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D-Wave tallies 97 customers, 56 of them commercial firms, at Q2’s end

By Dan O'Shea posted 17 Aug 2022

In its first quarterly earnings report since going public, D-Wave Quantum, Inc., reported $1.371 million in revenue, up about 21% from the same quarter last year. Perhaps more significant at a time when investors want to see as much detail as possible, the company said in its earnings report it had 95 customers at the end of the second quarter this year, 56 of which were commercial organizations.

“Our commercial momentum is propelled by the new use cases that we are developing with our customers, and we look forward to continuing to unlock the power of quantum-hybrid value for a growing number of use-cases in the coming months and years,” said D-Wave CEO Alan Baratz.

The company also broke out revenue for the first six months of 2022, saying it was $3.083 million. D-Wave also gave full-year guidance, stating that it expects full-year revenue to land in the range of $7 million to $9 million.

Other Q2 numbers of note:

  • Gross profit for the second quarter of fiscal 2022 was $785,000, an increase of $96,000, or 14%, from $689,000 in the second quarter of fiscal 2021
  • Operating expenses for the second quarter of fiscal 2022 were $12,770,000, an increase of $2,745,000, or 27%, from $10,025,000 in the second quarter of fiscal 2021
  • Adjusted operating expenses for the second quarter of fiscal 2022 were $11,660,000, an increase of $2,167,000, or 23%, from $9,493,000 in the second quarter of fiscal 2021
  • Net loss for the second quarter of fiscal 2022 was $13,198,000, or $0.12 per share, compared with $4,668,000, or $0.04 per share, in the second quarter of fiscal 2021
  • Adjusted EBITDA for the second quarter of fiscal 2022 was negative $10,835,000, a $2,031,000 or 23% increase, from negative $8,804,000 in the second quarter of fiscal 2021

Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.

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