D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software and services, is reporting its numbers for the third quarter of 2023. Highlights of the report included revenue of $2.6 million for the quarter, an increase of 50% sequentially from Q2 and an increase of 51% on a year over year basis. Commercial revenue increased by 62% year over year and constituted 70% of total revenue over the last four quarters, up from 50% over the prior four quarters. Q3 bookings totaled $2.9 million, up 53% on a year-to-year basis with Q3 representing the company’s sixth consecutive quarter of year over year growth in quarterly bookings. The company also reported a $53.3 million cash balance, the highest in the company’s history.
The report also noted recent commercial and business highlights, including the signing of a number of new and expanded existing customer engagements and working with commercial customers on a variety of new quantum and quantum-hybrid applications that include customer rewards optimization, radar scheduling for national security, HVAC system design optimization, 6G satellite network optimization and much more. Additionally, the report noted the company’s initiation of exploration of its quantum technology’s integration with new machine learning areas to bring the power of quantum to artificial intelligence and machine learning for its customers.
“We believe that this is a pivotal moment in quantum computing, as D-Wave leads the industry’s transformative shift from research and developmental experimentation to true delivery of quantum’s enterprise value and utility,” said D-Wave Quantum CEO Dr. Alan Baratz in the press release. “Our annealing quantum computing solutions are driving real business impact today, and we believe that our third-quarter results reflect a growing recognition that D-Wave is leading the enterprise quantum wave. Once again, we experienced quarter-over-quarter and year-over-year growth in the number of customer bookings, commercial revenue, and the size of commercial deals. We’re also seeing customers moving from development to deployment of applications, as they are seeing first-hand the business impact and near-term advantage that can be achieved using D-Wave’s annealing quantum computing solutions. That growing commercial success, coupled with our ongoing world-class product development and scientific advancements, reflect, in our opinion, impressive progress across all facets of our business.”
To view the full press release, visit https://ibn.fm/wf9tj
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. The company’s mission is to unlock the power of quantum computing today to benefit business and society. D-Wave does 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 Volkswagen, 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. For more information about the company, please visit www.dwavequantum.com.
NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS
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