D-Wave Quantum sees Q2 revenue $1.65M-$1.8M, two estimates $2.3M

Preliminary fiscal second quarter revenue is expected to be in a range of $1,650,000 to $1,800,000 compared with the FactSet analyst consensus estimate of $2,281,000 with the shortfall due primarily to the timing of revenue recognition on certain professional services contracts. As the Company outlined in its earnings release for its first fiscal quarter ended March 31, 2023, the timing of revenue recognition associated with its professional services contracts may vary from period to period. However, D-Wave is generally paid in advance of the completion of its professional services engagements and the corresponding revenue recognition timeframe. Total bookings for the fiscal second quarter ended June 30, 2023, were $2.5 million, an increase of $1.5 million, or 146%, from bookings of $1.0 million in the fiscal second quarter ended June 30, 2022. This represents D-Wave’s fifth consecutive quarter of year-over-year growth in bookings. For the first six months of fiscal 2023, bookings totaled $5.4 million, an increase of $3.7 million, or 209%, from bookings of $1.8 million in the first six months of fiscal 2022. During the first half of the year, D-Wave signed new and/or expanded agreements with customers including Interpublic Group, Unisys Corporation, and VINCI Energies.