D-Wave Quantum Stock Drops After Mixed Q2 Earnings

D-Wave Quantum Inc (NYSE:QBTS) reported second-quarter financial results before the market open on Thursday. Here’s what you need to know from the quantum computing company’s report.

Q2 Earnings: D-Wave reported second-quarter revenue of $3.1 million, beating analyst estimates of $2.63 million, according to Benzinga Pro. The company reported a second-quarter adjusted loss of 8 cents per share, missing estimates for a loss of 5 cents per share.

Total revenue was up 42% year-over-year as bookings jumped 92% in the quarter. The company said it had more than 100 customers at quarter’s end.

D-Wave ended the period with a consolidated cash balance of $819.3 million.

“Our second quarter results show consistently strong performance across a multitude of technical and business metrics,” said Alan Baratz, CEO of D-Wave.

“During the quarter, we brought to market our sixth-generation quantum computer, signed a memorandum of understanding related to the acquisition of an on-premises system in South Korea, completed physical assembly of the previously announced system at Davidson Technologies, introduced a collection of developer tools to advance quantum AI and machine learning innovation, and ended the quarter with a record $819 million in cash.”

QBTS Price Action: D-Wave Quantum shares were down 2.4% at $17.13 at the time of publication Thursday, according to Benzinga Pro.

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Photo: courtesy of D-Wave Quantum.