DWave Quantum Inc (QBTS) Q3 2024 Earnings Report

Revenue Performance: DWave reported revenues of $1.87 million for Q3 2024, marking a decrease of 27% year-over-year from $2.56 million in Q3 2023. The decline was primarily driven by a drop in professional services revenue. Gross Profit: The gross profit stood at $1.04 million with a gross margin of 55.8%, down from 59.7% a year earlier.

Operating Income & Net Income: Q3 2024 saw an operating loss of $20.64 million, compared to a loss of $16.09 million in Q3 2023. Net income was reported at -$22.71 million, reflecting a concerning net profit margin of -12.15%.

Cash Position: DWave's cash balance improved to $29.3 million after debt repayment, bolstering liquidity as they advance toward commercial applications. The current ratio at 1.36 indicates a reasonable ability to cover short-term obligations.

YoY Comparisons: The company's year-to-date 2024 revenue is up 11% compared to the same period in 2023, mainly driven by substantial growth in Quantum Computing as a Service (QCaaS) revenue by 52%.