D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software, and services, has released its first-quarter earnings report for the period ending March 31, 2023. Highlights include total bookings valued at $2.9 million, a 297% increase compared to the first quarter of 2022, and a 430% increase in the average deal size for QCaaS and professional services combined bookings on a year-over-year basis. In addition, the company noted that research published in “Nature” shows the computational advantage of its quantum computer, proving quantum dynamics speedup over classical on a set of complex problems. The company has also signed several new and expanded existing customer engagements with Forbes Global 2000 companies as well as industry leaders such as Interpublic Group, Unisys US, POLARISqb and Quantum Algorithms Institute.
“Our first-quarter results reflect our continued measured progress across key business initiatives including commercial customer adoption, production-readiness efforts, product development and scientific advancements,” said D-Wave Quantum CEO Dr. Alan Baratz in the press release.
“We continue to expand our business with commercial customers with the percentage of our revenue derived from commercial customers increasing by 30% when comparing our last four quarters with the immediately preceding four quarters. First-quarter bookings of $2.9 million were up by 297% on a year-over-year basis, representing the fifth consecutive quarter of sequential quarter-to-quarter increases in bookings. On the technical front, we achieved a significant scientific milestone, published in ‘Nature,’ proving that the D-Wave Advantage system’s use of quantum delivers a speedup over classical for an important class of complex problems, 3D spin glasses. The observed speedup matches the theory of coherent quantum annealing and shows a direct connection between coherence and the core computational power of quantum annealing. We believe this research has important implications to optimization and the benefits will increase with future generation systems, including Advantage2.”
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About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers — and the only company building both annealing quantum computers and gate-model quantum computers. The company’s mission is to unlock the power of quantum computing today to benefit business and society. D-Wave does this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection and financial modeling. D-Wave technology is being used by some of the world’s most advanced organizations, including Volkswagen, Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California and Los Alamos National Laboratory. For more information about the company, please visit www.DWaveSys.com.
NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS
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