DWave Quantum Inc (QBTS) Q2 2024: Qbts

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DWave Quantum Inc

QBTS

$27.00 -6.02%

Exchange: NYSE | Sector: Technology | Industry: Computer Hardware

Q2 2024

Published: Aug 8, 2024

Earnings Highlights

Revenue of $2.18M up 27.9% year-over-year
EPS of $-0.10 increased by 50% from previous year
Gross margin of 63.6%
Net income of -17.78M
""There is rapidly growing recognition of the value and potential of D-Wave and its unique annealing quantum computing solutions to streamline and optimize business processes..." - CEO Alan Baratz" - Alan Baratz

QBTS

DWave Quantum Inc

Period Q2 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

In Q2 2024, DWave Quantum Inc (QBTS) continued to build momentum in the quantum computing industry, reporting revenue of $2.18 million, a 28% increase from the prior year. This marked the company's ninth consecutive quarter of year-over-year growth in bookings, underscoring the strong demand for its innovative quantum solutions in commercial, government, and research sectors. With a cash balance of $40.9 million, DWave is well-positioned to support ongoing product advancements and market outreach efforts.

Key Performance Indicators

Revenue

Increasing

2.18M

QoQ: -11.44% | YoY: 27.89%

Gross Profit

Increasing

1.39M

63.60% margin

QoQ: -16.34% | YoY: 96.88%

Operating Income

Increasing

-18.84M

QoQ: -7.55% | YoY: 9.89%

Net Income

Increasing

-17.78M

QoQ: -2.69% | YoY: 31.35%

EPS

Increasing

-0.10

QoQ: 9.09% | YoY: 50.00%

Revenue Trend

Margin Analysis

Financial Highlights

Financial Performance Metrics:
- Revenue: $2.18 million (YoY +28%, QoQ -11.44%)
- Gross Profit: $1.39 million (YoY +96.88%)
- Net Income: -$17.78 million (Loss decreased YoY by 31.35%)
- EPS: -$0.10 (YoY improvement of 50%)
- Cash at End of Period: $40.9 million (up 444% YoY).

Cash Flow Metrics:
- Operating Cash Flow: -$14.47 million
- Free Cash Flow: -$15.07 million
- Key drivers of cash burn include heavy investment in R&D ($8.36 million) and operational expenses ($20.22 million) which were reduced by 6% compared to Q2 2023.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	2.18M	27.89%	-11.44%
Gross Profit	1.39M	96.88%	-16.34%
Operating Income	-18.84M	9.89%	-7.55%
Net Income	-17.78M	31.35%	-2.69%
EPS	-0.10	50.00%	9.09%

Key Financial Ratios

Gross Profit Margin

Excellent

63.60%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Weak

-8.63%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-8.14%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.29%

Return on assets suggests inefficient capital allocation

Return on Equity

Strong

82.60%

Return on equity demonstrates excellent capital efficiency and value creation

Current Ratio

Adequate

1.09

Current ratio meets minimum requirements but limited cushion

Debt to Equity

Conservative

-3.37

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-2.61x

Negative earnings make P/E ratio not meaningful

Price to Book

Undervalued

-8.64x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	2.31	-0.37	-20.5%	View
Q3 2024	1.87	-0.11	-27.0%	View
Q2 2024	2.18	-0.10	+27.9%	View
Q1 2024	2.47	-0.11	+55.7%	View
Q4 2023	2.91	-0.10	+21.3%	View

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Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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