D-Wave Quantum Inc. (QBTS) saw its shares soar 5.08% in Friday's pre-market trading session on the back of strong fiscal year 2024 bookings and the announcement of its first Advantage quantum computing system sale.
The company revealed that its FY24 bookings are expected to exceed $23 million, marking an increase of approximately 120% compared to FY23. This substantial growth was driven by the first-ever customer purchase of D-Wave's Advantage annealing quantum computing system, reflecting a significant expansion of the company's revenue model to include on-premise system sales.
D-Wave CEO Dr. Alan Baratz expressed confidence in the company's ability to deliver practical quantum computing solutions to customers today. He emphasized that while others remain focused on research and development, D-Wave is already providing powerful technology and products to help organizations address complex computational problems more efficiently and with less energy consumption.
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