D-Wave Reports 120% Increase in Bookings for 2024 in Quantum Computing

D-Wave Quantum Inc. is celebrating exciting news for the upcoming year! They are forecasting a whopping 120% increase in bookings for fiscal year 2024, totaling over $23 million. What’s driving this growth? Well, a big part of it is the recent sale of their first D-Wave Advantage™ annealing quantum computing system to a customer. This system boasts over 5,000 qubits and provides customers with enhanced control and integration capabilities, making it a game-changer in the quantum computing industry.

This sale marks a shift in D-Wave’s strategy towards on-premise system sales. While they’ve historically focused on cloud access, they’ve recently installed an Advantage processor at Davidson Technologies, signaling a return to on-premise sales. This move allows customers to customize their systems in ways that were previously unavailable to them. Interestingly, the trend in the quantum hardware industry seems to lean towards more on-premise sales, as it speeds up cash flow by receiving payments upfront.

Thanks to this strategic shift, D-Wave has seen incredible success in fiscal Q4 2024, with bookings surpassing $18 million, a whopping 500% increase from the previous year. The growing demand for D-Wave’s technology across research institutions, businesses, and organizations highlights the increasing interest in quantum computing’s potential across various sectors such as AI, national security, and innovation.

To top it off, D-Wave ended the year with a record $178 million in cash. They’ve also entered into an agreement with several companies to sell common stock worth up to $150 million. This will involve selling shares at a price of $6.10 each, based on the closing price on January 8, 2025. With this exciting news, D-Wave is poised for a successful year ahead.

For more information on D-Wave’s bookings and the sale of the Advantage processor, you can visit their website for press releases. And if you’re curious about the sale of up to $150 million in common stock, you can access the official filings with the U.S. Securities and Exchange Commission (SEC) for more details. Exciting times lie ahead for D-Wave Quantum Inc., and we can’t wait to see what they accomplish next!