D-Wave Quantum Inc. (NYSE:QBTS) shares are trading higher on Thursday.
Today, the company reported fourth-quarter adjusted earnings per share of 8 cents loss, missing the street view of 7 cents loss. Quarterly sales of $2.309 million (down 21% year over year), missing the analyst consensus estimate of $2.36 million.
Bookings for the fourth quarter were $18.3 million, an increase of 502% year over year.
Adjusted gross profit for the fourth quarter was $1.7 million, a decrease of 28% year over year. Adjusted gross margin contracted on a year-over-year basis to 73.0% from 80.2% in the year-ago period.
Also Read: Why Is G-III Apparel Stock Shooting Higher Today?
Adjusted EBITDA loss was $15.3 million, an increase of 41% year over year.
As of December 31, 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 and Equity Line of Credit common stock issuance programs.
“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,” said Alan Baratz, CEO of D-Wave.
Outlook: The company expects 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 (consensus: $2.606 million).
Price Action: QBTS shares are trading higher by 3.09% to $6.00 premarket at last check Thursday.
Read Next:
Image via Shutterstock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.