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Share Name | Share Symbol | Market | Type |
---|---|---|---|
D Wave Quantum Inc | NYSE:QBTS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -1.67% | 1.18 | 1.21 | 1.13 | 1.1895 | 2,526,032 | 01:00:00 |
Q1 Revenue up 56% Year over Year
Q1 Bookings up 54% Year over Year
Gross Profit up 294% Year over Year
D-Wave Quantum Inc., (NYSE: QBTS) (“D-Wave” or the “Company”) a leader in commercial quantum computing systems, software, and services, today announced financial results for its first fiscal quarter ended March 31, 2024.
“D-Wave’s first quarter revenue and bookings reflect growing customer demand for quantum and hybrid quantum solutions that can drive measurable impact today,” said Dr. Alan Baratz, CEO of D-Wave. “Coupled with the significant technical milestones we’ve achieved with the Advantage2TM prototype, we believe our progress leading the commercialization of quantum through our products, customer application development and accelerating adoption is evident.”
Recent Business and Technical Highlights
___________________
1
IDC Link: D-Wave: Improving the Quantum Experience with the Introduction of Fast Anneal, doc #lcUS52073224, April 2024
First Quarter Fiscal 2024 Financial Highlights
Balance Sheet and Liquidity
As of March 31, 2024, D-Wave’s consolidated cash balance totaled $27.3 million, an increase of $18.3 million, or 204%, from the fiscal 2023 first quarter consolidated cash balance of $9.0 million. As of May 10, 2024, D-Wave's consolidated cash balance was $33 million.
On April 12, 2024, D-Wave’s $175 million shelf registration statement on Form S-3 went effective. On the same date, the Company’s Equity Line of Credit ("ELOC") registration statement on Form S-3 with Lincoln Park Capital Fund, LLC also went effective. As of the effective date, the Company had $82.1 million in available capacity under the ELOC with the investment commitment running through October 2025. D-Wave’s ability to raise additional funds under the ELOC is subject to a number of conditions including having a sufficient number of registered shares and having D-Wave's stock price above $1.00 per share.
Fiscal Year 2024 Outlook
We are reiterating the full year 2024 financial guidance set forth in our March 28, 2024, fiscal 2023 fourth quarter and full year earnings press release. Our guidance is subject to various cautionary factors described below. Based on the information available on May 10, 2024, guidance for the full year 2024 is as follows:
Adjusted EBITDA
___________________
1
“Bookings” is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods.
2
"Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted Operating Expenses", and "Adjusted EBITDA Loss", are non-GAAP financial measures or metrics. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
3
We are not able to reconcile guidance for Adjusted EBITDA Loss to its most directly comparable GAAP measure, Net Loss, and cannot provide an estimated range of net loss for such period without unreasonable efforts because certain items that impact Net Loss, including foreign exchange and the fair value of warrant liabilities, are not within our control or cannot be reasonably predicted.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Monday, May 13, 2024, at 8:00 a.m. (Eastern Time), to discuss the Company’s financial results and business outlook. The live dial-in number is 1-800-267-6316 (domestic) or 1-203-518-9783 (international). The conference ID is “D-Wave.” Participating in the call on behalf of the Company will be Chief Executive Officer, Dr. Alan Baratz, and Chief Financial Officer, John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations, including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of non-GAAP gross profit, non-GAAP gross margin, Adjusted EBITDA Loss and non-GAAP adjusted operating expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of non-GAAP gross profit, non-GAAP gross margin, Adjusted EBITDA Loss and non-GAAP adjusted operating expenses to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. Forward-looking statements in this press release include, but are not limited to, statements regarding the potential impact of quantum and quantum hybrid systems; the development and progress of our forthcoming Advantage2 system; the timing and content of the Qubits quantum computing conference; our ability to raise additional funds under the ELOC; the Company's reiterated 2024 financial guidance, as set out in our March 28, 2024 fiscal 2023 fourth quarter and full year earnings press release; the Company's expectations relating to 2024 Adjusted EBITDA Loss; and details of the Company's conference call in conjunction with this announcement. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including general economic conditions and other risks; our ability to expand our customer base and the customer adoption of our solutions; risks within D-Wave’s industry, including anticipated trends, growth rates, and challenges for companies engaged in the business of quantum computing and the markets in which they operate; the outcome of any legal proceedings that may be instituted against us; risks related to the performance of our business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and/or timing thereof; the performance of our products; the effects of competition on our business; the risk that we may not be able to raise additional funds under the ELOC; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we may never achieve or sustain profitability; the risk that we are unable to secure or protect our intellectual property; volatility in the price of our securities; the risk that our securities will not maintain the listing on the NYSE; the risk that our restatement of certain previously issued audited and unaudited financial statements or material weaknesses in internal controls could negatively affect investor confidence and raise reputational issues; and the numerous other factors set forth in D-Wave’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023 and other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc.
Condensed Consolidated Balance Sheets
March 31,
December 31,
(In thousands, except share and per share data)
2024
2023
(Unaudited)
Assets
Current assets:
Cash
$
27,304
$
41,307
Trade accounts receivable, net
1,735
1,652
Inventories
2,079
2,078
Prepaid expenses and other current assets
2,569
2,009
Total current assets
33,687
47,046
Property and equipment, net
2,909
2,551
Operating lease right-of-use assets
7,879
8,223
Intangible assets, net
302
179
Other non-current assets
3,828
1,357
Total assets
$
48,605
$
59,356
Liabilities and stockholders' deficit
Current liabilities:
Trade accounts payable
$
1,037
$
1,465
Accrued expenses and other current liabilities
6,007
5,343
Current portion of operating lease liabilities
1,448
1,374
Loans payable, net, current
369
399
Deferred revenue, current
1,999
2,669
Total current liabilities
10,860
11,250
Warrant liabilities
4,282
1,630
Operating lease liabilities, net of current portion
6,978
7,028
Loans payable, net, non-current (including $31,100 and $31,400 as of March 31, 2024 and December 31, 2023, respectively, at fair value)
63,043
63,850
Deferred revenue, non-current
399
79
Total liabilities
$
85,562
$
83,837
Commitments and contingencies
Stockholders' deficit:
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both March 31, 2024 and December 31, 2023; 161,675,010 shares and 161,113,744 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.
16
16
Additional paid-in capital
473,870
469,081
Accumulated deficit
(500,373
)
(483,061
)
Accumulated other comprehensive loss
(10,470
)
(10,517
)
Total stockholders' deficit
(36,957
)
(24,481
)
Total liabilities and stockholders’ deficit
$
48,605
$
59,356
D-Wave Quantum Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended March 31,
(In thousands, except share and per share data)
2024
2023
Revenue
$
2,465
$
1,583
Cost of revenue
806
1,162
Total gross profit
1,659
421
Operating expenses:
Research and development
8,525
10,915
General and administrative
7,566
11,296
Sales and marketing
3,084
2,900
Total operating expenses
19,175
25,111
Loss from operations
(17,516
)
(24,690
)
Other income, net:
Interest expense
(1,140
)
(212
)
Change in fair value of Term Loan
1,199
—
Gain on investment in marketable equity securities
1,660
—
Change in fair value of warrant liabilities
(2,652
)
638
Other income (expense), net
1,137
(142
)
Total other income, net
204
284
Net loss
$
(17,312
)
$
(24,406
)
Net loss per share, basic and diluted
$
(0.11
)
$
(0.20
)
Weighted-average shares used in computing net loss per share, basic and diluted
161,308,490
123,144,097
Comprehensive loss:
Net loss
$
(17,312
)
$
(24,406
)
Foreign currency translation adjustment, net of tax
47
(19
)
Net comprehensive loss
$
(17,265
)
$
(24,425
)
D-Wave Quantum Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(in thousands)
2024
2023
Cash flows from operating activities:
Net loss
$
(17,312
)
$
(24,406
)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization
229
339
Stock-based compensation
3,509
6,755
Amortization of operating right-of-use assets
199
206
Non-cash interest expense
1,093
195
Change in fair value of Warrant liabilities
2,652
(638
)
Change in fair value of Term Loan
(1,199
)
—
Gain on marketable securities
(1,660
)
—
Unrealized foreign exchange loss (gain)
(994
)
84
Change in operating assets and liabilities:
Trade accounts receivable
(42
)
215
Inventories
(19
)
(59
)
Prepaid expenses and other current assets
(559
)
767
Trade accounts payable
(538
)
1,858
Accrued expenses and other current liabilities
2,597
1,214
Deferred revenue
(350
)
46
Operating lease liability
343
(150
)
Other non-current assets
(68
)
—
Net cash used in operating activities
(12,119
)
(13,574
)
Cash flows from investing activities:
Purchase of property and equipment
(305
)
(64
)
Purchase of convertible note (Note 4)
(1,000
)
—
Sales of marketable equity securities (Note 4)
254
—
Expenditures for internal-use software
(67
)
—
Purchase of software
(87
)
(12
)
Net cash used in investing activities
(1,205
)
(76
)
Cash flows from financing activities:
Proceeds from Lincoln Park Purchase Agreement
—
15,683
Proceeds from issuance of common stock upon exercise of stock options
8
546
Payment of tax withheld for common stock issued under stock-based compensation plans
(734
)
—
Short swing profit settlement
—
244
Debt payments
—
(881
)
Net cash provided by (used in) financing activities
(726
)
15,592
Effect of exchange rate changes on cash and cash equivalents
47
(19
)
Net increase (decrease) in cash and cash equivalents
(14,003
)
1,923
Cash and cash equivalents at beginning of period
41,307
7,065
Cash and cash equivalents at end of period
$
27,304
$
8,988
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
(in thousands of U.S. dollars)
2024
2023
Gross Profit
$
1,659
$
421
Gross Margin
67.3
%
26.6
%
Excluding:
Depreciation and Amortization (1)
54
54
Stock-based compensation (2)
175
377
Non-GAAP Gross Profit
$
1,888
$
852
Non-GAAP Gross Margin
76.6
%
53.8
%
(1)
Depreciation and Amortization reflects the Depreciation and Amortization recorded in Cost of Revenue only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Operating Expenses.
(2)
Stock based compensation reflects the stock based compensation recorded in Cost of Revenue only, which differs from the total stock based compensation set forth in the Condensed Consolidated Statement of Cash flows that also includes stock based compensation recorded in Operating Expenses.
D-Wave Quantum Inc.Reconciliation of Operating Expenses to Non-GAAP Operating Expenses
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
(in thousands of U.S. dollars)
2024
2023
Operating expenses
$
19,175
$
25,111
Excluding:
Depreciation and Amortization (1)
175
285
Stock-based compensation (2)
3,334
6,378
Non-recurring one time expenses (3)
882
680
Non-GAAP Adjusted Operating Expenses
$
14,784
$
17,768
(1)
Depreciation and Amortization reflects the Depreciation and Amortization recorded in the Operating Expenses only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Cost of Revenue.
(2)
Stock based compensation reflects the stock based compensation recorded in Operating Expenses only, which differs from the total stock based compensation set forth in the Condensed Consolidated Statement of Cash flows that also includes stock based compensation recorded in Cost of Revenue.
(3)
Non-recurring professional fees and legal, consulting, and accounting fees related to capital markets activities.
D-Wave Quantum Inc.Reconciliation of Net Loss to Adjusted EBITDA
For the Three Months Ended March 31, 2024 and 2023
Three Months Ended March 31,
(in thousands of U.S. dollars)
2024
2023
Net loss
$
(17,312
)
$
(24,406
)
Excluding:
Depreciation and Amortization
229
339
Stock-based compensation
3,509
6,755
Interest (income) expense (1)
1,140
212
Change in fair value of warrant liabilities
2,652
(638
)
Change in fair value of Term Loan
(1,199
)
—
Gain on investment in marketable equity securities
(1,660
)
—
Other (income) expense, net (2)
(1,137
)
142
Non-recurring one time expenses (3)
882
680
Adjusted EBITDA
$
(12,896
)
$
(16,916
)
(1)
Interest expense primarily reflects the accrued interest associated with the below market interest rate government loans as if they were interest-bearing at market rates of interest, the paid-in-kind interest associated with the term loan agreement with PSPIB Unitas Investments II Inc. entered into on April 13, 2023, interest and adjustments to accrued interest on the SIF Loan, and the interest and amortization of the final fee associated with the Venture Loan with PSPIB Unitas Investments II Inc. that was entered into on March 3, 2022 and repaid on August 5, 2022.
(2)
Other income (expense), net consists primarily of foreign exchange gains and losses.
(3)
Non-recurring professional fees and legal, consulting, and accounting fees related to capital markets activities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240513418917/en/
Investor Contact: Kevin Hunt ir@dwavesys.com
Media Contact: Alex Daigle media@dwavesys.com
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