- D-Wave bookings for fiscal year 2024 will exceed $23 million, marking at least a 120% increase compared to fiscal year 2023, an increase driven in part by first-ever customer purchase of a D-Wave(TM) Advantage annealing quantum computing system.
- The company also announced the successful completion of a $150 million “at-the-market” (“ATM”) equity offering, contributing to a current cash balance of approximately $320 million.
- The Advantage quantum computer purchase represents an expansion of the company’s revenue model as a result of broadening its go-to-market offering to include on-premises system sales.
- CEO Dr. Alan Baratz emphasized that the company believes the world is quickly recognizing the near-term usefulness and value of D-Wave’s quantum systems.
D-Wave Quantum (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software and services, and the first commercial provider of quantum computers, reported a 120%+ increase in bookings for fiscal year 2024 compared to 2023 figures. According to a company news release, bookings for fiscal year 2024 exceed $23 million, an increase driven by several major milestones including the first-ever customer purchase of a D-Wave Advantage annealing quantum computer (https://ibn.fm/9aHB5).
Bookings during Q4 of fiscal year 2024 will be at least $18 million, an increase of approximately 500% over prior fiscal year 2023 Q4 bookings of $3 million. The company ended fiscal year 2024 with a record cash position of approximately $178 million in cash.
In addition, D-Wave recently announced the successful completion of a $150 million ATM equity offering (the “ATM Program”). The $150 million ATM Program commenced on January 15th and ended on January 21st, with an average per share price of $6.10, representing a $0.22 per share, or 3.7%, premium over the Volume Weighted Average Price (“VWAP”) of D-Wave’s common stock during the same timeframe. The company’s current cash balance is approximately $320 million, which the company believes provides the capital necessary to fully execute its operating plan to sustained profitability and positive cash flow.
The D-Wave Advantage system is the world’s largest quantum computer with more than 5,000 qubits and 15-way connectivity. The first customer purchase of the system highlights the growing adoption of D-Wave’s annealing quantum technology and represents a significant expansion in the company’s revenue model as a result of broadening its go-to-market offering to include on-premise system sales.
The purchase of an on-premise system provides the customer complete access to all aspects of the Advantage quantum computer, including the ability to modify system parameters and integrate the system in ways that were previously unavailable. The move comes as D-Wave has seen a growing demand for on-premise quantum systems from research centers, academic institutions, HPC centers, and leading-edge businesses looking to accelerate competitive differentiation, bolster national security, and explore how quantum computing can address challenges resulting from AI’s escalating power consumption.
The on-premise infrastructure offering is complementary to D-Wave’s Leap(TM) quantum cloud service, an approach that the company believes will continue to be preferred by many application-focused customers.
According to Dr. Alan Baratz, CEO of D-Wave, the company believes it is evident that the world is quickly recognizing the near-term usefulness and value of D-Wave’s quantum systems. “With remarkable growth in bookings, our first Advantage system sale and an increasing number of customer applications moving into production, in our view, D-Wave is clearly driving the commercialization of quantum computing,” Dr. Baratz said. “While others remain in the research and development mode, we are delivering incredibly powerful technology and products to customers today, helping them tackle their tough computational problems faster, better and with less energy.”
For more information, visit the company’s website at 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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