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D-Wave Quantum Inc. (NYSE: QBTS) Announces Financial Results for Q1 2024 and Participation in Needham Technology, Media, and Consumer Conference

  • D-Wave recently released the company’s financial results for its first fiscal quarter ending March 31, 2024, along with updates and recent achievements, including advancing quantum computing technology with the introduction of D-Wave’s fast-anneal feature and yielding of 4800+ qubit processors for its upcoming Advantage2(TM) system
  • Fast-anneal is designed to accelerate quantum computations, minimizing the effects of external disturbances such as thermal fluctuations and noise, which are common barriers in quantum computing environments
  • D-Wave CEO Dr. Alan Baratz is scheduled for a fireside chat on May 16, 2024, during the Needham Technology, Media, and Consumer Conference to discuss these latest advancements, strategic direction, and the measurable outcomes that quantum computing is delivering today

D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software, and services, recently released the company’s financial results for its first fiscal quarter ending March 31, 2024, showing YOY growth in revenue, bookings, gross profit and cash. Dr. Baratz said the company’s positive first quarter numbers reflect growing customer demand for quantum and hybrid quantum solutions that can drive measurable impact today (https://ibn.fm/ZzhJl). “Coupled with the significant technical milestones we’ve achieved with the Advantage2 prototype, we believe our progress leading the commercialization of quantum is evident.” 

During the earnings conference call, D-Wave also discussed recent technical highlights and its advancements of quantum computing technology, most notably the introduction of the fast-anneal feature. This innovation is designed to accelerate quantum computations, minimizing the effects of external disturbances such as thermal fluctuations and noise, which are common barriers in quantum computing environments. The industry-leading analyst firm IDC highlighted the importance of this breakthrough, equating it to major developments like logical qubit and error mitigation technologies in gate-based quantum systems.

Building on this innovation, D-Wave has successfully yielded 4,800+ qubit processors for its upcoming Advantage2 system. This new processor follows the earlier release of the 1200+ qubit Advantage2 prototype, which is already available through the Leap™ quantum cloud service. The development of these 4800+ qubit processors signify a crucial step in the roadmap toward the next generation of quantum computing systems.

The company also recently announced its participation in the Needham Technology, Media, and Consumer Conference. The 19th Annual Needham Technology, Media, and Consumer Conference is being held May 14-16, 2024, and is a hybrid conference with in-person and virtual meeting days. A live webcast will be available through Needham & Company (https://ibn.fm/IhnJI).

The conference will feature public and private company presentations, fireside chats, thematic panels, and 1-on-1 meetings for qualified institutional, private equity, and venture capital investors. Dr. Alan Baratz, CEO of D-Wave, is scheduled for a fireside chat on Thursday, May 16, 2024, at 1:30pm ET, and will offer an in-depth discussion about the company’s latest advancements, strategic direction, and the measurable outcomes that quantum computing is delivering today (https://ibn.fm/8d81J).

For more information, visit the company’s website at www.DWaveQuantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

Forward Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of the company’s most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of the company’s Quarterly Reports on Form 10-Q and in the company’s other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to the company on the date hereof. The company undertakes no duty to update this information unless required by law.

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