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D-Wave’s delayed earnings now set for Friday

By Dan O'Shea posted 12 Apr 2023

After previously delaying its fourth quarter and full-year 2022 earnings report, D-Wave Quantum Inc. now plans to release its financial results for those periods on Friday morning before markets open, with an earnings call to follow.

The company originally planned to release Q4 and full-year 2022 results on March 30, but later announced that the release would be delayed to coincide with the delayed filing of D-Wave’s Form 10-K. Asked why the 10-K filing was delayed, a company spokesperson stated via email that ”the company needed additional time to complete its financial statement preparation and review process.”

Friday’s earnings release will be D-Wave’s first since the company received a “non-compliance” notice from the NYSE in mid-March after its average share value (Symbol: QBTS) remained below $1 for a 30-day period. The company responded to the notice with a plan to reach compliance. D-Wave’s price late Tuesday stood at $0.66 per share.

Back in January at its annual Qubits conference, D-Wave highlighted the successes it was having with customers exploring a variety of industry-specific use cases. About a month later the company acknowledged that in late 2022 it had accessed an Equity Line of Credit from Lincoln Park Capital, news that came around the same time that a published report suggested the company was facing a cash shortage just months after raising about $50 million in its IPO.

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

Categories: quantum computing

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