D-Wave Revenue Rises 21% as Customer Deployments Expand And CHIPS Agreement Advances

Insider Brief

• D-Wave reported third-quarter revenue of $4.5 million, up 21% from a year earlier, and $38.3 million in contracted revenue remaining to be recognized.
• Nine-month bookings increased 611% to $37.4 million, although third-quarter bookings declined 19% to $1.9 million.
• The company highlighted customer deployments and conditional CHIPS funding, while operating expenses increased and gross margin declined.

D-Wave Quantum reported a 21% increase in third-quarter revenue as professional services and cloud access sales grew, alongside customer deployments and a federal agreement supporting development of its next quantum computers.

Revenue reached $4.5 million for the quarter ended Sept. 30, according to the company’s earnings release. Nine-month bookings increased 611% to $37.4 million, although quarterly bookings fell 19% to $1.9 million. The company said larger transactions can cause substantial quarterly variation.

“From Seoul to Como to Washington, we are seeing growing interest in D-Wave’s differentiated dual-platform approach and a determination to put our quantum computing technology to work today,” Dr. Alan Baratz, CEO of D-Wave said in the statement. “Our triple-digit increase in year-to-date bookings and robust pipeline reinforce our confidence in the opportunity ahead. We are expanding our commercial reach and executing on both our annealing and gate-model roadmaps with a clear objective: to lead this industry in technical and scientific innovation, measurable customer value and growth.”