D-Wave Quantum Inc. (NYSE: QBTS), a trailblazer in commercial quantum computing systems, software, and services, recently unveiled its financial achievements for the fourth quarter and the conclusion of the fiscal year 2023.
The company’s CEO, Dr. Alan Baratz, heralded this period as a testament to D-Wave’s undeniable momentum, underscored by remarkable commercial traction, significant product advancements, and the establishment of pivotal strategic partnerships.
According to Dr. Baratz, these accomplishments are steering D-Wave to fortify its standing as the pioneering force and commercial leader in quantum computing.
D-Wave Reports $2.9 Million in Q4 Earnings, Up 21% Year-Over-Year
The financial highlights for the fourth quarter of fiscal 2023 reflect D-Wave’s success. The company reported a 21% year-over-year increase in revenue, amounting to $2.9 million, marking the third consecutive quarter of sequential growth.
Bookings for the same period exhibited a 34% rise from the previous year, totaling $3.1 million and representing the company’s seventh consecutive quarter of year-over-year growth in this metric. Moreover, D-Wave’s gross profit surged by 45% to $2.0 million, and its GAAP gross margin expanded significantly to 67.7%, both indicators of the company’s robust financial health and operational efficiency.
D-Wave Misses on Revenue Expectations in Q4
When juxtaposed with market expectations, D-Wave’s fiscal achievements underscore the company’s capacity to outperform and drive growth. Analysts had projected an earnings per share (EPS) of -$0.11 and revenue of $4.69 million for the quarter. Although D-Wave’s revenue fell short of these projections, its EPS of -$0.10 per share reflected a narrower loss than anticipated, demonstrating the company’s improving profitability trajectory.
The company’s effective management of operating expenses, which decreased 17% year over year, along with a notable advancement in adjusted EBITDA, further illustrates D-Wave’s adeptness at surpassing expectations through strategic financial stewardship.
D-Wave Expects $4.3 Million in Bookings for Fiscal Q1
Looking ahead, D-Wave has set ambitious targets for the first quarter of fiscal 2024, aiming for at least $4.3 million in bookings. This goal signifies a minimum of 36% growth over the fourth quarter of fiscal 2023 and a 47% increase from the first quarter of the previous fiscal year, signaling the company’s eighth consecutive quarter of year-over-year growth in quarterly bookings.
D-Wave’s projection for the full fiscal year 2024 anticipates an Adjusted EBITDA Loss of $54.3 million, less than the fiscal 2023 Adjusted EBITDA Loss of $54.3 million, highlighting the company’s ongoing efforts to refine its profitability and operational efficiency.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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