"We have never been in a stronger position as a company." - Dr. Alan Baratz
— Dr. Alan Baratz
03Detailed Report
QBTS
DWave Quantum Inc
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
D-Wave Quantum Inc. delivered a significant milestone in Q4 2024 with record bookings of $18.3 million, bolstered by the first sale of its Advantage system to the Jülich supercomputing center. Despite a net loss of $86.1 million for the quarter, management highlighted strong cash reserves exceeding $300 million, positioning the company for sustained growth and capitalizing on its first-mover advantage in the quantum computing space. The successful demonstration of quantum supremacy enhances D-Wave's reputation and offers a clear competitive edge in an industry marked by rapid advancements.
Key Performance Indicators
Revenue
Decreasing
2.31M
QoQ: 23.48% | YoY: -20.54%
Gross Profit
Decreasing
1.47M
63.79% margin
QoQ: 41.23% | YoY: -25.11%
Operating Income
Decreasing
-20.23M
QoQ: 1.96% | YoY: -22.31%
Net Income
Decreasing
-86.08M
QoQ: -278.99% | YoY: -437.51%
EPS
Decreasing
-0.37
QoQ: -236.36% | YoY: -270.00%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: D-Wave reported Q4 revenue of $2.3 million, down 21% YoY, yet showed a 23.48% increase QoQ. This reflects the transition strategy toward quantum compute-as-a-service (QCaaS) following a profitable hardware sale. Profitability Outlook: The net income for the quarter stood at -$86.1 million, adversely impacted by a $68.3 million non-cash, non-operating charge. Excluding this, adjusted net loss declined to $17.8 million. Management's guidance anticipates Q1 2025 revenue to exceed $10 million, signaling potential recovery. Liquidity Position: Cash liquidity is robust, with cash and equivalents surpassing $300 million, ensuring operational stability and growth investments. The current ratio stands at 6.14, significantly above industry thresholds, demonstrating strong short-term financial viability.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.31M
-20.54%
23.48%
Gross Profit
1.47M
-25.11%
41.23%
Operating Income
-20.23M
-22.31%
1.96%
Net Income
-86.08M
-437.51%
-278.99%
EPS
-0.37
-270.00%
-236.36%
Key Financial Ratios
Gross Profit Margin
Excellent
63.80%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Weak
-8.76%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-37.28%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.43%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-1.37%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.14
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.13
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-5.68x
Negative earnings make P/E ratio not meaningful
Price to Book
High Premium
31.24x
Very high premium suggests asset-light business model or lofty expectations
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