D-Wave (NYSE: QBTS) Projects Approximately 120% Growth in 2024 Bookings

D-Wave Quantum Inc. (NYSE: QBTS), a leader in commercial quantum computing systems, software, and services, has announced that fiscal year 2024 bookings are projected to exceed $23 million, representing an approximate 120% increase over fiscal year 2023 bookings. This significant growth can be attributed to several factors, including the first-ever customer purchase of a D-Wave Advantage annealing quantum computing system and an increase in customer applications moving into production.

First Customer Purchase of D-Wave Advantage System
The first customer purchase of a D-Wave Advantage annealing quantum computing system reflects a significant expansion to the company's revenue model, as it broadens its overall go-to-market offering to include on-premise system sales. This purchase exemplifies growing adoption of D-Wave's annealing quantum technology and comes amid increasing demand for on-premise D-Wave quantum systems from research centers, academic institutions, HPC centers, and leading-edge businesses. These organizations are looking to accelerate competitive differentiation, bolster national security, and explore how quantum computing can address challenges resulting from AI's escalating power consumption.



Growing Customer Applications Moving into Production
D-Wave is seeing an increasing number of customer applications moving into production, indicating that organizations are recognizing the near-term usefulness and value of D-Wave's quantum systems. This trend contributes to the growth in bookings and demonstrates the practical applications of D-Wave's technology in various industries. As more customer applications move into production, D-Wave generates more revenue and solidifies its position as a leader in commercial quantum computing.

Record Cash Position and Strong Financial Performance
In addition to the projected growth in bookings, D-Wave ended fiscal year 2024 with a record cash position of approximately $178 million in cash. This strong financial position allows the company to invest in research and development, marketing, and sales efforts, which can drive further growth in bookings. D-Wave's fiscal 2024 Q4 bookings are expected to be at least $18 million, representing a 500% increase over the prior year's fiscal 2023 Q4 bookings of $3 million. This significant growth in quarterly bookings contributes to the overall 120% growth in 2024 bookings.

D-Wave's projected 120% growth in 2024 bookings reflects the company's leadership in the development and delivery of quantum computing systems, software, and services. The first-ever customer purchase of a D-Wave Advantage annealing quantum computing system, growing demand for on-premise quantum systems, and an increasing number of customer applications moving into production all contribute to D-Wave's strong financial performance and growth trajectory. As D-Wave continues to innovate and expand its offerings, investors can expect the company to maintain its position as a leader in the commercialization of quantum computing.