D-Wave Quantum (QBTS) Q4 2024 earnings summary

Executive summary

• Demonstrated quantum supremacy on a real-world problem, validated by a peer-reviewed Science publication, outperforming classical supercomputers and marking a historic milestone.

• Closed the first commercial sale of an advanced quantum system to Jülich Supercomputing Centre, driving record bookings and expanding commercial momentum.

• Ended the year with over $300 million in cash, positioning for sustained profitability ahead of peers and with less investment than competitors.

• Expanded customer base to 135, including 28 Forbes Global 2000 companies, and increased research/government clients.

• Launched new programs and brand campaigns, including Quantum Uplift, Leap Quantum LaunchPad, and "Quantum Realized" to accelerate adoption and highlight customer success.

Financial highlights

• Fiscal 2024 revenue was $8.8 million, flat year-over-year; record bookings of $23.9 million, up 128%.

• Q4 2024 bookings reached $18.3 million, a 502% increase year-over-year; Q4 revenue was $2.3 million, down 21%.

• Fiscal 2024 GAAP gross profit was $5.6 million (up 20%), with GAAP gross margin at 63% (up 10.2 pts); non-GAAP gross margin was 72.8%.

• Fiscal 2024 net loss was $143.9 million ($0.75/share), mainly due to a $68.3 million non-cash warrant liability; adjusted net loss was $75.6 million ($0.39/share), improved from $83 million in 2023.

• Adjusted EBITDA loss for 2024 was $56 million, up 3% year-over-year.

Outlook and guidance

• Fiscal Q1 2025 revenue expected to exceed $10 million, with a significant portion from the Jülich system sale.

• Management reiterates confidence in achieving sustained profitability ahead of peers with current capital.

• Qubits 2025 user conference to showcase product roadmap, scientific advancements, and customer success stories.