D-Wave Reports Fourth Quarter and Year-End 2024 Results
FY 2024 Bookings up 128% Year over Year
Q4 Bookings up 502% Year over Year
Current Cash Position Exceeds $300 Million
PALO ALTO, Calif.--(BUSINESS WIRE)--March 13, 2025--
D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company"), a leader in quantum computing systems, software, and services, today announced financial results for its fourth fiscal quarter and year ended December 31, 2024.
"Every day D-Wave's quantum technology is helping customers gain competitive advantages, discover new scientific breakthroughs, and fuel innovations that were previously unimaginable," said Dr. Alan Baratz, CEO of D-Wave. "Our mission is unwavering - to help organizations realize the benefits of quantum computing now. With record bookings, a record cash position and an unequivocal demonstration of our quantum system outperforming classical on a real-world problem, our progress toward achieving that mission is clear."
Recent Business and Technical Highlights
-- Announced that D-Wave has demonstrated quantum computational supremacy
over classical computation on a useful, real-world problem, with
peer-reviewed publication of the research in the esteemed journal,
Science. The research, which has relevance to customers' problems in
materials discovery, solved the complex materials simulation problem on
D-Wave's Advantage2$(TM)$ annealing quantum computer prototype
significantly faster and with far less power consumption than one of the
world's most powerful classical supercomputers.
-- Introduced an on-premises systems offering to enable customers to push
the boundaries of quantum-fueled experimentation, development and usage.
Also announced that the Julich Supercomputing Centre is the first
high-performance computing $(HPC.AU)$ center to purchase and own a D-Wave
Advantage annealing quantum computing system. It is expected that
D-Wave's system will be connected to the JUPITER supercomputer, Europe's
first and only exascale HPC, to facilitate breakthroughs in AI and
quantum optimization applications.
-- Announced the "Quantum Uplift" program to address customers'
disappointment with competitor quantum systems that have proven to be
incapable of solving practical real-world problems and lack reliable
uptime and availability. The program offers incentives to dissatisfied
organizations toward the purchase of a D-Wave Advantage system that will
enable them to pursue groundbreaking research and novel AI applications.
-- Announced the calibration of a third 4,400 qubit Advantage2 processor.
Compared with the current Advantage system, the Advantage2 processor
delivers significant performance gains with doubled qubit coherence time,
which drives faster time to solution; a 40% increase in energy scale for
higher-quality solutions; and increased qubit connectivity from 15-way to
20-way, enabling solutions to larger, more complex problems.
-- Worked with customers on a variety of quantum and hybrid quantum
applications including: drug discovery with Japan Tobacco; insurance
portfolio optimization with Leithà, the technology and data factory
of Unipol, a leading Italian insurance company; and optimization of
police vehicle deployment with North Wales Police.
-- Announced a commercial hybrid-quantum application built with Staque that
simulates and optimizes movements of autonomous agriculture vehicles. The
companies expect the application could have important benefits to farmers
as they adopt autonomous agriculture machines in order to scale and
increase the output of their fields, with quantum computing providing the
analysis, speed, and accuracy to help maximize production and minimize
costs.
-- Announced a partnership with Carahsoft Technology Corp., enabling them to
co-market D-Wave's comprehensive solutions to the public sector through
Carahsoft's reseller network. These solutions include real-time access to
the D-Wave Advantage(TM) quantum computing systems through D-Wave's
Leap(TM) quantum cloud service, workforce training programs to upskill
current public sector employees, and specialized support from D-Wave's
professional services team to develop applications for specific public
sector use cases.
-- Initiated the Leap Quantum LaunchPad program designed to accelerate the
exploration and development of quantum and hybrid-quantum applications.
The program is structured as a free 3-month trial that provides access to
D-Wave's production-grade annealing quantum computers and the Leap
real-time quantum cloud service as well as expert project support.
-- Launched the new "Quantum Realized" brand campaign to showcase the
benefits of today's quantum computing and presented a framework to help
customers evaluate a quantum computing company's relative value. The
campaign will span digital and print advertising channels, events, and
the Company's sponsorship of the International Year of Quantum Science
and Technology, an initiative that aims to raise public awareness about
quantum computing.
-- Announced that Qubits 2025, the Company's annual user conference, will
take place March 31, 2025 and April 1, 2025 in Scottsdale, Arizona.
Themed "Quantum Realized," the event will feature company executives,
customers and industry thought leaders discussing the ways that D-Wave
products are delivering tangible value today. Speakers include Charles
Payne of Fox Business's "Making Money with Charles Payne," IDC, Davidson
Technologies, Julich Supercomputing Centre, Japan Tobacco, NTT DOCOMO,
Pusan National University, Quantum Research Sciences, SAS, the University
of Southern California and more.
-- Announced record Bookings for the year ended December 31, 2024, of $23.9
million, an increase of $13.4 million, or 128%, from Bookings of $10.5
million for the year ended December 31, 2023, and fiscal 2024 fourth
quarter Bookings of $18.3 million, an increase of $15.3 million, or 502%
from the fiscal 2023 fourth quarter Bookings of $3.0 million.
-- D-Wave's consolidated cash balance totaled $178.0 million as of December
31, 2024 and is in excess of $300 million as of the date of this earnings
press release.
Financial Results for the Fiscal Year 2024
-- Revenue: Revenue for the year ended December 31, 2024, was $8.8 million,
essentially flat compared to revenue of $8.8 million for the year ended
December 31, 2023.
-- Bookings1: Bookings for the year ended December 31, 2024, were $23.9
million, an increase of $13.4 million, or 128%, from Bookings of $10.5
million for the year ended December 31, 2023.
-- Customers: In comparing the year ended December 31, 2024 with the year
ended December 31, 2023, D-Wave had:
-- A total of 135 customers compared with a total of 133 customers;
-- 76 commercial customers compared with 78 commercial customers;
-- 59 research institution and government customers compared with 55
research institution and government customers; and
-- 28 Forbes Global 2000 customers compared with 27 Forbes Global
2000 customers constituting 37% of the total number of commercial
customers.
-- GAAP Gross Profit: GAAP gross profit for the year ended December 31, 2024
was $5.6 million, an increase of $1.0 million, or 20%, from $4.6 million
of GAAP gross profit for the year ended December 31, 2023, with the
increase due primarily to an increase in higher margin QCaaS revenue and
lower stock-based compensation expense in cost of sales.
-- GAAP Gross Margin: GAAP gross margin for the year ended December 31, 2024
was 63.0%, an increase of 10.2% from the 52.8% GAAP gross margin for the
year ended December 31, 2023.
-- Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the year ended December
31, 2024 was $6.4 million, an increase of $0.3 million, or 5%, from the
Non-GAAP Gross Profit of $6.1 million for the year ended December 31,
2023. The difference between GAAP and Non-GAAP Gross Profit is limited to
non-cash stock-based compensation and depreciation and amortization
expenses that are excluded from the Non-GAAP gross profit.
-- Non-GAAP Gross Margin2: Non-GAAP Gross Margin for the year ended December
31, 2024 was 72.8%, an increase of 3.0% from the 69.8% Non-GAAP Gross
Margin for the year ended December 31, 2023. The difference between GAAP
and Non-GAAP Gross Margin is limited to non-cash stock-based compensation
and depreciation and amortization expenses that are excluded from the
Non-GAAP gross margin.
-- GAAP Operating Expenses: GAAP operating expenses for the year ended
December 31, 2024 were $82.8 million, a decrease of $2.4 million, or 3%
from GAAP operating expenses of $85.2 million for the year ended December
31, 2023, with the year-over-year decrease primarily driven by decreases
of $5.6 million in non-cash stock-based compensation expense, $3.8
million in third party professional services and $1.0 million in
insurance expenses, partially offset by increases in salaries and related
personnel costs of $6.0 million related to incremental investments to
support the Company's continued growth and expansion.
-- Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating
Expenses for the year ended December 31, 2024 were $62.4 million, an
increase of $2.0 million or 3% from Non-GAAP Adjusted Operating Expenses
of $60.4 million for the year ended December 31, 2023, with the
difference between GAAP and Non-GAAP Adjusted Operating Expenses being
primarily non-cash stock-based compensation expense, non-recurring
one-time expenses, and depreciation and amortization.
-- Net Loss: Net loss for the year ended December 31, 2024 was $143.9
million, or $0.75 per share, an increase of $61.2 million, or $0.15 per
share, from the net loss of $82.7 million or $0.60 per share, for the
year ended December 31, 2023. The increase was primarily due to a $68.3
million non-cash, non-operating charge related to the remeasurement of
the Company's warrant liability, that materially increased as a result of
the significant price appreciation of the Company's warrants.
-- Adjusted Net Loss2: Adjusted Net Loss for the year ended December 31,
2024, was $75.6 million, or $0.39 per share, a decrease of $7.3 million,
or $0.21 per share, from an Adjusted Net Loss of $83.0 million, or $0.60
per share, for the year ended December 31, 2023, with the difference
between Net Loss and Adjusted Net Loss being non-cash, non-operating
charge related to the remeasurement of the Company's warrant liability.
-- Adjusted EBITDA Loss2: The Adjusted EBITDA Loss for the year ended
December 31, 2024 was $56.0 million, an increase of $1.7 million or 3%
from the Adjusted EBITDA Loss of $54.3 million for the year ended
December 31, 2023, with the increase due primarily to higher operating
expenses, driven by the Company's increased investment in its
go-to-market and research and development organizations.
Fourth Quarter Fiscal 2024 Financial Highlights
-- Revenue: Revenue for the fourth quarter of fiscal 2024 was $2.3 million,
a decrease of $0.6 million, or 21%, from the fiscal 2023 fourth quarter
revenue of $2.9 million.
-- Bookings1: Bookings for the fourth quarter of fiscal 2024 were a record
$18.3 million, an increase of $15.3 million, or 502% from the fiscal 2023
fourth quarter Bookings of $3.0 million.
-- GAAP Gross Profit: GAAP gross profit for the fourth quarter of fiscal
2024 was $1.5 million, a decrease of $0.5 million, or 25%, from the
fiscal 2023 fourth quarter gross profit of $2.0 million, with the
decrease due primarily to lower professional services revenue.
-- GAAP Gross Margin: GAAP gross margin for the fourth quarter of fiscal
2024 was 63.8%, a decrease of 3.9% from the fiscal 2023 fourth quarter
GAAP gross margin of 67.7%.
-- Non-GAAP Gross Profit2: Non-GAAP Gross Profit for the fourth quarter of
fiscal 2024 was $1.7 million, a decrease of $0.6 million, or 28%, from
the fiscal 2023 fourth quarter Non-GAAP Gross Profit of $2.3 million. The
difference between GAAP and Non-GAAP gross profit is limited to non-cash
stock-based compensation and depreciation and amortization expenses that
are excluded from the Non-GAAP gross profit.
-- Non-GAAP Gross Margin2: Non-GAAP Gross Margin for the fourth quarter of
fiscal 2024 was 73.0%, a decrease of 7.2% from the fiscal 2023 fourth
quarter Non-GAAP Gross Margin of 80.2%. The difference between GAAP and
Non-GAAP Gross Margin is limited to non-cash stock-based compensation and
depreciation and amortization expenses that are excluded from the
Non-GAAP gross margin.
-- GAAP Operating Expenses: GAAP operating expenses for the fourth quarter
of fiscal 2024 were $21.7 million, an increase of $3.2 million, or 17%,
from the fiscal 2023 fourth quarter GAAP operating expenses of $18.5
million with the increase driven primarily by an increase in personnel
costs of $4.1 million, and fabrication costs of $0.6 million, partially
offset by a decrease in third party professional fees of $1.2 million.
-- Non-GAAP Adjusted Operating Expenses2: Non-GAAP Adjusted Operating
Expenses for the fourth quarter of fiscal 2024 were $17.0 million, an
increase of $3.8 million, or 29% from the fiscal 2023 fourth quarter
Non-GAAP Adjusted Operating Expenses of $13.2 million, with the
difference between GAAP and Non-GAAP Adjusted Operating Expenses being
primarily non-cash stock-based compensation expense, non-recurring
one-time expenses, and depreciation and amortization.
-- Net Loss: Net loss for the fourth quarter of fiscal 2024 was $86.1
million, an increase of $70.1 million, or 438%, from the fiscal 2023
fourth quarter net loss of $16.0 million. The increase was primarily due
to a $68.3 million non-cash, non-operating charge related to the
remeasurement of the warrant liability, that materially increased as a
result of the significant price appreciation of the Company's warrants.
Net loss per share for the fourth quarter of fiscal 2024 was $0.37 per
share, an increase of $0.27 from the fiscal 2023 fourth quarter net loss
of $0.10 per share.
-- Adjusted Net Loss2: Adjusted Net Loss for the fourth quarter of fiscal
2024, was $17.8 million, or $0.08 per share, an increase of $1.5 million
and a decrease of $0.03 per share, compared with an Adjusted Net Loss of
$16.4 million, or $0.10 per share, for the fiscal 2023 fourth quarter,
with the difference between Net Loss and Adjusted Net Loss being the
non-cash, non-operating charge related to the remeasurement of the
Company's warrant liability.
-- Adjusted EBITDA Loss2: Adjusted EBITDA Loss for the fourth quarter of
fiscal 2024 was $15.3 million, an increase of $4.4 million, or 41%, from
the fiscal 2023 fourth quarter Adjusted EBITDA Loss of $10.9 million,
with the increase due primarily to lower revenue and higher operating
expenses that were principally related to the Company's increased
investment in its go-to-market and research and development
organizations.
Balance Sheet and Liquidity
As of December 31, 2024, D-Wave's consolidated cash balance totaled $178.0 million and, as of the date of this earnings press release, exceeded $300 million. During the fourth quarter of fiscal 2024, the Company raised $161.3 million in equity through its At-The-Market $(ATM.UK)$ and Equity Line of Credit (ELOC) common stock issuance programs and, during the current first quarter of fiscal 2025, the Company raised an additional $146.2 million under an ATM program for total net proceeds of $307.5 million. Of the $307.5 million, $295.4 million was raised under the ATM programs at an average price per share of $4.30 that was $0.08 higher than the corresponding Volume Weighted Average Price (VWAP) of $4.22 per share. In addition, the Company paid off the remaining balance of its $50 million secured term loan with PSPIB Unitas Investments II Inc. during the fourth quarter.
As of December 31, 2024, the Company had $37.8 million in available issuance capacity under the ELOC with Lincoln Park Capital Fund, LLC, with the investment commitment running through October 2025. D-Wave's ability to raise additional funds under the ELOC is subject to a number of conditions including having a sufficient number of registered shares and D-Wave's stock price being above $1.00 per share.
First Quarter Fiscal Year 2025 Outlook
-- We expect first quarter fiscal 2025 revenue to exceed $10 million with a
significant portion of the first quarter revenue including revenue
recognized from the sale of an Advantage annealing quantum computer.
____________________
(1) "Bookings" is an operating metric that is defined as customer orders
received that are expected to generate net revenues in the future. We present
the operational metric of Bookings because it reflects customers' demand for
our products and services and to assist readers in analyzing our potential
performance in future periods.
(2) "Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted
Operating Expenses", "Adjusted Net Loss", "Adjusted Net Loss per Share" and
"Adjusted EBITDA Loss" are non-GAAP financial measures or metrics. Please see
the discussion in the section "Non-GAAP Financial Measures" and the
reconciliations included at the end of this press release.
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Thursday, March 13, 2025, at 8:00 a.m. (Eastern Time), to discuss the Company's financial results and business outlook. The live dial-in number is 1-800-717-1738 (domestic) or 1-646-307-1865 (international). Participating in the call will be Chief Executive Officer, Dr. Alan Baratz and Chief Financial Officer, John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world's first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage quantum computers, the world's largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage systems and Advantage2 prototypes to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we're shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP gross profit, Non-GAAP gross margin, Adjusted EBITDA loss, Adjusted Net Loss, Adjusted Net Loss per Share, and Non-GAAP adjusted operating expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
-- Non-GAAP gross profit is defined as GAAP gross profit less non-cash
stock-based compensation expense and depreciation and amortization
expense. We use Non-GAAP gross profit to measure, understand and evaluate
our core operating performance and trends and to develop short-term and
long-term operating plans.
-- Non-GAAP gross margin is defined as GAAP gross margin less non-cash
stock-based compensation expense and depreciation and amortization
expense. We use Non-GAAP gross margin to measure, understand and evaluate
our core business performance.
-- Adjusted EBITDA loss is defined as net loss before interest expense,
income tax expense (benefit), depreciation and amortization expense,
stock-based compensation, remeasurements of liability-classified warrants,
and other non-recurring non-operating income and expenses. We use
Adjusted EBITDA loss to measure the operating performance of our business,
excluding specifically identified items that we do not believe directly
reflect our core operations and may not be indicative of our recurring
operations.
-- Adjusted Net Loss and Adjusted Net Loss per Share are defined as net loss
and net loss per share excluding the impact of the non-cash,
non-operating charges associated with the remeasurement of the Company's
warrant liability.
-- Non-GAAP adjusted operating expenses is defined as operating expenses
before depreciation and amortization expense, non-recurring one-time
expenses and non-cash stock-based compensation expense. We use Non-GAAP
adjusted operating expenses to measure our operating expenses, excluding
items we do not believe directly reflect our core operations.
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc.
Consolidated Balance Sheets
(Unaudited)
December 31, December 31,
(In thousands, except share and per
share data) 2024 2023
-------------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 177,980 $ 41,307
Trade accounts receivable, net of
allowance for doubtful accounts
of $176 and zero 1,420 1,652
Inventories 1,686 2,078
Prepaid expenses and other current
assets 3,954 2,009
--------- ---------
Total current assets 185,040 47,046
--------- ---------
Property and equipment, net 4,133 2,551
Operating lease right-of-use assets 7,261 8,223
Intangible assets, net 490 179
Other non-current assets, net 2,929 1,357
--------- ---------
Total assets $ 199,853 $ 59,356
========= =========
Liabilities and stockholders' deficit
Current liabilities:
Trade accounts payable $ 815 $ 1,465
Accrued expenses and other current
liabilities 8,784 5,343
Current portion of operating lease
liabilities 1,512 1,374
Loans payable, net, current 348 399
Deferred revenue, current 18,686 2,669
--------- ---------
Total current liabilities 30,145 11,250
--------- ---------
Warrant liabilities 69,875 1,630
Operating lease liabilities, net of
current portion 6,389 7,028
Loans payable, net, non-current
(including $-- and $31,400 as of
December 31, 2024 and December 31,
2023, respectively, at fair value) 30,128 63,850
Deferred revenue, non-current 670 79
--------- ---------
Total liabilities $ 137,207 $ 83,837
--------- ---------
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, par value $0.0001
per share; 675,000,000 shares
authorized at both December 31,
2024 and December 31, 2023;
266,595,867 shares and
161,113,744 shares issued and
outstanding as of December 31,
2024 and December 31, 2023,
respectively. 27 16
Additional paid-in capital 700,069 469,081
Accumulated deficit (626,940) (483,061)
Accumulated other comprehensive
loss (10,510) (10,517)
--------- ---------
Total stockholders' equity
(deficit) 62,646 (24,481)
--------- ---------
Total liabilities and
stockholders' equity
(deficit) $ 199,853 $ 59,356
========= =========
D-Wave Quantum Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
---------------------------- ------------------------------
(In thousands,
except share and
per share data) 2024 2023 2024 2023
------------- ------------- ------------- ---------------
Revenue $ 2,309 $ 2,906 $ 8,827 $ 8,758
Cost of revenue 836 939 3,264 4,136
----------- ----------- ----------- -----------
Total gross
profit 1,473 1,967 5,563 4,622
Operating expenses:
Research and
development 9,752 7,956 35,300 37,878
General and
administrative 8,126 8,139 32,422 37,014
Sales and
marketing 3,827 2,414 15,064 10,276
----------- ----------- ----------- -----------
Total
operating
expenses 21,705 18,509 82,786 85,168
----------- ----------- ----------- -----------
Loss from operations (20,232) (16,542) (77,223) (80,546)
Other income
(expense), net:
Interest expense (417) 1,785 (3,897) (37)
Change in fair
value of Term
Loan (10) (716) (645) 640
Term Loan debt
issuance costs -- -- -- (2,118)
Gain on
investment in
marketable
securities -- -- 1,495 --
Change in fair
value of
warrant
liabilities (68,264) 341 (68,245) 262
Other income
(expense), net 2,846 (882) 4,636 (916)
----------- ----------- ----------- -----------
Total other
income
(expense),
net (65,845) 528 (66,656) (2,169)
----------- ----------- ----------- -----------
Net loss $ (86,077) $ (16,014) $ (143,879) $ (82,715)
=========== =========== =========== ===========
Net loss per share,
basic and diluted $ (0.37) $ (0.10) $ (0.75) $ (0.60)
=========== =========== =========== ===========
Weighted-average
shares used in
computing net loss
per share, basic
and diluted 232,997,043 158,869,112 192,129,049 137,993,736
=========== =========== =========== ===========
Comprehensive loss:
Net loss $ (86,077) $ (16,014) $ (143,879) $ (82,715)
Foreign currency
translation
adjustment 89 (45) 7 (115)
----------- ----------- ----------- -----------
Net comprehensive
loss $ (85,988) $ (16,059) $ (143,872) $ (82,830)
=========== =========== =========== ===========
D-Wave Quantum Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Year Ended December 31,
-----------------------------
(in thousands) 2024 2023
--------------- ------------
Cash flows from operating activities:
Net loss $ (143,879) $ (82,715)
Adjustments to reconcile net loss
to cash used in operating
activities:
Depreciation and amortization 1,109 1,054
Stock-based compensation 15,661 21,919
Amortization of operating
right-of-use assets 823 791
Provision for excess and
obsolete inventory 134 32
Non-cash interest expense, net
of cash paid for PIK interest (1,441) (78)
Change in fair value of Warrant
liabilities 68,245 (262)
Change in fair value of Term
Loan 645 (640)
Debt issuance costs netted from
Term Loan proceeds -- 993
Gain on marketable securities (1,495) --
Unrealized foreign exchange
loss (gain) (3,307) 955
Change in operating assets and
liabilities:
Trade accounts receivable 137 (818)
Research incentives
receivable -- 264
Inventories (215) (237)
Prepaid expenses and other
current assets (1,580) 1,636
Trade accounts payable $(570.SI)$ (2,614)
Accrued expenses and other
current liabilities 5,520 (1,374)
Deferred revenue 16,608 958
Operating lease liability 293 (510)
Other non-current assets,
net 669 (3)
---------- --------
Net cash used in operating activities (42,643) (60,649)
---------- --------
Cash flows from investing activities:
Purchase of property and equipment (2,106) $(583.SI)$
Purchase of convertible note (1,000) --
Sales of marketable equity
securities 254 --
Expenditures for internal-use
software (289) (47)
---------- --------
Net cash used in investing activities (3,141) (630)
---------- --------
Cash flows from financing activities:
Proceeds from the issuance of
common stock pursuant to the
Lincoln Park Purchase Agreement 44,285 63,676
Proceeds from the issuance of
common stock in at-the-market
offerings, net of issuance costs
of $278 169,906 --
Proceeds from the issuance of
common stock upon exercise of
stock options 1,347 1,897
Proceeds from common stock issued
under the Employee Stock Purchase
Plan 424 491
Proceeds from Term Loan -- 29,007
Proceeds from government assistance -- 2,996
Payment of tax withheld pursuant to
stock-based compensation
settlements (3,142) (416)
Short swing profit settlement -- 244
Repayments on Term Loan (30,000) --
Repayments on TPC Loan (370) (374)
Repayment of promissory notes -
related party -- (420)
Other debt payments -- (1,465)
---------- --------
Net cash provided by financing
activities 182,450 95,636
---------- --------
Effect of exchange rate changes on cash
and cash equivalents 7 (115)
---------- --------
Net increase in cash and cash
equivalents 136,673 34,242
Cash and cash equivalents at beginning
of period 41,307 7,065
---------- --------
Cash and cash equivalents at end of
period $ 177,980 $ 41,307
========== ========
D-Wave Quantum Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
Three Months Ended Year Ended
December 31, December 31,
---------------------- ----------------------
(in thousands of
U.S. dollars) 2024 2023 2024 2023
----------------- ---------- ---------- ---------- ----------
Gross Profit $1,473 $1,967 $5,563 $4,622
Gross Margin 63.8% 67.7% 63.0% 52.8%
Excluding:
Depreciation
and
Amortization
(1) 54 54 218 218
Stock-based
compensation
(2) 159 310 647 1,272
----- ----- ----- -----
Non-GAAP Gross
Profit $1,686 $2,331 $6,428 $6,112
Non-GAAP Gross
Margin 73.0% 80.2% 72.8% 69.8%
(1) Depreciation and Amortization reflects the Depreciation and
Amortization recorded in Cost of Revenue only, which differs from the
total Depreciation and Amortization set forth in the Condensed
Consolidated Statement of Cash Flows that also includes Depreciation
and Amortization recorded in Operating Expenses.
(2) Stock-based compensation reflects the stock-based compensation recorded
in Cost of Revenue only, which differs from the total stock-based
compensation set forth in the Condensed Consolidated Statement of Cash
flows that also includes stock-based compensation recorded in Operating
Expenses.
D-Wave Quantum Inc.
Reconciliation of Operating Expenses to Non-GAAP Operating
Expenses
Three Months Ended Year Ended
December 31, December 31, 2024
------------------ ----------------------
(in thousands of
U.S. dollars) 2024 2023 2024 2023
------------------ -------- -------- --------- -----------
Operating expenses $21,705 $18,509 $ 82,786 $ 85,168
Excluding:
Depreciation
and
Amortization
(1) (261) (153) (891) (817)
Stock-based
compensation
(2) (3,771) (4,248) (15,014) (20,647)
Non-recurring
one time
expenses (3) (651) (882) (4,437) (3,278)
------ ------ ------- -------
Non-GAAP Adjusted
Operating
Expenses $17,022 $13,226 $ 62,444 $ 60,426
------ ------ ------- -------
(1) Depreciation and Amortization reflects the Depreciation and
Amortization recorded in the Operating Expenses only, which differs
from the total Depreciation and Amortization set forth in the Condensed
Consolidated Statement of Cash Flows that also includes Depreciation
and Amortization recorded in Cost of Revenue.
(2) Stock-based compensation reflects the stock-based compensation recorded
in Operating Expenses only, which differs from the total stock-based
compensation set forth in the Condensed Consolidated Statement of Cash
flows that also includes stock-based compensation recorded in Cost of
Revenue.
(3) Non-recurring professional fees and provisions for credit losses, as
well as legal, consulting, and accounting fees related to capital
markets activities.
D-Wave Quantum Inc.
Reconciliation of Net Loss to Adjusted Net Loss
Three Months Ended Year Ended
December 31, December 31,
-------------------- -----------------------
(in thousands of
U.S. dollars) 2024 2023 2024 2023
-------------------- --------- --------- ---------- -----------
Net loss $(86,077) $(16,014) $(143,879) $(82,715)
Net loss per share
(basic and diluted) $ (0.37) $ (0.10) $ (0.75) $ (0.60)
Excluding:
Change in fair
value of warrant
liabilities 68,264 (341) 68,245 (262)
------- ------- -------- -------
Adjusted net loss $(17,813) $(16,355) $ (75,634) $(82,977)
------- ------- -------- -------
Adjusted net loss per
share (basic and
diluted) $ (0.08) $ (0.10) $ (0.39) $ (0.60)
------- ------- -------- -------
D-Wave Quantum Inc.
Reconciliation of Net Loss to Adjusted EBITDA Loss
Three Months Ended Year Ended
December 31, December 31,
-------------------- -----------------------
(in thousands of
U.S. dollars) 2024 2023 2024 2023
------------------ --------- --------- ---------- -----------
Net loss $(86,077) $(16,014) $(143,879) $(82,715)
Excluding:
Depreciation
and
Amortization 315 207 1,109 1,035
Stock-based
compensation 3,930 4,557 15,661 21,919
Interest
expense (1) 417 (1,785) 3,897 37
Change in fair
value of
warrant
liabilities 68,264 (341) 68,245 (262)
Term Loan debt
issuance
costs -- -- -- 2,118
Change in fair
value of Term
Loan 10 716 645 (640)
Gain on
investment in
marketable
securities -- -- (1,495) --
Other (income)
expense, net
(2) (2,846) 882 (4,636) 916
Non-recurring
one time
expenses (3) 651 882 4,437 3,278
------- ------- -------- -------
Adjusted EBITDA
Loss $(15,336) $(10,896) $ (56,016) $(54,314)
------- ------- -------- -------
(1) Interest expense primarily reflects the paid-in-kind interest
associated with the term loan agreement with PSPIB Unitas Investments
II Inc. entered into on April 13, 2023 and fully repaid on October 22,
2024, and interest and adjustments to accrued interest on the SIF
Loan.
(2) Other income (expense), net consists primarily of foreign exchange
gains and losses and interest income earned from cash and cash
equivalents.
(3) Non-recurring professional fees and provisions for credit losses, as
well as legal, consulting, and accounting fees related to capital
markets activities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250313687646/en/
CONTACT: Investor Contact:
Kevin Hunt
ir@dwavesys.com
Media Contact:
Alex Daigle
media@dwavesys.com
(END) Dow Jones Newswires
March 13, 2025 07:00 ET (11:00 GMT)
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。