What explains QBTS's fluctuating operating expenses since 2022?

D-Wave Quantum Inc. (QBTS) has shown fluctuations in its operating expenses since 2022, which can be attributed to several factors: 1. **Decrease in Stock-Based Compensation and Personnel Costs**: QBTS has experienced a decrease in cost of revenue, attributed to reductions in stock-based compensation and personnel costs. This suggests a strategic shift or operational efficiency improvements. 2. **Research and Development Costs**: The company's research and development (R&D) costs have decreased to $8.7 million from $9.5 million. This could indicate a focus on optimizing R&D efforts or a decrease in the scope of R&D activities. 3. **General and Administrative Expenses**: QBTS has seen a decrease in general and administrative expenses, primarily due to reduced professional fees and insurance costs. This points to better cost management in non-core areas. 4. **Sales and Marketing Expenses**: However, sales and marketing expenses have increased by 47% to $15.1 million, driven by increased personnel and marketing costs. This might reflect a strategic investment in expanding the customer base and market presence. 5. **Interest Expense**: The interest expense has increased significantly, primarily due to interest related to the Term Loan and the SIF Loan. This is a direct consequence of the company's financing activities. In summary, QBTS's fluctuating operating expenses since 2022 are likely a result of a combination of factors including strategic cost management, investments in growth areas like sales and marketing, and adjustments in R&D and personnel costs. The net effect of these changes can lead to both increases and decreases in the company's operating expenses.