D-Wave Quantum reported Q2 2024 revenue of $2.2 million, up 28% year-over-year, driven by a significant increase in QCaaS revenue from higher average revenue per customer. Gross profit nearly doubled to $1.4 million while net loss narrowed to $17.8 million from $26.2 million in Q2 2023. The company ended the quarter with $40.9 million in cash.Operating expenses decreased 6% YoY to $20.2 million, with research and development costs down 12% and general and administrative expenses down 22%, partially offset by a 77% increase in sales and marketing expenses. The company continued to execute its cost optimization initiatives while increasing investments in commercial expansion.Management secured additional financing through a Term Loan facility and equity issuance programs. As of August 7, 2024, the company had prepaid $15.8 million of the Term Loan and received waivers for certain covenants. However, management noted substantial doubt about the company's ability to continue as a going concern, highlighting the need for additional capital to fund operations.

D-Wave Quantum reported Q2 2024 revenue of $2.2 million, up 28% year-over-year, driven by a significant increase in QCaaS revenue from higher average revenue per customer. Gross profit nearly doubled to $1.4 million while net loss narrowed to $17.8 million from $26.2 million in Q2 2023. The company ended the quarter with $40.9 million in cash.Operating expenses decreased 6% YoY to $20.2 million, with research and development costs down 12% and general and administrative expenses down 22%, partially offset by a 77% increase in sales and marketing expenses. The company continued to execute its cost optimization initiatives while increasing investments in commercial expansion.Management secured additional financing through a Term Loan facility and equity issuance programs. As of August 7, 2024, the company had prepaid $15.8 million of the Term Loan and received waivers for certain covenants. However, management noted substantial doubt about the company's ability to continue as a going concern, highlighting the need for additional capital to fund operations.