By Mackenzie Tatananni
D-Wave Quantum stock jumped in premarket trading Thursday after the quantum-computing company reported a fourth-quarter revenue beat but its loss was wider than expected.
D-Wave posted a loss of 8 cents a share in the December quarter, wider than the loss of 6 cents analysts anticipated. However, fourth-quarter revenue of $2.3 million topped Wall Street's call for $2.2 million, according to FactSet.
Full-year revenue of $8.8 million was flat from the prior year and roughly in line with analysts' expectations. Bookings came in at $23.9 million, up $13.4 million from 2023.
The company said it ended the year with 135 customers, gaining four government and research institution clients along with one Forbes Global 2000 customer.
Shares climbed 5.2% to $6.12 in premarket trading. Peer stocks also were on the rise, with Rigetti Computing, Quantum Computing, and IonQ gaining 0.9%, 1.3%, and 4%, respectively. Futures tracking the S&P 500 were down 0.3%, while tech-heavy Nasdaq futures were down 0.4%.
D-Wave said it expects revenue in its current fiscal first quarter to top $10 million, attributing a "significant portion" to the sale of a D-Wave Advantage quantum computer.
CEO Alan Baratz cited the company's record bookings and cash position in a statement. "Our mission is unwavering -- to help organizations realize the benefits of quantum computing now," he said.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
March 13, 2025 07:41 ET (11:41 GMT)
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