Q4 2024 D-Wave Quantum Inc Earnings Call Transcript
Key Points
- D-Wave Quantum Inc (QBTS) 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.
- 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.
Good morning, everyone, and welcome to D-Wave's fourth quarter and fiscal year 2024 earnings conference call. Today's call is being recorded.
At this time, I would like to turn the call over to Kevin Hunt of Investor Relations. Please go ahead.
Thank you, and good morning. With me today are Dr. Alan Baratz, our Chief Executive Officer; and John Markovich, our Chief Financial Officer. Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.
During today's call, management will provide certain information that will constitute non-GAAP financial and operational measures under SEC rules, such as non-GAAP gross profit, non-GAAP operating expenses, adjusted EBITDA, and bookings. Reconciliations to GAAP financial measures and certain additional information are also included in today's earnings release,
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