"We believe D-Wave is the first in the world to demonstrate quantum supremacy on real-world problems."
— Alan Baratz
03Detailed Report
QBTS
DWave Quantum Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
Swipe to view all report sections
Executive Summary
In Q1 2024, DWave Quantum Inc demonstrated significant growth despite core operational challenges, highlighting the resilience and strategic positioning of the company within the quantum computing landscape. The quarterly revenue reached $2.5 million, representing a vibrant year-over-year growth of 56% compared to Q1 FY 2023, driven by increased demand for quantum-powered solutions from a diverse array of sectors including government and healthcare. Management underscored the company's ongoing commitment to innovation with the introduction of the Fast Anneal feature, aimed at enhancing operational efficiency. However, the company faced continued net losses totaling $17.3 million, reflecting substantial investments in R&D and general operational expenditures. Looking ahead, DWave remains optimistic about future growth driven by expanding customer use cases, partnerships, and industry adoption fueled by recent legislative advancements in quantum technology.
Key Performance Indicators
Revenue
Increasing
2.47M
QoQ: -15.18% | YoY: 55.72%
Gross Profit
Increasing
1.66M
67.30% margin
QoQ: -15.66% | YoY: 294.06%
Operating Income
Increasing
-17.52M
QoQ: -5.89% | YoY: 29.06%
Net Income
Increasing
-17.31M
QoQ: -8.11% | YoY: 30.70%
EPS
Increasing
-0.11
QoQ: -10.00% | YoY: 45.00%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: DWave achieved a total revenue of $2.5 million, which is a 56% increase year-over-year; however, this is a 15.2% decline sequentially from the prior quarter, which aligns with typical seasonality patterns.
Gross Profit: Gross profit was reported at $1.7 million, leading to a notable 294% increase year-over-year. The gross profit margin improved significantly to 67.3%, compared to 26.6% in Q1 FY 2023.
Operating Expenses: Total operating expenses were $19.2 million, a reduction of 24% from Q1 FY 2023, primarily due to lower stock-based compensation and operational efficiencies.
Net Income: The company reported a net loss of $17.3 million or a loss per share of $0.11, an improvement from a loss of $24.4 million in the previous year.
Cash Position: As of March 31, 2024, DWave's cash position stood at $27.3 million, marking a 204% increase from $9 million a year prior, indicating enhanced liquidity for future investments and operational needs.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.47M
55.72%
-15.18%
Gross Profit
1.66M
294.06%
-15.66%
Operating Income
-17.52M
29.06%
-5.89%
Net Income
-17.31M
30.70%
-8.11%
EPS
-0.11
45.00%
-10.00%
Key Financial Ratios
Gross Profit Margin
Excellent
67.30%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-7.11%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-7.02%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.36%
Return on assets suggests inefficient capital allocation
Return on Equity
Strong
46.80%
Return on equity demonstrates excellent capital efficiency and value creation
Current Ratio
Strong
3.10
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
-1.94
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-4.64x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
-8.69x
Trading below book value, potential value opportunity or distressed
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.