Curated News
By: NewsRamp Editorial Staff
January 13, 2025

D-Wave Quantum Inc. Announces Record-Breaking Fiscal 2024 Bookings and Expansion of Revenue Model

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Source News Release

TLDR

  • D-Wave Quantum Inc. (NYSE: QBTS) reported a significant increase in fiscal 2024 bookings, providing a competitive advantage in the quantum computing industry.
  • D-Wave's revenue model expanded with the sale of its D-Wave Advantage annealing quantum computing system, offering on-premise systems alongside its Leap quantum cloud service.
  • D-Wave aims to unlock the power of quantum computing for practical applications, benefiting businesses and society with solutions in logistics, AI, drug discovery, and more.
  • D-Wave ended fiscal 2024 with a record $178 million in cash, marking a milestone in the quantum computing sector and showcasing financial growth.

Impact - Why it Matters

This news matters as D-Wave Quantum Inc. has experienced significant growth in bookings and revenue, showcasing its position as a leader in quantum computing technology. The company's achievement of securing its first customer purchase of the D-Wave Advantage quantum computing system signifies a major milestone in the industry, highlighting the increasing demand for quantum solutions in various sectors.

Summary

D-Wave Quantum Inc. (NYSE: QBTS) announced that fiscal 2024 bookings will exceed $23 million, an approximately 120% increase from 2023, and fiscal Q4 bookings reached at least $18 million, an approximately 500% rise from $3 million in Q4 2023 bookings. The company also secured its first customer purchase of a D-Wave Advantage annealing quantum computing system, the world’s largest quantum computer with over 5,000 qubits, marking a significant expansion in its revenue model by including on-premise system sales alongside its Leap quantum cloud service. D-Wave ended fiscal 2024 with a record approximately $178 million in cash.

To view the full press release, visit https://ibn.fm/1c6rA

Source Statement

This curated news summary relied on this press release disributed by InvestorBrandNetwork (IBN). Read the source press release here, D-Wave Quantum Inc. Announces Record-Breaking Fiscal 2024 Bookings and Expansion of Revenue Model

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