Significant activity in call options has been observed in D-Wave Quantum (QBTS, Financial), with a total of 29,185 call options traded, surpassing the expected volume by 1.9 times. The implied volatility for QBTS has risen by over 2 points, reaching 108.51%. The most actively traded options are the weekly 7.5 calls for May 2 and May 9, with nearly 8,600 contracts exchanged across these strikes. The current Put/Call Ratio stands at a low 0.17, indicating a stronger preference for calls over puts in the market. Investors are also anticipating the company's earnings announcement on May 8th.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for D-Wave Quantum Inc (QBTS, Financial) is $9.90 with a high estimate of $12.00 and a low estimate of $8.50. The average target implies an upside of 29.58% from the current price of $7.64. More detailed estimate data can be found on the D-Wave Quantum Inc (QBTS) Forecast page.
Based on the consensus recommendation from 5 brokerage firms, D-Wave Quantum Inc's (QBTS, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for D-Wave Quantum Inc (QBTS, Financial) in one year is $0.85, suggesting a downside of 88.87% from the current price of $7.64. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the D-Wave Quantum Inc (QBTS) Summary page.
QBTS Key Business Developments
Release Date: March 13, 2025
- Revenue for Fiscal 2024: $8.8 million, flat compared to fiscal 2023.
- Bookings for Fiscal 2024: $23.9 million, a 128% increase from fiscal 2023.
- GAAP Gross Profit for Fiscal 2024: $5.6 million, a 20% increase from fiscal 2023.
- Non-GAAP Gross Profit for Fiscal 2024: $6.4 million, a 5% increase from fiscal 2023.
- GAAP Gross Margin for Fiscal 2024: 63%, up from 52.8% in fiscal 2023.
- Non-GAAP Gross Margin for Fiscal 2024: 72.8%, up from 69.8% in fiscal 2023.
- Net Loss for Fiscal 2024: $143.9 million or $0.75 per share, compared to $82.7 million or $0.60 per share in fiscal 2023.
- Adjusted EBITDA Loss for Fiscal 2024: $56 million, a 3% increase from fiscal 2023.
- Cash Balance at Year-End 2024: $178 million, with a current balance exceeding $300 million.
- Fourth Quarter 2024 Revenue: $2.3 million, a 21% decrease from the fourth quarter of fiscal 2023.
- Fourth Quarter 2024 Bookings: $18.3 million, a 502% increase from the fourth quarter of fiscal 2023.
- Fourth Quarter 2024 GAAP Gross Profit: $1.5 million, a 25% decrease from the fourth quarter of fiscal 2023.
- Fourth Quarter 2024 Non-GAAP Gross Profit: $1.7 million, a 28% decrease from the fourth quarter of fiscal 2023.
- Fourth Quarter 2024 Net Loss: $86.1 million or $0.37 per share, compared to $16 million or $0.10 per share in the fourth quarter of fiscal 2023.
- Guidance for Q1 2025 Revenue: Expected to exceed $10 million.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- D-Wave Quantum Inc (QBTS, Financial) achieved a groundbreaking demonstration of quantum supremacy on a real-world problem, outperforming classical computing.
- The company reported record quarterly bookings of $18.3 million in Q4 2024, driven by the first sale of an Advantage system to the Jülich Supercomputing Center.
- D-Wave Quantum Inc (QBTS) has over $300 million in cash, which is expected to be sufficient to reach sustained profitability.
- The company continues to expand its customer base, with 135 customers in fiscal 2024, including 28 Forbes Global 2,000 companies.
- D-Wave Quantum Inc (QBTS) is making significant progress with its Advantage2 processor, which offers improved performance with doubled qubit coherence time and increased connectivity.
Negative Points
- Revenue for fiscal 2024 was flat at $8.8 million, showing no growth compared to fiscal 2023.
- The company reported a net loss of $143.9 million for fiscal 2024, primarily due to a $68.3 million noncash charge related to warrant liability re-measurement.
- GAAP gross profit for Q4 2024 decreased by 25% compared to the same quarter in 2023, due to lower professional services revenue.
- Adjusted EBITDA loss for Q4 2024 increased by 41% compared to Q4 2023, driven by higher operating expenses.
- Despite the record bookings, the company has not provided specific guidance on future system sales or the expected revenue from these sales.
