Drivers of the quarter
- No major system sale - Co said flat revenue and lower gross margin reflected the absence of a high-margin annealing quantum computer system sale seen in the prior year.
- Higher personnel costs - Co attributed lower gross profit and margin to increased personnel costs.
- Increased operating expenses - Operating expenses rose due to investments in product development, go-to-market initiatives, and Quantum Circuits acquisition costs.
Key figures and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Revenue | Miss | $3.08 mln | $4.02 mln (15 Analysts) |
| Q2 Loss Per Share | | $0.13 | |
| Q2 Net Loss | | $48.03 mln | |
| Q2 Gross Profit | | $1.70 mln | |
| Q2 Income From Operations | | -$53.28 mln | |
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell".
- The average consensus recommendation for the it services & consulting peer group is "buy".
- Wall Street's median 12-month price target for D-Wave Quantum Inc. is $40.00, about 87% above its August 5 closing price of $21.39.
Outlook and long-term product plans
QBTS•
