- D-Wave Quantum Inc (NYSE:QBTS) reported a second-quarter revenue increase of 20.6% year-over-year to $1.37 million.
- The company continued expansion of commercial footprint with over 55 commercial customers, an increase of 44% Y/Y.
- This is the company’s first quarterly results as a public company after it began trading on the NYSE on August 8, 2022.
- Gross margin contracted by 334 bps to 57.3%. Loss from operations expanded to $11.98 million, compared to $9.34 million a year ago.
- EPS was $(0.12), compared to $(0.04) in 2Q21. Adjusted EBITDA loss was $10.84 million for the quarter.
- Adjusted operating expenses totaled $11.66 million (+23% Y/Y).
- D-Wave Quantum’s net cash used in operating activities year-to-date totaled $21.5 million versus $20.26 million a year ago. It held cash and cash equivalents of $10.5 million as of June 30, 2022.
- FY22 Outlook: D-Wave expects Revenue of $7 million to $9 million and Adjusted EBITDA to be less than negative $49 million.
- Price Action: QBTS shares are trading lower by 13.91% at $9.05 during the post market session on Tuesday.
This Analyst With 84% Accuracy Rate Sees Around 24% Upside In Pinterest – Here Are 5 Stock Picks For October From Wall Street’s Most Accurate Analysts
U.S. stocks closed higher on Tuesday, ahead of the Federal Reserve's monetary policy decision. However, all three indices recorded losses last month, with the S&P 500 falling 2.2% and the Dow falling 1.4% for October.
