D-Wave Quantum Q3 revenue beats estimates on bookings growth
QBTS•D-Wave Quantum’s third-quarter revenue rose 21% year over year to $4.51 million, above the $4.33 million consensus estimate. It posted a $48.2 million net loss, narrower than a year earlier.
1. Quarterly results
D-Wave Quantum reported third-quarter revenue of $4.51 million, up 21% year over year and above the $4.33 million analyst estimate. Its net loss was $48.2 million, and its loss per share was $0.13.
2. Revenue and outlook
Gross profit was $2.39 million. The company said a higher share of lower-margin professional services revenue weighed on gross margin, while growth in professional services and quantum-computing-as-a-service revenue offset lower system sales. D-Wave expects to recognize 59% of its $38.3 million in remaining performance obligations as revenue over the next 12 months and plans to use CHIPS Act funding to develop a next-generation quantum computer.
