D-Wave has announced its Q2 2024 financial results. A quick summary of some key financial metrics comparing Q2 2024 versus Q1 2024 and the year ago quarter of Q2 2023 is shown in the chart below.
The company reported continued Year-over-Year growth in the second quarter. However, there was no sequential growth from the previous quarter as the quantum market, in general, is still in its early phases and quite lumpy. Of the $2.2 million in revenue this quarter, 81% came from QCaaS (Quantum Computing as a Service) and 16% came from Professional Services.
The company reiterated their full 2024 year outlook that the 2024 Adjusted EBITDA Loss will be less than the fiscal 2023 Adjusted EBITDA Loss of $54.3 million. They also reported they have has joined the broad-market Russell 3000 Index which may provide higher visibility for their stock. The company ended the quarter with $40.9 million in cash, but also have an ELOC (Equity Line of Credit) available from Lincoln Park Capital with $61.8 million of available credit and a remaining $90.7 million in issuance capacity under an ATM (At The Market) program.
The company also reported continued customer traction and specifically mentioned customers Ford Otosan and Hermes Germany who are investigating factory sequencing and vehicle routing applications, respectively. D-Wave also reported an increase of their customer base to 130 total including 77 commercial customers and 26 Forbes Global 2000 customers. In addition, the company noted an increase in interest from government and public sector organizations and reported that their recent Qubits 2024 conference had total attendance, both in-person and virtually, of over 600 attendees from 452 organizations from 50 countries.
The company noted progress on several technical developments including a Quantum AI product development roadmap, an expansion of their partnership with Zapata AI, installation of a D-Wave Advantage processor at the headquarters of Davidson Technology planned for 2025, a new hybrid solver for non-linear relationships, and nearing the next step in development of their next generation Advantage2 processor. The Advantage2 is ultimately slated to include over 7000 qubits and the company has already put online a smaller 1200+ qubit version for customers to use. They have also built and are currently calibrating a 4800+ qubit version that we believe will also be made available to customers later this year.
For additional information about D-Wave’s Q2 2024 financial report and their current status, you can access a press release posted on the company’s website here. and also view a Q2 2024 Investor Presentation here.
August 8, 2024
