intellectual property; volatility in the price of the company’s securities; the risk that its securities will not maintain the listing on the NYSE; and the numerous other factors set forth in D-Wave’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022 and other filings with the Securities and Exchange Commission. 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 D-Wave on the date hereof. D-Wave undertakes no duty to update this information unless required by law.
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