D-Wave released its earnings report for the quarter ending on September 30, 2022. Revenue was about $1.7 million, an increase of $300 thousand over the previous quarter. Gross profit was $1.1 million, an increase of 4300 thousand over Q2. Operating expenses were $16.4 million, an increase of about $3.5 million, and EBITDA Loss was $12.4 million, an increased loss of $1.6 million. Total revenue for the first three quarters was about $4.8 million. The company forecasted full year 2022 revenue to be between $7 and $9 million which would indicate continued revenue growth in the fourth quarter. The company ended the quarter with $13.7 million cash and cash equivalents on hand.

The company also indicated continued growth in customers and said they have had 63 commercial customers and 105 total customers this year so far, an increase of about 30% from the first nine months of 2021. On the product side they launch an update to their CQM (Constrained Quadratic Model) hybrid solver and reported they have fabricated a small test vehicle of their multi-stack gate level qubit design and are starting to benchmark one and two qubit gates with this device.

On the commercial front, the company has updated their pricing model to use a seat-based and application-based collection of offerings instead of the previous consumption, time-based approach and revised the access to their systems for AWS customers by moving from the AWS Braket service to the AWS Marketplace.

Additional information about their Q3 earnings can be found in their press announcement available here and a recording of their Q3 earnings call which you can listen to here.

November 10, 2022