D-Wave Quantum Inc. (NYSE: QBTS) has reported its financial results for the fourth quarter and year-end 2024. The company's bookings for the year ended December 31, 2024, saw a substantial increase of 128% year over year, reaching $23.9 million compared to $10.5 million for the year ended December 31, 2023. The fourth quarter bookings also surged, rising by 502% year over year to $18.3 million from $3.0 million for the same period in 2023.
In terms of customer base, D-Wave had a total of 135 customers, including 76 commercial customers, 59 research institution and government customers, and 28 Forbes Global 2000 customers. These figures show slight changes compared to the previous period, with a total of 133 customers, including 78 commercial customers, 55 research institution and government customers, and 27 Forbes Global 2000 customers in 2023.
The company's revenue for the year ended December 31, 2024, remained essentially flat at $8.8 million, compared to $8.8 million for the year ended December 31, 2023. However, D-Wave's GAAP gross profit for the same period increased by 20% to $5.6 million, up from $4.6 million in 2023, with a corresponding 10.2% rise in GAAP gross margin to 63.0%, up from 52.8% in 2023. Non-GAAP gross profit for the year ended December 31, 2024, saw a 5% increase to $6.4 million, compared to $6.1 million for the same period in 2023.
On the expense side, D-Wave's GAAP operating expenses for the year ended December 31, 2024, decreased by 3% to $82.8 million, down from $85.2 million for the year ended December 31, 2023. However, the company's net loss for the year ended December 31, 2024, increased to $143.9 million, up from $82.7 million for the year ended December 31, 2023.
In the fourth quarter of fiscal 2024, D-Wave's revenue decreased by 21% to $2.3 million from $2.9 million in the fourth quarter of fiscal 2023. Remarkably, the bookings for the fourth quarter of fiscal 2024 reached a record $18.3 million, marking a significant increase of 502% from the $3.0 million bookings in the fourth quarter of fiscal 2023.
The company's consolidated cash balance stood at $178.0 million as of December 31, 2024, and has since exceeded $300 million. D-Wave raised $161.3 million in equity through its common stock issuance programs in the fourth quarter of fiscal 2024 and an additional $146.2 million in the current first quarter of fiscal 2025, bringing the total net proceeds to $307.5 million. The company also paid off the remaining balance of its $50 million secured term loan during the fourth quarter of fiscal 2024.
These figures demonstrate D-Wave's significant growth in bookings and cash position, despite fluctuations in revenue and expenses, indicating strong momentum for the company in the quantum computing market. Today the company's shares have moved 20.9% to a price of $7.04. Check out the company's full 8-K submission here.
