The following is a summary of the D-Wave Quantum Inc. (QBTS) Q1 2024 Earnings Call Transcript:
Financial Performance:
D-Wave reported Q1 2024 revenue of $2.5 million, a significant increase of 56% YoY.
There was a 54% YoY increase in bookings totalling $4.5 million over Q1 FY '23.
Commercial customer revenue increased by 51% compared to the previous four quarters, with a total of 75 clients in the current period.
Adjusted EBITDA loss for the quarter showed improvement by 24% with $12.9 million against Q1 2023.
An impressive 294% YoY increase was observed in their gross profit for Q1 2024 which touched $1.7 million.
Business Progress:
Quantum supremacy research remains ongoing while D-Wave continues to gain new customers across various domains like government, healthcare, and research institutions.
The company's go-to-market growth strategy aimed at expanding sales has been launched.
Fast Anneal was introduced, a feature which enables quantum computations at unprecedented speeds.
The Advantage2 system achieved a significant product delivery milestone with recent production of 4,800+ qubit processors.
A multi-year partnership with the University of Southern California has been renewed.
The company is working on developing platforms for materials design based on simulation and plans to accelerate certain research opportunities with government and academic institutions.
Over 0.5 million problems have been submitted showing robust customer interest in their Fast Anneal capability.
More details: D-Wave Quantum IR
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