D-Wave has announced its Q1 2024 financial results. A quick summary of some key financial metrics comparing Q1 2024 versus Q4 2023 and the year ago quarter of Q1 2023 is shown in the chart below.

In Q1, the company showed continue, albeit lumpy, growth achieving a significant increase in revenue versus the year ago quarter. Bookings also showed continued growth with a Book/Bill ratio of 1.8 in Q1 2024. The number of customers they are working with also continued to increase numbering 128 total customers, 75 commercial customers, and 25 customers from the Forbes Global 2000. These customers are working on applications that can benefit from quantum-powered optimization including solar panel usage optimization, body shop scheduling, crude oil tanker unloading, cybersecurity, and others. The company also announced its Qubits Conference in Boston on June 17-18, 2024 and a renewal of their multiyear partnership with the University of Southern California (USC).

The company also announced technical progress with their quantum annealers. They introduced a Fast Anneal feature for their existing processors, customer availability of their 1,200+ qubit Advantage2 prototype on the Leap cloud service, and D-Wave disclosed they have built a 4800+ qubit version of their Advantage2 system which they currently are testing. Long term, the company’s goal is to develop a 7000+ qubit version of the Advantage2.

The company continues to work on improving its cash reserves. After the quarter ended, on April 12, 2024, both the company’s $125 million shelf registration went effective as did their Equity Line of Credit (ELOC) agreement with Lincoln Park Capital. Apparently, some of that credit has been used because the company mentioned that as of May 10, 2024 they had a cash balance of $33 million, an increase over the balance at the end of Q1. Although the company did not provide a lot of forward guidance, they did reiterate that the company expects the 2024 Adjusted EBITDA loss to be less than the company’s 2023 Adjusted EBITDA loss of $54.3 million.

For additional information about D-Wave’s Q1 2024 financial report, you can access a press release posted on the company’s website here. Also, the Quantum Computing Report published an article earlier this year titled A Look at D-Wave’s Progress and Future Roadmap that’s available here.

May 14, 2024