DWave Quantum Inc Reports Fiscal Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
D-Wave Quantum Inc. Reports Fiscal Q2 2024 Financial Results
D-Wave Quantum Inc. (NYSE:QBTS) has announced its financial results for the second fiscal quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YOY Change | Consensus Estimate | QOQ Change |
|---|---|---|---|---|---|
| Revenue | $2.2M | $1.7M | +28% | $2.83M | -22.2% |
| EPS | -$0.10 | -$0.21 | +52.4% | -$0.09 | -11.1% |
| Bookings | $2.7M | $2.5M | +6% | ||
| GAAP Gross Profit | $1.4M | $0.7M | +97% | ||
| GAAP Gross Margin | 63.6% | 41.3% | +22.3% | ||
| Non-GAAP Gross Profit | $1.6M | $1.0M | +61% | ||
| Non-GAAP Gross Margin | 73.1% | 58.1% | +15% | ||
| GAAP Operating Expenses | $20.2M | $21.6M | -6% | ||
| Non-GAAP Adj Operating Exp | $15.5M | $15.9M | -3% | ||
| Net Loss | $17.8M | $26.2M | +32.1% | ||
| Adjusted EBITDA Loss | $13.9M | $14.9M | +6.7% |
Interpretation : D-Wave achieved a strong year-over-year revenue growth of 28%, although missing the consensus estimate. The significant reduction in net loss and improved operating efficiencies, as evidenced by the considerable jump in gross profit and gross margin, indicate a positive trend in the company's financial health.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YOY Change |
|---|---|---|---|
| Total Revenue | $2.2M | $1.7M | +28% |
| Bookings | $2.7M | $2.5M | +6% |
Interpretation : Revenue performance across D-Wave's segments indicates steady growth, driven primarily by increasing bookings and attracting new commercial customers, enhancing its market position.
Key Operational Data
| Metric | Recent 4-Qtrs | Preceding 4-Qtrs | YOY Change |
|---|---|---|---|
| Total Customers | 130 | 114 | +14% |
| Commercial Customers | 77 | 70 | +10% |
| Forbes Global 2000 Customers | 26 | 22 | +18% |
Interpretation : D-Wave continues to see robust commercial traction with notable increases in total, commercial, and Forbes Global 2000 customers, reinforcing its strategy of customer acquisition and expansion.
Comments from Company Officers
Dr. Alan Baratz, CEO of D-Wave, emphasized strong development across revenue, bookings, and technical advancements, highlighting the growing awareness and adoption of annealing quantum computing, as well as significant progress in quantum AI and hardware developments.
Dividend or Share Repurchase Program
No information was provided about dividends or share repurchase programs in the earnings release.
Forward Guidance
D-Wave reiterated its FY 2024 guidance, anticipating an Adjusted EBITDA Loss less than the FY 2023 figure of $54.3 million.
Stock Price Movement
After the earnings release, the company’s stock price experienced a decrease of -2.716%.
Summary : D-Wave's second quarter of fiscal 2024 showcased noteworthy year-over-year improvements in several financial metrics, coupled with significant operational advancements and continued commercial traction. Despite missing revenue estimates, the company’s ongoing product developments and strong customer base indicate a promising trajectory.
