D-Wave achieved revenue of $1.6 million and had bookings of $2.9 million in the first quarter. In comparison, they had revenue of $2.4 million in the previous fourth quarter of 2022 and much lower bookings under a million dollars. The adjusted EBITDA loss in Q1 2023 was $16.9 million in comparison to the loss in the year ago quarter of Q1 2022 which was $9.8 million. Net loss was $24.8 million versus $11.6 million a year ago.
The company ended this quarter with about $9.0 million in cash versus a cash position of $7.1 million on December 31, 2022. Despite having an operating loss, the company was able to continue maintaining its cash position by drawing on its Equity Line of Credit (ELOC). So far, the company has raised about $20 million under the ELOC of the total amount of $150 million that is available. The company is forecasting a total 2023 revenue of $12 – $13 million which would represent about a 75% increase over 2022. Many quantum companies will be experience “lumpy” revenue which means that large billings may occur during specific quarters and that revenue growth may not show a smooth growth quarter-to-quarter. D-Wave has indicated that it does expect to see revenue growth in Q2 2023.
The company expanded its customer base and has added Interpublic Group, Unisys US, POLARISqb, and Quantum Algorithms Institute to its client base. They also indicated that the average deal size has increased and they have experience a fifth consecutive quarter of sequential quarter-to-quarter growth in bookings. They also pointed to a paper recently published in Nature magazine showing quantum annealing solutions that were superior to classical solutions for 3D spin glass problems. They also introduced a new hybrid solver plug-in for feature selection for machine learning applications.
D-Wave’s press release with the details of their Q1 financial report can be accessed here.
May 24, 2023