Form 8-K · Current Report · Filed 2024-08-08
D-Wave Reports Strong Q2 2024 Financial Results and Business Updates
D-Wave Quantum Inc. announced its financial results for the second quarter of fiscal 2024 on August 8, 2024, reporting a 28% year-over-year increase in revenue to $2.2 million. The company saw a 6% rise in bookings to $2.7 million and a significant 97% increase in GAAP gross profit to $1.4 million. D-Wave also highlighted advancements in its quantum computing technology, including the development of a new hybrid quantum solver and the expansion of its commercial partnership with Zapata AI. The company ended the quarter with a strong cash balance of $40.9 million.
- Filer
- D-Wave Quantum Inc. QBTS · NYSE
- Filed
- Accession
- 0001907982-24-000094
- CIK
- 0001907982
- Signal
- Medium impactTechnology
- Source
- Official filing on sec.gov ↗
Items reported
Results of Operations and Financial Condition
Financial Statements and Exhibits
Market reaction
Close before filing
$0.81
Next session
+4.0%
Since filing
+2132.1%
Latest close
$18.08
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Precedent
Previous filings from QBTS reporting the same item, with the next session's move:
Exhibits (2)
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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