D-Wave Quantum (QBTS) 10-K Summary — Year Ended Dec 31, 2023
D-Wave Quantum Inc. is a quantum computing company that reported revenue growth for the most recent annual period. However, the company continues to incur significant operating and net losses, and its operating cash flow remains negative, raising substantial doubt about its ability to continue as a going concern.
Key takeaway
Year ended Dec 31, 2023 · FY2024 10-K
D-Wave Quantum Inc. is a quantum computing company that reported revenue growth for the most recent annual period. However, the company continues to incur significant operating and net losses, and its operating cash flow remains negative, raising substantial doubt about its ability to continue as a going concern.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.8M
Revenue reported for the fiscal year.
Operating income
-$80.5M
Income from operations reported for the year.
Net income
-$82.7M
Net income reported for the year.
Operating cash flow
-$60.6M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $6.3M | n/a |
| Dec 31, 2022 | $7.2M | +14.2% |
| Dec 31, 2023 | $8.8M | +22.1% |
Business overview
D-Wave Quantum Inc. operates in the quantum computing industry. The filing indicates the company went through a transaction with DPCM and faces significant liquidity challenges.
Financial performance
Revenue increased compared to prior periods, but the company reported a substantial operating loss and a net loss. Operating cash flow was also negative, reflecting ongoing cash consumption.
Material risks
The company has expressed substantial doubt about its ability to continue as a going concern. It requires additional financing to sustain operations, and failure to obtain such financing could lead to scaling back or discontinuing operations.
Liquidity and capital
The company's liquidity and capital resources are constrained, and it is actively seeking additional financing to support ongoing operations. Without such financing, operations may be scaled back or discontinued.
What to watch
Investors should monitor the company's ability to secure additional financing or achieve a path to positive cash flow in the next filing.