"We believe that D-Wave is the first in the world to demonstrate quantum supremacy on real world problems." - Alan Baratz, CEO
— Alan Baratz
03Detailed Report
QBTS
DWave Quantum Inc
Period
Q4 2023
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
DWave Quantum Inc (QBTS) exhibited significant momentum in Q4 2023, with notable revenue growth indicating a shift towards enterprise-scale adoption of quantum computing solutions. Despite reporting a net loss of $16 million, or $0.10 per share, the company delivered a 21% year-over-year improvement in revenue to $2.9 million, marking the third consecutive quarter of sequential revenue growth. Management highlighted ongoing advancements in technology, particularly with the Advantage2 quantum computing system, and strategic partnerships aimed at bolstering its offerings in AI, which position DWave for substantial growth in the coming quarters.
Key Performance Indicators
Revenue
Increasing
2.91M
QoQ: 13.43% | YoY: 21.34%
Gross Profit
Increasing
1.97M
67.69% margin
QoQ: 28.65% | YoY: 57.36%
Operating Income
Increasing
-16.54M
QoQ: 10.13% | YoY: 23.27%
Net Income
Decreasing
-16.01M
QoQ: -1.17% | YoY: -58.70%
EPS
Decreasing
-0.10
QoQ: 16.67% | YoY: -12.36%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: In Q4, total revenue reached $2.9 million, up 21% from $2.4 million in Q4 2022, and up 13% sequentially from $2.6 million in Q3 2023.
Gross Profit: The gross profit margin increased to 67.7%, compared to 56.9% in the same quarter last year, showcasing operational improvements.
Net Income: The net loss narrowed from $18.2 million in Q4 2022 to $16 million in Q4 2023, reflecting better cost management.
Bookings: Fourth-quarter bookings soared to $3.1 million, an increase of 34% year-over-year, indicating robust customer demand and positioning the company for sustained revenue growth.
Cash Flow and Balance Sheet: As of year-end December 31, 2023, cash and equivalents stood at $41.3 million, a significant increase of 485% year-on-year.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.91M
21.34%
13.43%
Gross Profit
1.97M
57.36%
28.65%
Operating Income
-16.54M
23.27%
10.13%
Net Income
-16.01M
-58.70%
-1.17%
EPS
-0.10
-12.36%
16.67%
Key Financial Ratios
Gross Profit Margin
Excellent
67.70%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-5.69%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-5.51%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.27%
Return on assets suggests inefficient capital allocation
Return on Equity
Strong
65.40%
Return on equity demonstrates excellent capital efficiency and value creation
Current Ratio
Strong
4.18
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
-2.68
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-2.18x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
-5.71x
Trading below book value, potential value opportunity or distressed
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