D-Wave Quantum jumps over 27% on record revenues
D-Wave Quantum is roaring higher in the premarket after the quantum computing company posted $15 million in sales in the first quarter, a record that’s more than double its next-best result.
Even as a pickup in sales was telegraphed by the firm’s surge in bookings last quarter, the revenue figure was still more than 40% above analysts’ estimates.
Gross profits (that is, revenues less cost of goods sold) of $13.9 million were also nearly double the consensus estimate of $7.3 million. Among earnings measures more frequently looked at, the adjusted loss per share of $0.02 was less red ink on the bottom line than had been presumed, with the Street looking for $0.04.
“We recognized revenue on our first Advantage system sale to a major research institution, moved an additional customer application into commercial production, and became the first to demonstrate quantum supremacy over classical computing on a useful real-world problem,” said CEO Dr. Alan Baratz. “The end result was a record revenue and gross profit quarter.”
Peers Rigetti Computing, Quantum Computing, and IonQ are also moving higher on the heels of this impressive report.
