D-Wave Quantum Shares Slide On Q2 Results, Loss Widens

  • D-Wave Quantum Inc QBTS reported a second-quarter revenue increase of 20.6% year-over-year to $1.37 million.
  • The company continued expansion of commercial footprint with over 55 commercial customers, an increase of 44% Y/Y.
  • This is the company’s first quarterly results as a public company after it began trading on the NYSE on August 8, 2022.
  • Gross margin contracted by 334 bps to 57.3%. Loss from operations expanded to $11.98 million, compared to $9.34 million a year ago.
  • EPS was $(0.12), compared to $(0.04) in 2Q21. Adjusted EBITDA loss was $10.84 million for the quarter.
  • Adjusted operating expenses totaled $11.66 million (+23% Y/Y).
  • D-Wave Quantum’s net cash used in operating activities year-to-date totaled $21.5 million versus $20.26 million a year ago. It held cash and cash equivalents of $10.5 million as of June 30, 2022.
  • FY22 Outlook: D-Wave expects Revenue of $7 million to $9 million and Adjusted EBITDA to be less than negative $49 million.
  • Price Action: QBTS shares are trading lower by 13.91% at $9.05 during the post market session on Tuesday.

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