D-Wave Quantum Inc. has released its financial results for the fourth quarter and full year 2024, showing significant bookings growth and a decline in revenue.
D-Wave Quantum Inc.'s Financial Highlights
The company reported $2.3 million in revenue for the fourth quarter, a 21% decrease from the previous year's $2.9 million. Despite this, the company achieved record bookings of $18.3 million, a 502% increase compared to $3.0 million in the fourth quarter of 2023, indicating a growing demand for D-Wave's quantum computing solutions.
Fourth Quarter Results
GAAP gross profit for the quarter amounted to $1.5 million, a 25% drop from the $2.0 million posted in the previous year. The decline was mainly due to reduced professional services revenue. The GAAP gross margin also decreased to 63.8% from 67.7% in the prior year's quarter. Adjusted net loss per share was reported at $0.08, an improvement from the $0.10 recorded in the fourth quarter of 2023, despite broader financial challenges.
Outlook for Q1 2025
D-Wave expects its first-quarter fiscal 2025 revenue to exceed $10 million, with a substantial portion coming from the sale of an Advantage annealing quantum computer. This reflects the company's confidence in its offerings and market position, supported by partnerships and technological advancements.
Despite the challenging financial conditions, D-Wave Quantum Inc. continues to make strategic investments in innovation and customer engagement, laying the groundwork for future growth.
