The following is a summary of the D-Wave Quantum Inc. (QBTS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• D-Wave Quantum Inc. saw a 21% increase in Q4 revenue year-over-year, reporting $2.9 million.

• The GAAP gross profit for Q4 rose by 45% to $2 million from the same period last year.

• Net loss for Q4 was $16 million and the adjusted EBITDA loss was $10.9 million, showing improvement over past years.

• 2023 revenue reached $8.8 million, up by 22% from 2022.

• Fiscal 2023 gross profit on a non-GAAP basis increased 27% due to higher revenue, reporting $6.1 million.

• GAAP gross margin and GAAP operating expenses for fiscal 2023 were 52.8% and $85.2 million, respectively, signifying increases from fiscal 2022 due mainly to non-cash stock-based compensation expense and costs related to being a public company.

• D-Wave Quantum registered a net loss of $82.7 million for fiscal 2023.

Business Progress:

• Launched Advantage2, a quantum computer prototype, receiving positive customer feedback.

• Announced a strategic collaboration with Zapata AI to advance quantum-enabled machine learning.

• Rolled out two applications in production for scheduling tasks.

• New collaborations announced with Bridgestone Corporation, Ford Otosan, and the Julich Supercomputing Centre.

• Further expanded governmental agreements with Canada and the UK, focusing on Advantage quantum computing system applications.

• D-Wave Quantum Inc. raised over $90 million in capital during fiscal 2023.

• The company focuses on expanding revenue opportunities within the existing customer base and attracting new commercial customers.

• Forged a partnership with NEC Australia, marking entry into the Australian market.

More details: D-Wave Quantum IR

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