(MENAFN- Investor Brand Network) D-Wave Quantum Inc. (NYSE: QBTS)
(“D-Wave”), a leader in quantum computing systems, software and services, has announced financial results for its first fiscal quarter ended March 31, 2024. Q1 revenues were up more than 50% year over year and Q1 gross profit surged 294% year over year.
“We believe D-Wave's first quarter revenue and bookings reflect growing customer demand for quantum and hybrid quantum solutions that can drive measurable impact today,” said Dr. Alan Baratz, CEO of D-Wave.“Coupled with the significant technical milestones we've achieved with the Advantage2TM prototype, we believe our progress leading the commercialization of quantum is evident.”
In addition, the company and the University of Southern California (“USC”) announced a renewed multi-year partnership. Under the agreement, the USC Viterbi School of Engineering will continue to house a D-Wave state-of-the-art AdvantageTM quantum computer, facilitating ongoing exploration and adoption of annealing quantum computing solutions.
“We're thrilled to continue our partnership with USC, which has been a pioneering academic institution in quantum computing research and education,” Dr. Baratz said of the continued collaboration.“Our long-standing relationship is built on a common commitment to pioneer advancements in quantum computing that drive monumental impact. By providing access to the only annealing quantum computing system currently available in the U.S., we're furthering USC's reputation as a global leader in quantum education and research while providing businesses, researchers and government agencies with the remarkable opportunity to see quantum computing's true potential through practical applications today.”
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About D-Wave Quantum Inc.
D-Wave Quantum Inc.
(NYSE: QBTS)
is a leader in quantum computing systems, software and services focused on delivering value to our customers via practical quantum applications for problems such as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, fault detection and financial modeling. As the only provider building both annealing and gate-model quantum computers, the company is unlocking commercial use cases in optimization today, while building the technologies that will enable new solutions tomorrow. Founded in 1999, D-Wave is the world's first commercial supplier of quantum computing solutions.
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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 our most recent Annual Report on Form 10-K or any updates discussed under the caption“Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our 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 us on the date hereof. We undertake no duty to update this information unless required by law.
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