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Dec 31, 2024
D-Wave Q4 2024 Earnings Report
D-Wave reported a substantial increase in bookings but faced a revenue decline and widening losses in Q4 2024.
Key Takeaways
D-Wave's Q4 2024 revenue declined by 21% to $2.3 million, primarily due to lower professional services revenue. However, bookings surged 502% year-over-year to a record $18.3 million. Despite a 25% drop in gross profit, the company maintained a 63.8% gross margin. Net loss widened to $86.1 million due to a non-cash remeasurement charge related to warrant liabilities.
Revenue decreased by 21% to $2.3 million.
Bookings surged 502% to $18.3 million.
Net loss increased to $86.1 million from $16.0 million last year.
Gross profit declined by 25% to $1.5 million.
Forward Guidance
D-Wave anticipates revenue exceeding $10 million in Q1 2025, largely driven by the sale of an Advantage annealing quantum computer.
Positive Outlook
- Expected revenue surpassing $10 million in Q1 2025.
- Advantage annealing quantum computer sale to contribute significantly to revenue.
- Ongoing partnerships expanding market presence.
- Continued investment in quantum research and development.
- Strengthened cash position exceeding $300 million.
Challenges Ahead
- Declining revenue trend in Q4 raises concerns.
- Increased operating expenses impacting profitability.
- Significant net loss due to non-cash remeasurement charges.
- Lower gross profit and margin compression.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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