D-Wave Announces 2024 Bookings and First On-Premise Advantage System Sale

Insider Brief:

• D-Wave Quantum Inc. reported fiscal year 2024 bookings exceeding $23 million, a 120% increase from fiscal year 2023, and announced the sale of its first on-premise Advantage quantum computing system.

• The Advantage system, with over 5,000 qubits and 15-way connectivity, is said to allow for deeper customer integration and complements the company’s existing Leap quantum cloud service.

• D-Wave expects $18 million in Q4 2024 bookings, a 500% increase from the previous year, and ended the fiscal year with a record $178 million in cash.

PRESS RELEASE — In a recent release, D-Wave Quantum Inc. reported fiscal year 2024 bookings exceeding $23 million and a 120% increase compared to fiscal year 2023. The company also disclosed the sale of its first-ever on-premise D-Wave Advantage annealing quantum computing system. This reflects a shift in the company’s revenue strategy, adding on-premise system sales to its existing portfolio of cloud-based services.

As noted in the release, the Advantage system, which features over 5,000 qubits and 15-way connectivity, provides customers with full access to the system’s parameters and allows for deeper integration than cloud services typically offer. The company adds that on-premise offerings complement its existing Leap quantum cloud service, which remains the preferred option for customers focused on specific applications.

Along with the system sale, D-Wave also reported an expected $18 million in bookings for the fourth quarter of fiscal year 2024, marking a 500% increase compared to the same quarter in fiscal year 2023, which saw $3 million in bookings. The company also reported that they ended fiscal year 2024 with a record cash position of approximately $178 million.

As reported in the release, Dr. Alan Baratz, CEO of D-Wave, stated, “With remarkable growth in bookings, our first Advantage system sale and an increasing number of customer applications moving into production, in our view, D-Wave is clearly driving the commercialization of quantum computing. While others remain in the research and development mode, we are delivering incredibly powerful technology and products to customers today, helping them tackle their tough computational problems faster, better and with less energy.”

The company’s reported financial and operational progress signals the ongoing commercialization of quantum computing alongside industry focus on research and development.