D-Wave's earnings call highlighted significant achievements in quantum supremacy and a strong financial position, yet also reflected challenges such as flat revenue growth and increased net losses. The record bookings and first Advantage system sale underscore business momentum, while the financial losses indicate a need for careful management moving forward.

Company Guidance

D-Wave's earnings call for the fourth quarter of fiscal year 2024 highlighted several key metrics and achievements. The company reported record quarterly bookings of $18.3 million, driven by the first sale of an Advantage system to the Jülich supercomputing center. This transaction contributed to a 502% year-over-year increase in fourth-quarter bookings compared to 2023. D-Wave also disclosed a strong cash position, with over $300 million on hand, bolstered by $175 million in gross proceeds from two ATM programs completed in 2024. The company's revenue for fiscal 2024 was $8.8 million, consistent with fiscal 2023, while bookings for the year reached $23.9 million, marking a 128% increase from the previous year. D-Wave's GAAP gross profit grew by 20% to $5.6 million, with a GAAP gross margin increase to 63%. The net loss for fiscal 2024 was $143.9 million, influenced largely by a $68.3 million non-cash charge related to warrant liability re-measurement. The adjusted EBITDA loss for 2024 was $56 million, up 3% from the prior year. Looking ahead, D-Wave expects first-quarter revenue for fiscal 2025 to exceed $10 million, anticipating further momentum from their quantum computing advancements and strategic sales.

Record Quarterly Bookings

D-Wave recorded $18.3 million in bookings for Q4 2024, a 502% increase over the fourth quarter of 2023.

Quantum Supremacy Achievement

D-Wave demonstrated quantum supremacy on a real-world problem using its 1,200 qubit Advantage 2 prototype, a significant milestone published in the journal Science.

Cash Position and Profitability Outlook

The company has over $300 million in cash, expected to be sufficient to reach sustained profitability, potentially making D-Wave the first pure-play quantum company to do so.

First Advantage System Sale

D-Wave completed the first sale of an Advantage system to the Jülich supercomputing center, marking a significant business achievement.

Non-GAAP Gross Margin Improvement

D-Wave's non-GAAP gross margin for fiscal 2024 was 72.8%, a 3% increase from fiscal 2023's 69.8%.

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D-Wave Quantum (QBTS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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QBTS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 14, 2025	2025 (Q1)	-0.04 / -	-0.074	―	―	―
Mar 13, 2025	2024 (Q4)	-0.06 / -0.08	-0.063	-26.98% (-0.02)
Nov 14, 2024	2024 (Q3)	-0.08 / -0.07	-0.12	40.00% (+0.05)
Aug 08, 2024	2024 (Q2)	-0.08 / -0.08	-0.2	58.00% (+0.12)	―
May 13, 2024	2024 (Q1)	-0.07 / -0.07	-0.145	48.97% (+0.07)		―
Mar 28, 2024	2023 (Q4)	-0.08 / -0.06	-0.1	37.00% (+0.04)		―
Nov 09, 2023	2023 (Q3)	-0.13 / -0.12	-0.11	-9.09% (>-0.01)	―	―
Aug 10, 2023	2023 (Q2)	-0.13 / -0.20	-0.12	-66.67% (-0.08)	―	―
May 19, 2023	2023 (Q1)	- / -	-0.1	―	―	―
Apr 14, 2023	2022 (Q4)	-0.11 / -0.14	-0.1	-45.00% (-0.04)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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QBTS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 13, 2025	$5.82	$6.91	+18.73%
Nov 14, 2024	$1.78	$1.87	+5.06%
Aug 08, 2024	$0.81	$0.80	-1.23%
May 13, 2024	$1.30	$1.37	+5.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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