D-Wave Quantum Inc. has reported its Q3 results and said it achieved revenue of $2.56 million in Q3 compared to $1.71 million in Q2 and $1.69 million a year ago in Q2 2023. Operating expenses decreased to $19.9 million in Q3 from the $21.6 million the company had in Q2 and compared to $16.2 million in Q2 2023. Adjusted EBITDA loss was $11.6 million versus $4.9 million in Q2.
The company ended the quarter with $53.3 million in cash, the highest balance ever held by the company. The company started the quarter with $7.5 million in cash but raise approximately $62 million in cash during the quarter primarily due to its Equity Line of Credit (ELOC) arrangement with Lincoln Park Capital Fund and its four year loan term agreement with PSPIB Unitas Investments II Inc. As of this writing the D-Wave stock price (QBTS) was at $0.72 and the company faces a delisting (for the second time) from the New York Stock Exchange because its price is below $1 per share. The company has six months to cure the deficiency.
On the commercial side, the company announced it has signed new and expanded deals with a number of customers during the quarter including BBVA, QuantumBasel, NTT Docomo, Poznan Superconducting and Networking Center, and Satispay. The company also continued to show continued increase in quarterly bookings versus 2022 as well as continued increase in deal size per booking.
The company also reported continued progress on the technical side including progress in its gate model quantum computer development program, enhancements to its Constrained Quadratic Model (CQM) hybrid solver, research on error mitigation techniques for its forthcoming Advantage2 annealer, SOC Type 2 compliance for protection of customer data, and other administrative and operational software improvements.
Additional information about D-Wave’s Q3 2023 financial results is available in a press release posted on their web site here.
November 11, 2023