Revenue Performance: DWave achieved a total revenue of $2.5 million, which is a 56% increase year-over-year; however, this is a 15.2% decline sequentially from the prior quarter, which aligns with typical seasonality patterns.
Gross Profit: Gross profit was reported at $1.7 million, leading to a notable 294% increase year-over-year. The gross profit margin improved significantly to 67.3%, compared to 26.6% in Q1 FY 2023.
Operating Expenses: Total operating expenses were $19.2 million, a reduction of 24% from Q1 FY 2023, primarily due to lower stock-based compensation and operational efficiencies.
Net Income: The company reported a net loss of $17.3 million or a loss per share of $0.11, an improvement from a loss of $24.4 million in the previous year.
Cash Position: As of March 31, 2024, DWave's cash position stood at $27.3 million, marking a 204% increase from $9 million a year prior, indicating enhanced liquidity for future investments and operational needs.