Summary by Moomoo AI
D-Wave Quantum reported Q3 2024 revenue of $1.9M, down 27% YoY, while Quantum-Computing-as-a-Service (QCaaS) revenue grew 41% to $1.6M. The company posted a net loss of $22.7M, compared to $16.1M in Q3 2023. Gross profit decreased 32% to $1.0M, with a gross margin of 55.8%.For the first nine months of FY2024, total revenue increased 11% YoY to $6.5M, driven by 52% growth in QCaaS revenue to $5.1M. GAAP gross profit rose 54% to $4.1M, with gross margin improving to 62.7%. The company maintained $29.3M in cash as of September 30, 2024.Notable developments include NTT DOCOMO's planned production deployment of D-Wave's quantum technology for network optimization, collaboration with Japan Tobacco for drug discovery, and completion of a 4,400-qubit Advantage2 processor calibration. The company expects Q4 revenue and bookings to improve over Q3 levels.
