D-Wave Quantum Posts Q1 Miss, Bookings Soar 1,994% to $42.4M
Jefferies reaffirmed a Buy rating for D-Wave Quantum after the company delivered Q1 revenue of nearly $2.9 million, missing expectations of $5.01 million and posting a 5-cent per-share loss. Record bookings surged 1,994% year-over-year to support a remaining performance obligation pipeline of $42.4 million, signaling strong future demand.
1. Jefferies Reaffirms Buy Rating
Jefferies reaffirmed its Buy rating for D-Wave Quantum, highlighting clear demand for its quantum computing technology and maintaining a positive long-term outlook.
2. Mixed Q1 Financial Results
In Q1, revenue was nearly $2.9 million, missing the $5.01 million expectation and down 80.9% year-over-year, while net loss narrowed to $18.5 million (5 cents per share) versus an anticipated 8-cent loss.
3. Record Bookings Surge
Bookings jumped 1,994% year-over-year, driven by major enterprise and university deals, elevating remaining performance obligations to $42.4 million and underpinning future revenue visibility.
4. Outlook and Pipeline
Management cautions that revenue will remain lumpy quarter to quarter but emphasizes a growing contract backlog and expanding pipeline as quantum computing adoption accelerates.