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Reported Q: Q4 2023 Rev YoY: +21.3% EPS YoY: -12.4% Move: +20.34%

Next: Q1 2024

DWave Quantum Inc

QBTS

$20.71 20.34%

Exchange NYSE Sector Technology Industry Computer Hardware

Q4 2023

Published: Mar 29, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for QBTS

Reported

Report Date

Mar 29, 2024

Quarter Q4 2023

Revenue

2.91M

YoY: +21.3%

EPS

-0.10

YoY: -12.4%

Market Move

+20.34%

Previous quarter: N/A

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Earnings Highlights

Revenue of $2.91M up 21.3% year-over-year
EPS of $-0.10 decreased by 12.4% from previous year
Gross margin of 67.7%
Net income of -16.01M
""We believe that D-Wave is the first in the world to demonstrate quantum supremacy on real world problems." - Alan Baratz, CEO" - Alan Baratz

QBTS

DWave Quantum Inc

Period Q4 2023

Currency USD

Report Type Quarterly Earnings

Generated Feb 9, 2026

Executive Summary

DWave Quantum Inc (QBTS) exhibited significant momentum in Q4 2023, with notable revenue growth indicating a shift towards enterprise-scale adoption of quantum computing solutions. Despite reporting a net loss of $16 million, or $0.10 per share, the company delivered a 21% year-over-year improvement in revenue to $2.9 million, marking the third consecutive quarter of sequential revenue growth. Management highlighted ongoing advancements in technology, particularly with the Advantage2 quantum computing system, and strategic partnerships aimed at bolstering its offerings in AI, which position DWave for substantial growth in the coming quarters.

Key Performance Indicators

Revenue

Increasing

2.91M

QoQ: 13.43% | YoY: 21.34%

Gross Profit

Increasing

1.97M

67.69% margin

QoQ: 28.65% | YoY: 57.36%

Operating Income

Increasing

-16.54M

QoQ: 10.13% | YoY: 23.27%

Net Income

Decreasing

-16.01M

QoQ: -1.17% | YoY: -58.70%

EPS

Decreasing

-0.10

QoQ: 16.67% | YoY: -12.36%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue Performance: In Q4, total revenue reached $2.9 million, up 21% from $2.4 million in Q4 2022, and up 13% sequentially from $2.6 million in Q3 2023.

Gross Profit: The gross profit margin increased to 67.7%, compared to 56.9% in the same quarter last year, showcasing operational improvements.

Net Income: The net loss narrowed from $18.2 million in Q4 2022 to $16 million in Q4 2023, reflecting better cost management.

Bookings: Fourth-quarter bookings soared to $3.1 million, an increase of 34% year-over-year, indicating robust customer demand and positioning the company for sustained revenue growth.

Cash Flow and Balance Sheet: As of year-end December 31, 2023, cash and equivalents stood at $41.3 million, a significant increase of 485% year-on-year.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	2.91M	21.34%	13.43%
Gross Profit	1.97M	57.36%	28.65%
Operating Income	-16.54M	23.27%	10.13%
Net Income	-16.01M	-58.70%	-1.17%
EPS	-0.10	-12.36%	16.67%

Key Financial Ratios

Gross Profit Margin

Excellent

67.70%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Weak

-5.69%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-5.51%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.27%

Return on assets suggests inefficient capital allocation

Return on Equity

Strong

65.40%

Return on equity demonstrates excellent capital efficiency and value creation

Current Ratio

Strong

4.18

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Conservative

-2.68

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-2.18x

Negative earnings make P/E ratio not meaningful

Price to Book

Undervalued

-5.71x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	2.31	-0.37	-20.5%	View
Q3 2024	1.87	-0.11	-27.0%	View
Q2 2024	2.18	-0.10	+27.9%	View
Q1 2024	2.47	-0.11	+55.7%	View
Q4 2023	2.91	-0.10	+21.3%	View

DWave Quantum Inc (QBTS) Q4 2023 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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