QBTS Latest Report

Financial Performance

D-Wave Quantum (stock symbol: QBTS) reported a total operating revenue of US$2.309 million as of December 31, 2024, a 20.59% YoY decrease from US$2.906 million as of December 31, 2023. This decline indicates challenges in revenue generation, which may affect the company's future profitability and market confidence.

Key Financial Data

1. Operating revenue decreased to US$2.309 million in 2024, a 20.59% YoY decrease.

2. R&D expenses increased to US$9.752 million in 2024, a 22.61% YoY increase.

3. Sales and management expenses were US$11.953 million in 2024, a 13.29% increase from US$10.553 million in 2023.

4. Third-quarter revenue was US$1.9 million in 2024, a 27% YoY decrease; the company's net loss was US$22.7 million, an increase from US$16.1 million in the same period in 2023.

5. Fluctuations in the overall economic environment may affect customers' spending capacity and willingness.

Peer Comparison

1. Industry-wide analysis: The quantum computing industry is overall in a rapid development stage but faces challenges such as technology iteration and market demand changes. Despite the promising industry outlook, intensified competition among enterprises may lead to fluctuations in operating revenue. The global revenue of the quantum computing industry is expected to grow more than 24 times in the next decade, indicating strong market demand [source](http://stock.10jqka.com.cn/usstock/20240815/c660816340.shtml).

2. Peer evaluation analysis: D-Wave Quantum's operating revenue decline was significant, possibly lower than the industry average. Compared with competitors such as Rigetti Computing and IonQ, if its technology or market strategy performs poorly, it may lead to further shrinking of market share.

Summary

D-Wave Quantum's main issue in 2024 was a significant decrease in operating revenue, despite the industry's overall growth, the company failed to seize market opportunities and instead found itself in a disadvantageous position in competition. The increase in R&D and sales management expenses further exacerbated financial pressure, which may affect the company's long-term profitability.

Opportunities

1. The overall strong market demand for quantum computing is expected to reach US$28.2 billion in 2033, providing potential opportunities for future growth.

2. Increasing technological advancements and innovation demands may offer D-Wave Quantum opportunities to enhance product competitiveness.

3. The growth trend of cloud-based quantum computing services provides opportunities for the company to explore new markets.

Risks

1. Intensified competition, especially from Rigetti Computing and IonQ, may lead to customer loss and a decrease in market share.

2. Continued increases in R&D and sales management expenses may further compress the company's profit margin.

3. Uncertainty in the overall economic environment may affect customers' spending capacity, which in turn affects the company's operating revenue.