The following is a summary of the D-Wave Quantum Inc. (QBTS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• D-Wave reported Q1 2024 revenue of $2.5 million, a significant increase of 56% YoY.

• There was a 54% YoY increase in bookings totalling $4.5 million over Q1 FY '23.

• Commercial customer revenue increased by 51% compared to the previous four quarters, with a total of 75 clients in the current period.

• Adjusted EBITDA loss for the quarter showed improvement by 24% with $12.9 million against Q1 2023.

• An impressive 294% YoY increase was observed in their gross profit for Q1 2024 which touched $1.7 million.

Business Progress:

• Quantum supremacy research remains ongoing while D-Wave continues to gain new customers across various domains like government, healthcare, and research institutions.

• The company's go-to-market growth strategy aimed at expanding sales has been launched.

• Fast Anneal was introduced, a feature which enables quantum computations at unprecedented speeds.

• The Advantage2 system achieved a significant product delivery milestone with recent production of 4,800+ qubit processors.

• A multi-year partnership with the University of Southern California has been renewed.

• The company is working on developing platforms for materials design based on simulation and plans to accelerate certain research opportunities with government and academic institutions.

• Over 0.5 million problems have been submitted showing robust customer interest in their Fast Anneal capability.

More details: D-Wave Quantum IR

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