D-Wave Quantum Inc. has announced its Q4 and full year 2024 financial results. A quick summary of some key financial metrics comparing Q4 2024 versus Q3 2024 and the year ago quarter of Q4 2023 as well as a comparison of full year 2024 versus 2023 is shown in the chart below.
The company raised additional funds through At-The-Market (ATM) and Equity Line of Credit (ELOC) common stock issuance programs in both Q4’2024 and also in the first few months of 2025. In Q4’2024 they raised $161.3 million and in 2025 so far they have raised $146.2 million. The company reported during their announcement that their current cash balance as of mid-March 2025 exceeds $300 million. Twenty-eight of the Forbes Global 2000 companies were customers in 2024 with 76 commercial customers in total. In addition, they had 59 research institution and government customers bringing their total 2024 customer count to 135.
They also provided an outlook for the first quarter of 2025 indicating an estimated revenue of over $10 million, partially due to the sales of one of their Advantage annealing quantum computers.
D-Wave also reported on several technical and operational highlights from the past quarter. They have made significant progress in quantum computing, achieving quantum computational supremacy by solving a materials simulation problem faster and more efficiently than a classical supercomputer, using their Advantage2 annealing quantum computer prototype. They introduced an on-premises system offering, with the Julich Supercomputing Centre becoming the first high-performance computing center to own a D-Wave Advantage system, which will be integrated with Europe’s exascale JUPITER supercomputer for advancements in AI and quantum optimization. To address customer dissatisfaction with competitor systems, D-Wave launched the “Quantum Uplift” program, encouraging organizations to adopt their Advantage system.
They calibrated a new 4,400 qubit Advantage2 processor, which delivers significant performance improvements through enhanced coherence, energy efficiency, and connectivity. Collaborations with customers have led to applications such as drug discovery, insurance portfolio optimization, police vehicle deployment, and autonomous agriculture systems. D-Wave also partnered with Carahsoft Technology Corp. to bring their quantum solutions to public sector organizations, providing cloud access, training, and specialized support.
The Leap Quantum LaunchPad program was initiated to encourage the exploration of quantum and hybrid-quantum applications through a free trial of their production-grade systems. They launched the “Quantum Realized” brand campaign to showcase quantum computing’s practical benefits and help customers evaluate quantum companies. Lastly, D-Wave announced their Qubits 2025 conference, which will feature discussions on real-world quantum applications with industry leaders and customers.
D-Wave’s efforts reflect their focus on advancing quantum technology, practical applications, and collaborations across various sectors.
Additional information about D-Wave’s financial report is available in a press release posted on their website here and the Q4 2024 Investor Presentation available here.
March 15, 2025
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