• The company reported a 28% increase in revenue, a 6% rise in bookings, a 97% improvement in GAAP gross profit and a 444% increase in cash, for the second quarter of 2024, on a year over year basis
• D-Wave’s CEO, Dr. Alan Baratz, summarized the company’s ongoing strategic direction and provided an expansive list of achievements
• Highlights mentioned include a quantum AI product development roadmap extending D-Wave’s Leap(TM) quantum cloud service, an expanded partnership with Zapata AI, new customer hybrid quantum applications, and more

D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software, and services, and the first commercial provider of quantum computers, released its second quarter 2024 financial results along with recent business and technical updates. The company reported growth in key areas, reflecting its continued momentum in the quantum computing market (https://ibn.fm/DNZ11).

D-Wave has made notable progress in advancing its quantum computing offerings and expanding its market presence during this period. The company announced an updated product development roadmap designed to enhance its Leap quantum cloud service to address artificial intelligence (“AI”) and machine learning (“ML”) applications. In addition, D-Wave has focused on developing strategic partnerships to further strengthen its market position, including with Zapata AI.

Key business highlights of Q2 2024 include:

• Quantum AI product development roadmap that extends the Leap quantum cloud service for AI and ML.
• Expansion of commercial partnership with Zapata AI, designed to accelerate the development and delivery of integrated quantum and generative AI solutions, as part of the roadmap.
• Announcement of the forthcoming placement of a second U.S.-based Advantage(TM) quantum computer, which will be D-Wave’s fourth production quantum computer and accessible via the Leap quantum cloud service.
• Launch of a new hybrid quantum solver for nonlinear programs, enabling customers to solve real-world problems with support for up to two million variables and constraints.
• Successful production of the company’s tenth Qubits quantum computing user conference in June 2024, with more than 600 attendees representing 452 organizations from 50 countries.
• Development with customers on a variety of hybrid quantum applications including Ford Otosan (vehicle production optimization application) and Hermes Germany (vehicle routing quantum optimization application).
• Double-digit enrollment growth for quantum training courses in the first six months of 2024.
• Joining the broad-market Russell 3000 Index, which captures the 3,000 largest stocks as of April 30, 2024, ranked by total market capitalization.

D-Wave’s Q2 2024 results also underscore its robust performance across several financial metrics:

• Number of customers increased to a total of 130 for the four fiscal quarters ended in Q2 compared to 114 customers in the immediately prior four quarter period, including 77 commercial customers and 26 Forbes Global 2000 customers.
• Revenue was $2.2 million, an increase of $0.5 million, or 28%, from the fiscal 2023 second quarter revenue of $1.7 million. Revenue from commercial customers increased by 35%, or $1.8 million. Revenue from Forbes Global 2000 customers increased by $0.9 million, or 50%, and comprised 26% of total revenue.
• Bookings for the second quarter of fiscal 2024 were $2.7 million, an increase of $0.2 million, or 6% from the fiscal 2023 second quarter bookings of $2.5 million. This is the company’s ninth consecutive quarter of YoY growth in quarterly bookings.
• GAAP gross profit was $1.4 million, an increase of $0.7 million, or 97%, from the fiscal 2023 second quarter gross profit of $0.7 million, an increase primarily driven by the growth in revenue and improved operating efficiencies.
• Ended the second quarter with $40.9 million in cash, one of the company’s highest quarter-end cash balances in history.

Dr. Alan Baratz, CEO of D-Wave, expressed optimism about the company’s growth trajectory and future prospects in light of the Q2 results, indicating continued traction on all fronts – revenue, bookings, customer acquisition, liquidity and technical advancements. “There is rapidly growing awareness of annealing quantum computing and its ability to deliver business benefits today, and the market is responding. This is further strengthened by our product development activities in hardware (Advantage2(TM) prototype), software (new nonlinear hybrid solver and fast anneal feature), and Quantum Artificial Intelligence,” Dr. Baratz added. “Our momentum as one of the few companies in the world leading the quantum transformation is evident.”

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 the company’s 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 us on the date hereof. The company undertakes no duty to update this information unless required by law.

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