D-Wave Quantum Inc. (NYSE: QBTS) Reports Strong Q4, 2024 Results with Increased Bookings and Cash Position

• D-Wave’s 2024 bookings reached $23.9 million, a 128% increase from 2023, with Q4 bookings up 502% year-over-year.
• The company reported a cash position exceeding $300 million as of March 13, 2025.
• Significant technical and business milestones achieved in the past year include a quantum supremacy demonstration and the sale of an Advantage quantum computer to Julich Supercomputing Centre.
• New partnerships and customer projects were announced, spanning industries such as insurance, law enforcement, and agriculture.

D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software, and services, reported financial performance for the fourth quarter and full-year 2024, highlighting significant growth in bookings and a strengthened cash position. The company announced that bookings for the year reached $23.9 million, a 128% increase from 2023. Fourth-quarter bookings were totaled $18.3 million—more than a fivefold increase from Q4 2023 (https://ibn.fm/T4BI5).

Full fiscal year 2024 revenue remained relatively flat at $8.8 million, and the company announced that it expects revenue of $10 million for the first quarter of 2025. A significant portion of this comes from the recent sale of an Advantage(TM) annealing quantum computer. The company’s cash balance stands at over $300 million as of March 13, 2025.

D-Wave also reported key technical milestones and customer engagements. Among its most notable achievements, the company published peer-reviewed research in Science demonstrating quantum computational supremacy on a useful, real-world problem. The study showed that D-Wave’s Advantage2(TM) annealing quantum computer solved a complex magnetic materials simulation problem significantly faster and with lower power consumption than one of the world’s most powerful supercomputers (https://ibn.fm/pWoda). Performing the same computations on the classical supercomputer would have taken nearly one million years and consumed more electricity than the world’s total annual electricity consumption. This was the first time quantum computing has been demonstrated to surpass classical methods on a useful, real-world problem.

Additionally, the Julich Supercomputing Centre became the first high-performance computing center to purchase a D-Wave Advantage system, planning to integrate it with Europe’s only exascale supercomputer. The company also introduced an on-premises system offering for customers looking to develop quantum applications within their own infrastructure.

D-Wave continued its development of next-generation hardware, calibrating a third 4,400-qubit Advantage2 processor. This system offers doubled qubit coherence time, a 40% increase in energy scale, and enhanced qubit connectivity, enabling the resolution of larger and more complex problems, when compared to the current generation Advantage processor.

Other significant partnerships and applications mentioned in the Q4 financial results include:

• The development of multiple quantum and hybrid quantum applications across various industries. In collaboration with Japan Tobacco, the company is exploring drug discovery with Quantum AI. With Unipol’s Leithà, an Italian insurance technology firm, D-Wave is optimizing insurance portfolio management. North Wales Police used D-Wave’s technology to enhance police vehicle deployments.
• The development of a hybrid-quantum application that simulates and optimizes the movements of autonomous farming vehicles with Staque. The technology aims to enhance agricultural efficiency by maximizing production while minimizing costs.
• A collaboration with Carahsoft Technology Corp., which now co-markets D-Wave’s quantum computing solutions to U.S. government agencies.
• The launch of the Leap Quantum LaunchPad program to encourage early-stage quantum application development. The initiative offers a three-month free trial of the company’s quantum cloud service and expert support to accelerate quantum experimentation.

“Every day, D-Wave’s quantum technology is helping customers gain competitive advantages, discover new scientific breakthroughs, and fuel innovations that were previously unimaginable,” said CEO Dr. Alan Baratz. “Our mission is unwavering – to help organizations realize the benefits of quantum computing now. With record bookings, a record cash position and an unequivocal demonstration of our quantum system outperforming classical on a real-world problem, our progress toward achieving that mission is clear.”

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage and Advantage2 systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: 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. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. 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 us on the date hereof. We undertake no duty to update this information unless required by law.

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