"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
03Detailed Report
QBTS
DWave Quantum Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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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
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