D-Wave Quantum (QBTS) Registration Filing summary

Company overview and business model

• Focuses on commercial-grade annealing quantum computing solutions, claiming a first-mover advantage in enterprise quantum computing.

• Offers a full stack of quantum systems, software, and services, with a cloud-based approach for real-time customer access.

• Pursues continuous innovation in qubit architecture and hybrid/classical solvers, targeting enterprise-scale adoption and production deployments.

• Recent initiatives include integrating generative AI with quantum computing to expand customer value.

Financial performance and metrics

• As of March 20, 2025, market value held by non-affiliates was approximately $2.5 billion, based on 284,816,194 shares at $8.69 per share.

• 291,349,198 Common Shares outstanding as of March 20, 2025, with up to 5,000,000 additional shares to be issued in this offering.

• Previously raised approximately $112.2 million in gross proceeds from Lincoln Park under the Purchase Agreement.

Use of proceeds and capital allocation

• May receive up to $37.8 million in gross proceeds from the sale of Common Shares to Lincoln Park.

• Proceeds intended for general corporate purposes, including working capital, capital expenditures, debt repayment, acquisitions, or business expansion.

• No current agreements for acquisitions or capital expenditures tied to this offering.