D-Wave Quantum Inc.
D-Wave Quantum Inc. Announces Non-Reliance on Previously Issued Financial Statements
Summary
On January 30, 2024, D-Wave Quantum Inc. determined that its previously issued financial statements for periods ending December 31, 2022, 2021, 2020, and the first three quarters of 2023 should no longer be relied upon due to errors in the accounting for certain government assistance arrangements. The Company plans to restate these financial statements to correct the misstatements, which primarily impact non-cash and non-operating components of other income (expense) and net loss, as well as research incentives receivable and loans payable on the balance sheets. The restatement does not affect key business metrics or compliance with financial covenants.
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About D-Wave Quantum Inc.
D-Wave Quantum Inc. is a leading developer and provider of quantum computing systems, software, and services with a unique focus on addressing real-world complex computational challenges. As a pioneer in the commercial quantum computing space, the company is dedicated to advancing both hardware and software solutions to fuel new possibilities in data processing and optimization. D-Wave’s quantum systems are utilized across various industries, including manufacturing, logistics, pharmaceuticals, and financial services, fostering advancements in machine learning, modeling, and optimization problems. Notably, the company’s platform integrates with conventional computing systems, providing hybrid quantum solutions that enhance processing efficiency. D-Wave Quantum Inc.’s contributions are pivotal in steering the technological curve towards quantum advantage, allowing businesses and researchers to explore new horizons in computational capabilities. By offering quantum cloud services, the company lowers the barrier for organizations to access and benefit from cutting-edge quantum technology. Headquartered in Burnaby, Canada, D-Wave continues to be a significant player in the tech industry, aggressively pushing the boundaries of quantum computing and establishing itself as a key influencer in the evolution of computing paradigms.
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