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D-Wave Quantum Inc. (NYSE: QBTS) to Announce Financial Results for First Quarter of Fiscal Year 2024

  • D-Wave will release its financial results for the first quarter of fiscal year 2024 ending March 31, 2024, on Monday, May 13, 2024, before the market opens
  • D-Wave will host a conference call the same day at 8 a.m. EDT to discuss the financial results
  • The company continues to demonstrate progress with its quantum computing product innovations, including the recent fast-anneal feature

D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software, and services, recently announced that the company will release its financial results for the first quarter of fiscal year 2024 ending March 31, 2024, on Monday, May 13, 2024, before the market opens. In conjunction with this announcement, D-Wave will host a conference call the same day at 8 a.m. EDT to discuss the financial results. D-Wave’s CEO, Dr. Alan Baratz, and CFO, John Markovich, will lead the call (https://ibn.fm/f5UD7).

This comes shortly after the company announced financial results for its fourth fiscal quarter and year ending December 31, 2023. In a conference call at the end of March, the company outlined significant achievements, including a number of operational and technical advances, as well as growth in bookings, revenue, the number of commercial customers, and commercial revenue as a percentage of total revenue (https://ibn.fm/DBF6y).

The announcement of Q1 financial results follows the recent introduction of the fast-anneal feature across the company’s quantum processing units (“QPUs”) in the D-Wave Leap(TM) real-time quantum cloud service (https://ibn.fm/hTamB). This feature enhances quantum computing applications by allowing faster annealing durations, which mitigates external interferences that typically hinder quantum calculations. With this advancement, customers can achieve remarkable speeds in conducting quantum computations. The fast-anneal feature builds upon D-Wave’s previous research milestones and is expected to attract both commercial and academic researchers for developing innovative applications and broadening benchmarking experiments.

Customer feedback from companies like SavantX and Zapata AI highlights the potential benefits of this feature in advancing research on quantum computing and AI applications, particularly in areas like drug discovery and materials design. D-Wave’s customers include several prominent companies and industry leaders, reflecting its significance in the quantum computing landscape.

“Providing direct access to Fast Anneal, which has been at the heart of D-Wave’s recent advancements, represents a significant step forward in our mission to provide customers with the resources they need to drive innovation and achieve extraordinary results,” Dr. Baratz said. “We believe it will further empower them to build industry-shaping applications with the most powerful quantum computing environment available today.”

D-Wave is at the forefront of quantum computing, known for pioneering several groundbreaking advancements in the field. The company has achieved many firsts, including delivering the world’s first commercial quantum computer and real-time quantum cloud service. Its product lineup consists of innovative offerings like the Advantage(TM) quantum computer, featuring more than 5,000 qubits and 15-way connectivity.

Customers access this cutting-edge system via D-Wave’s Leap quantum cloud service, which provides real-time access and enterprise-class performance. The Leap service facilitates the development of hybrid-quantum applications across various industries, enabling users to solve complex problems more efficiently.

To assist businesses in adopting quantum computing, D-Wave offers the Launch(TM) onboarding platform, providing expert guidance to develop proof of concepts and production pilots. D-Wave has identified key verticals such as supply chain, logistics, manufacturing, life sciences, finance, and government, where quantum computing can help better optimize operations.

Work with companies like Davidson Technologies, Momentum Worldwide (part of Interpublic Group), Pattison Food Group and SavantX demonstrate the real-world applications of D-Wave’s technology, from optimizing military logistics to more efficient vehicle routing to better workforce scheduling and planning. Through relentless innovation and strategic partnerships, D-Wave continues to drive the adoption of quantum computing across various sectors, unlocking new possibilities for solving complex computational challenges.

The growing role of quantum computing in the business world will be one of the main topics of discussion at D-Wave’s upcoming Qubits 2024 conference, scheduled for June 17th and 18th in Boston, Massachusetts (https://ibn.fm/qygGO). Themed “Success, Powered by Quantum,” the event will showcase how D-Wave, along with partners and customers like QuantumBasel, Los Alamos National Lab, and Zapata AI, are using D-Wave’s annealing quantum computing technology to address real-world challenges. The agenda includes live demonstrations, product updates, discussions on recent scientific achievements, and insights into customer projects, highlighting both ongoing developments and active deployments.

The conference will offer a free live stream of the first day’s morning talks, enabling global participation. Registration is available at www.qubits.com.

For more information, visit the company’s website at www.DWaveQuantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

Forward-Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of the company’s most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of the company’s Quarterly Reports on Form 10-Q and in its other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to the company on the date hereof. The company undertakes no duty to update this information unless required by law.

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