Announcement • 5h
D-Wave Quantum Announces New Gate-Model Roadmap Targeting 100 Logical Qubits Capable of Performing over One Million Operations by 2032 D-Wave Quantum announced a new gate-model roadmap designed to accelerate the development of commercial, fault-tolerant quantum computing. Targeting 100 logical qubits capable of successfully performing over one million operations by 2032, the roadmap combines D-Wave’s expertise in high-coherence dual-rail qubits and quantum error correction, with its proven ability to engineer, scale and commercialize superconducting quantum systems. D-Wave believes the future of commercial gate-model quantum computing will be defined not by raw physical qubit counts alone, but by the ability to reliably execute large-scale computations for real-world applications. While much of the industry focuses on scaling physical qubits, D-Wave is pursuing a differentiated approach centered on reducing errors at the hardware level. Its dual-rail qubit architecture embeds error detection directly into the qubits, making errors detectable during computation at the single-qubit level. In contrast to many other gate-model hardware modalities that cannot detect qubit errors, D-Wave’s dual-rail qubits are designed to identify approximately 90% of errors as they occur to dramatically lower the number of physical qubits required to perform error correction. D-Wave has also demonstrated, with error detection, 99.9% two-qubit fidelities, meaning physical errors occur only about once in every 1,000 operations. The roadmap outlines a progression of technical milestones designed to improve qubit fidelity, advance large-scale computations and support the development of commercially useful quantum applications. Key roadmap milestones include: Delivery of a 17-physical-qubit system that supports logical error rates 2 times lower than physical error rates in 2026; Completion of a 49-physical-qubit system that can deliver an expected 20-fold error reduction factor over the physical error rate in 2027; Completion of a 181-physical-qubit system that can deliver an expected 2,000-fold error reduction factor over the physical error rate, representing the scalable blueprint for fault-tolerant architectures in 2028; Completion of a 10-logical-qubit system that can support the first fault tolerant algorithms in 2030; Completion of a 100-logical-qubit system capable of successfully performing more than one million operations that can support initial quantum chemistry and quantum AI applications in 2032. D-Wave’s roadmap is built on superconducting technology, which can run quantum error correction cycles 100 to 1000 times faster than neutral atom or trapped ion systems. The Company views Lambda as a key metric that should be used to measure progress toward fault-tolerant quantum computing. Lambda is a measure of how rapidly a quantum computer’s errors are reduced as more error-correction capability is added. The broader quantum computing industry has demonstrated Lambda values around 2, meaning each increment in error correction reduces errors by about half. D-Wave’s roadmap is targeting a Lambda of 10, a major leap the Company expects will reduce errors far more quickly, by a factor of 10 for each increment in error correction, making it possible to achieve fault-tolerant quantum computing with significantly fewer physical qubits. Combined with D-Wave’s proprietary on-chip cryogenic control technology, proven superconducting systems expertise and production-ready quantum cloud infrastructure, the Company believes its dual-rail gate-model roadmap presents a fast, efficient, and achievable path to commercial gate-model quantum computing. With more than 15 years of experience designing and building superconducting quantum computing systems, D-Wave has successfully delivered six generations of annealing quantum computers, culminating in its award winning Advantage2 system. As the only provider of annealing and gate-model technologies, D-Wave is uniquely positioned to participate in the full addressable quantum computing market. Announcement • May 27
D-Wave Receives Year 2 Microelectronics Commons Project Funding to Advance Superconducting Quantum Innovation by the U.S. Department of War D-Wave Quantum Inc. announced that it has been awarded second year funding for the Improved Materials for Superconducting Qubits with Scalable Fabrication (SQFab) project by the Northeast Regional Defense Technology Hub (NORDTECH). Awarded to D-Wave subsidiary Quantum Circuits, LLC, the SQFab project is one of four innovative programs selected by the U.S. Department of War (DOW) through NORDTECH, a regional consortium of non-pro?t accessible semiconductor R&D facilities, government labs, defense companies, academic institutions, and technology manufacturing organizations in and around New York State. NORDTECH is one of eight hubs composing the U.S. Microelectronics Commons (MEC) program, which is a DOW initiative executed through the Naval Surface Warfare Center Crane Division and managed by the National Security Technology Accelerator (NSTXL). The four programs are collectively receiving more than $25 million in second year funding after achieving key ?rst-year benchmarks by demonstrating signi?cant results in the design, fabrication, and characterization of key quantum computing components. D-Wave’s project aims to improve materials for superconducting qubits with scalable fabrication methods, supporting the development and advancement of next-generation microelectronics capabilities from research to manufacturing. The Microelectronics Commons seeks to accelerate domestic microelectronics prototyping, strengthen semiconductor supply chains, and expand U.S. leadership in critical technologies. By bringing together industry, academia, and government partners, the program helps to bridge the gap between early-stage innovation and domestic manufacturing. The initiative plays a critical role in addressing supply chain vulnerabilities while fostering a robust semiconductor workforce and innovation pipeline. The SQFab mission is to co-develop technologies necessary to demonstrate scalable quantum error correction, using new materials, innovative quantum circuits and qubit control schemes. Live News • May 27
D-Wave Quantum Attracts US$100 Million Federal Investment and Reports Record Bookings in 2026 D-Wave signed a Letter of Intent with the U.S. Department of Commerce for US$100 million in proposed CHIPS Act funding, with the government set to receive a minority equity stake via newly issued common stock.
The company reported record Q1 2026 bookings of US$33.4 million, supported by a US$20 million system sale to Florida Atlantic University and a US$10 million two-year quantum computing-as-a-service contract with a Fortune 100 customer.
D-Wave is progressing its dual-platform approach after acquiring Quantum Circuits Inc. for US$550 million and has secured second-year funding for its superconducting qubit materials project under NORDTECH, while publicly defending the validity of its earlier quantum supremacy result.
The combination of proposed federal funding, growing bookings and expanded R&D programs points to a company that is deepening its technology base and broadening commercial engagement, even as it remains unprofitable with widened operating losses tied to integration and research costs.
Investors should keep an eye on execution risks around scaling both annealing and gate-model systems, future equity dilution from government and other share issuances, and how quickly large bookings convert into recognized revenue and repeat business. Announcement • May 23
D-Wave Quantum Inc. announced that it expects to receive $100 million in funding from United States Department of Commerce D-Wave Quantum Inc. announced that it has entered into a letter of intent with new investor, United States Department of Commerce to issue common shares for gross proceeds of $100,000,000 on May 21, 2026. New Risk • May 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$166m net loss in 3 years). Shareholders have been diluted in the past year (27% increase in shares outstanding). Reported Earnings • May 13
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: US$0.05 loss per share (further deteriorated from US$0.019 loss in 1Q 2025). Revenue: US$2.86m (down 81% from 1Q 2025). Net loss: US$18.4m (loss widened 239% from 1Q 2025). Revenue missed analyst estimates by 31%. Earnings per share (EPS) exceeded analyst estimates by 48%. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 237% per year, which means it is well ahead of earnings. Announcement • Apr 26
D-Wave Quantum Inc., Annual General Meeting, Jun 04, 2026 D-Wave Quantum Inc., Annual General Meeting, Jun 04, 2026. Announcement • Apr 23
D-Wave Quantum Inc. to Report Q1, 2026 Results on May 12, 2026 D-Wave Quantum Inc. announced that they will report Q1, 2026 results Pre-Market on May 12, 2026 Recent Insider Transactions Derivative • Mar 19
Independent Director notifies of intention to sell stock Rohit Ghai intends to sell 24k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of March. If the sale is conducted around the recent share price of US$17.55, it would amount to US$413k. Since June 2025, Rohit's direct individual holding has decreased from 43.52k shares to 23.52k. Company insiders have collectively sold US$110m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Mar 17
Independent Director notifies of intention to sell stock Rohit Ghai intends to sell 24k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of March. If the sale is conducted around the recent share price of US$17.55, it would amount to US$413k. Since June 2025, Rohit's direct individual holding has decreased from 43.52k shares to 23.52k. Company insiders have collectively sold US$110m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 57%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$43.0m to US$43.9m. Forecast EPS reduced from -US$0.251 to -US$0.394 per share. Software industry in the US expected to see average net income growth of 23% next year. Consensus price target down from US$39.17 to US$37.61. Share price fell 3.8% to US$18.91 over the past week. Reported Earnings • Feb 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: US$1.11 loss per share (further deteriorated from US$0.75 loss in FY 2024). Revenue: US$24.6m (up 179% from FY 2024). Net loss: US$355.1m (loss widened 147% from FY 2024). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 6.7%. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 188% per year, which means it is well ahead of earnings. Announcement • Feb 12
D-Wave Quantum Inc. to Report Q4, 2025 Results on Feb 26, 2026 D-Wave Quantum Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 26, 2026 Announcement • Jan 27
D-Wave Quantum Inc. Announces Key Product and Technology Milestones D-Wave Quantum Inc. announced key product and technology milestones that underscore accelerating customer adoption and progress. At Qubits 2026, D-Wave’s annual user conference today, the Company will introduce new hybrid solver capabilities that enable customers to incorporate machine learning models directly into quantum optimization workflows, as well as new tools that give quantum scientists deeper visibility into quantum dynamics using annealing quantum computers. In addition, the Company will share details on its accelerated gate-model development roadmap, including progress enabled by the recent acquisition of Quantum Circuits Inc., a breakthrough demonstration of scalable on-chip cryogenic control of qubits, and plans to bring an initial gate-model system to market in 2026. These development efforts and updates focus on scalability, enabling customers to tackle increasingly large and complex problems with greater efficiency and performance. Customer usage of D-Wave’s award-winning Advantage2 annealing quantum computers increased by 314% over the last year, while usage of the Company’s Stride™ hybrid solver, formerly known as the nonlinear program solver, increased by 114% in the last six months. D-Wave has introduced several annealing quantum computing product enhancements recently, including: Hybrid Solver Software Supports Integrated Machine Learning Models: D-Wave’s Stride hybrid solver combines the strengths of annealing quantum computing and classical computing to help customers address problems that classical-only methods may not be able to effectively or efficiently solve. The Stride hybrid solver now allows for surrogate modeling, enabling customers to incorporate machine learning models directly into optimization workflows to support a wider range of use cases within domains such as predictive maintenance, surge pricing, advertising campaign optimization, and employee scheduling. Learn more about the Stride hybrid solver here. Multicolor Annealing and Fast-Reverse Anneal: These new capabilities, which are now available to select customers, provide more precise qubit control to help scientists accelerate experimentation and discovery. Fast-reverse anneal allows the annealing quantum computer to move back and forth through the annealing process while maintaining coherence where quantum effects are strongest. This repeatable control allows researchers to study how quantum states evolve and transition, deepening understanding of complex quantum behavior. Multicolor annealing, a set of processor controls that enable operations such as controlled excitation and mid-anneal projection, give researchers the ability to generate dynamical quantum states, probe quantum phenomena at a deeper level, and prototype new algorithms. In addition to advancements with its annealing quantum computing technology, D-Wave is accelerating development of its gate-model quantum computing platform. Through the recent acquisition of Quantum Circuits Inc. as well as its own breakthrough development work, D-Wave is uniquely positioned as the only company with all three core technologies required to deliver scaled, error-corrected superconducting gate-model systems: High-fidelity, error-detecting dual-rail qubits for efficient error correction with up to an order of magnitude fewer physical qubits per logical qubit Local cryogenic control and multi-chip superconducting packaging for scaling systems with orders of magnitude fewer I/O control lines, as detailed in a new white paper here. Robust cryogenic platforms with demonstrated uptimes of years for commercial-grade operations. Together, these capabilities support D-Wave’s plans to bring an initial gate-model quantum computing system to market in 2026, reinforcing the company’s dual-platform strategy and long-term vision for practical, scalable quantum computing. Announcement • Jan 21
D-Wave Quantum Inc. (NYSE:QBTS) completed the acquisition of Quantum Circuits, Inc. D-Wave Quantum Inc. (NYSE:QBTS) entered into an Agreement to acquire Quantum Circuits, Inc. for $550 million on January 6, 2026. A consideration consists of a number of the D-Wave Quantum’s common stock, par value $0.0001 per share with a value $300 million, plus $250 million in cash, subject to a net debt adjustment.
The acquisition is subject to certain closing conditions set forth in the merger agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the approval of listing of the shares of D-Wave common stock being issued as consideration on the NYSE. Closing is expected to occur in late January 2026.
Centerview Partners LLC acted as financial advisor for D-Wave Quantum Inc. Adam Givertz and Stan Richards of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for D-Wave Quantum Inc. Needham & Company, LLC acted as financial advisor and Jeffrey Lehrer and Scott Cowan of DLA Piper LLP acted as legal advisor for Quantum Circuits, Inc.
D-Wave Quantum Inc. (NYSE:QBTS) completed the acquisition of Quantum Circuits, Inc. on January 20, 2026. Recent Insider Transactions • Jan 16
President recently sold US$983k worth of stock On the 14th of January, Alan Baratz sold around 35k shares on-market at roughly US$28.06 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$3.9m. Alan has been a net seller over the last 12 months, reducing personal holdings by US$6.3m. Recent Insider Transactions Derivative • Jan 15
President notifies of intention to sell stock Alan Baratz intends to sell 35k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of January. If the sale is conducted around the recent share price of US$28.06, it would amount to US$983k. For the year to December 2021, Alan's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Alan's direct individual holding has decreased from 5.12m shares to 1.90m. Company insiders have collectively sold US$108m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 26
President exercised options and sold US$23m worth of stock On the 22nd of December, Alan Baratz exercised 794k options at a strike price of around US$0.91 and sold these shares for an average price of US$30.13 per share. This trade did not impact their existing holding. For the year to December 2021, Alan's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Alan's direct individual holding has decreased from 5.12m shares to 1.90m. Company insiders have collectively sold US$108m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • Dec 19
Now 27% overvalued The stock has been flat over the last 90 days, currently trading at US$26.82. The fair value is estimated to be US$21.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 47% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Recent Insider Transactions Derivative • Dec 08
Chief Financial Officer exercised options and sold US$5.1m worth of stock On the 4th of December, John Markovich exercised 200k options at a strike price of around US$0.92 and sold these shares for an average price of US$26.31 per share. This trade did not impact their existing holding. Since March 2025, John's direct individual holding has decreased from 2.13m shares to 937.56k. Company insiders have collectively sold US$82m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Dec 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$150m net loss in 3 years). Significant insider selling over the past 3 months (US$10m sold). Recent Insider Transactions Derivative • Nov 21
Chief Financial Officer notifies of intention to sell stock John Markovich intends to sell 500k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of November. If the sale is conducted around the recent share price of US$23.44, it would amount to US$12m. Since December 2024, John's direct individual holding has increased from 576.39k shares to 937.56k. Company insiders have collectively sold US$72m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Nov 17
President recently sold US$3.9m worth of stock On the 13th of November, Alan Baratz sold around 168k shares on-market at roughly US$23.17 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Alan has been a net seller over the last 12 months, reducing personal holdings by US$5.3m. Recent Insider Transactions Derivative • Nov 14
President notifies of intention to sell stock Alan Baratz intends to sell 168k shares in the next 90 days after lodging an Intent To Sell Form on the 13th of November. If the sale is conducted around the recent share price of US$23.17, it would amount to US$3.9m. For the year to December 2021, Alan's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Alan's direct individual holding has increased from 1.49m shares to 1.69m. Company insiders have collectively sold US$43m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 10
D-Wave to Showcase Advanced Hybrid Quantum Technologies at SC25 D-Wave Quantum Inc. announced it will showcase advances in hybrid quantum technology at SC25, the international conference for high performance computing (HPC), networking, storage and analysis. D-Wave will highlight quantum-HPC integration, impactful customer use cases, and emerging quantum-AI applications, underscoring the company's leadership in delivering energy-efficient quantum solutions that can drive measurable impact today. Against the backdrop of AI's escalating power consumption and the impact it is having on today's HPC centers, advanced hybrid quantum technologies are emerging as a potential energy-efficient accelerator for AI and HPC workflows. Reported Earnings • Nov 06
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: US$0.41 loss per share (further deteriorated from US$0.11 loss in 3Q 2024). Revenue: US$3.74m (up 100% from 3Q 2024). Net loss: US$140.0m (loss widened US$117.3m from 3Q 2024). Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 133%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 123% per year, which means it is well ahead of earnings. Announcement • Nov 04
D-Wave Advantage2 Quantum Computer Now Available for U.S. Government Applications At Davidson Technologies D-Wave Quantum Inc. and Davidson Technologies Inc. announced that D-Wave's Advantage2TM quantum computeris now operational at Davidson Technologies's headquarters in Huntsville, Alabama. The system is expected to address mission-critical U.S. government problems, particularly in national defense, and will eventually run sensitive applications. This launch marks a major milestone in a multi-year agreement and technology collaboration between D-Wave and Davidson to accelerate quantum computing adoption and deployment among U.S. government agencies. D-Wave and Davidson are already exploring quantum use cases in areas such as radar detection, resource deployment, military logistics optimization, materials science, AI and national security. Available for customer use now via D-Wave's LeapTM real-time quantum cloud service, the system housed at Davidson's headquarters is D-Wave's second U.S.-based annealing quantum computer and the first in Alabama. Leading industry voices and Alabama lawmakers affirmed their support for this pivotal moment, highlighting the state's expanding leadership in advanced technology and its growing role in driving innovation within national defense. Announcement • Oct 23
D-Wave Quantum Inc. to Report Q3, 2025 Results on Nov 06, 2025 D-Wave Quantum Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 06, 2025 Recent Insider Transactions • Oct 18
President recently sold US$1.4m worth of stock On the 14th of October, Alan Baratz sold around 31k shares on-market at roughly US$43.74 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.6m. This was Alan's only on-market trade for the last 12 months. Price Target Changed • Oct 16
Price target increased by 18% to US$26.30 Up from US$22.20, the current price target is an average from 10 analysts. New target price is 41% below last closing price of US$44.78. Stock is up 4,206% over the past year. The company is forecast to post a net loss per share of US$0.92 next year compared to a net loss per share of US$0.75 last year. Recent Insider Transactions Derivative • Oct 15
President notifies of intention to sell stock Alan Baratz intends to sell 31k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of October. If the sale is conducted around the recent share price of US$43.74, it would amount to US$1.4m. For the year to December 2021, Alan's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Alan's direct individual holding has increased from 1.49m shares to 1.64m. Company insiders have collectively sold US$41m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 14
Chief Financial Officer recently sold US$1.6m worth of stock On the 11th of September, John Markovich sold around 100k shares on-market at roughly US$16.30 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.6m. This was John's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Sep 12
Chief Financial Officer notifies of intention to sell stock John Markovich intends to sell 50k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of September. If the sale is conducted around the recent share price of US$16.30, it would amount to US$815k. Since December 2024, John's direct individual holding has increased from 576.39k shares to 786.67k. Company insiders have collectively sold US$38m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Sep 03
D-Wave Quantum Inc. Appoints Stan Black as Chief Information Security Officer D-Wave Quantum Inc. announced it is expanding its executive team with the appointment of security industry veteran Stan Black as chief information security officer (CISO). At D-Wave, Black will align the company’s security strategy with its corporate business goals, inform product development, and advance artificial intelligence and machine learning governance. Black is a cybersecurity veteran with more than 20 years of experience leading security and compliance strategies at leading public and private technology companies that serve both the public and private sector, including Dell/EMC/RSA/VMware, Citrix, Nuance Communications, and Delinea. A trusted voice in cybersecurity, Black regularly shares his perspectives as a speaker, media contributor, and advisor to industry leaders. Recent Insider Transactions • Aug 17
Executive VP recently sold US$550k worth of stock On the 13th of August, Diane Nguyen sold around 30k shares on-market at roughly US$18.18 per share. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.0m. Insiders have been net sellers, collectively disposing of US$7.1m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Aug 14
Chief Financial Officer notifies of intention to sell stock John Markovich intends to sell 300k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of August. If the sale is conducted around the recent share price of US$19.00, it would amount to US$5.7m. Since December 2024, John's direct individual holding has increased from 576.39k shares to 745.92k. Company insiders have collectively sold US$33m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 08
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: US$0.55 loss per share (further deteriorated from US$0.10 loss in 2Q 2024). Revenue: US$3.10m (up 42% from 2Q 2024). Net loss: US$167.3m (loss widened US$149.6m from 2Q 2024). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 05
Consensus EPS estimates upgraded to US$0.23 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.253 to -US$0.227 per share. Revenue forecast unchanged from US$24.2m at last update. Software industry in the US expected to see average net income growth of 26% next year. Consensus price target up from US$17.25 to US$19.38. Share price fell 6.4% to US$17.18 over the past week. Announcement • Aug 04
D-Wave Quantum Inc. Introduces New Developer Tools to Advance Quantum AI Exploration and Innovation D-Wave Quantum Inc. announced that it has released a collection of offerings to help developers explore and advance quantum artificial intelligence (AI) and machine learning (ML) innovation, including an open-source quantum AI toolkit and a demo. Available now for download, the quantum AI toolkit enables developers to seamlessly integrate quantum computers into modern ML architectures. The demo demonstrates how developers can leverage this toolkit to experiment with using D-Wave™? quantum processors to generate simple images, reflecting what D-Wave believes is a pivotal step in the development of quantum AI capabilities. By releasing this new set of tools, D-Wave aims to help organizations accelerate the use of annealing quantum computers in a growing set of AI applications. The quantum AI toolkit, part of D-Wave's Ocean™? software suite, provides direct integration between D-Wave's quantum computers and PyTorch, a production-grade ML framework widely used to build and train deep learning models. The toolkit includes a PyTorch neural network module for using a quantum computer to build and train ML models known as a restricted Boltzmann machine (RBM). Used to learn patterns and connections from complex data sets, RBMs are employed for generative AI tasks such as image recognition and drug discovery. Training RBMs with large datasets can be a computationally complex and time-consuming task that could be well-suited for a quantum computer. By integrating with PyTorch, D-Wave's new toolkit aims to make it easy for developers to experiment with quantum computing to address computational challenges in training AI models. Turning Quantum AI Potential into Real-World Value: D-Wave continues to advance its quantum AI product roadmap, delivering new solutions to customers while expanding development efforts. The company is working with a growing number of customers on exploratory quantum AI projects including: Japan Tobacco Inc.: D-Wave has completed a joint proof-of-concept project with the pharmaceutical division of Japan Tobacco Inc. (JT) that used D-Wave's quantum computing technology and AI in the drug discovery process. The quantum proof-of-concept outperformed classical methods for AI model training in drug discovery. Julich Supercomputing Centre at Forschungszentrum Julich: Researchers used D-Wave's quantum technology to develop a ML tool that predicts protein-DNA binding with greater accuracy than traditional methods using classical computers. The team integrated quantum computing with support vector machines to achieve improved results in various metrics, significantly enhancing classification performance. TRIUMF: Canada's particle accelerator center and its partner institutions recently published a paper in npj Quantum Information showing significant speedups using D-Wave's quantum computers over classical approaches for simulating high-energy particle-calorimeter interactions--pot potentially leading to major efficiencies where the AI model is used to create synthetic data. Organizations looking to explore the integration of quantum computing into AI workloads can apply to the Leap Quantum LaunchPad™? program. Kevin Chern, Senior Benchmarking Researcher at D-Wave, will showcase the toolkit and demo during his presentation titled "An Introduction to Quantum Annealers in Optimization and Machine Learning," at The AI Research Summit at Ai4 2025, on August 13, 2025 from 11:05 a.m. to 11:25 a.m. PT. Price Target Changed • Jul 30
Price target increased by 13% to US$18.67 Up from US$16.57, the current price target is an average from 9 analysts. New target price is 9.4% above last closing price of US$17.06. Stock is up 1,606% over the past year. The company is forecast to post a net loss per share of US$0.24 next year compared to a net loss per share of US$0.75 last year. Announcement • Jul 30
D-Wave Quantum Announces Strategic Development Initiative for Advanced Cryogenic Packaging D-Wave Quantum Inc. announced a new strategic development initiative focused on advanced cryogenic packaging. Designed to advance and scale both gate model and annealing quantum processor development, the initiative builds on D-Wave's technology leadership in superconducting cryogenic packaging and will expand the company's multichip packaging capabilities, equipment, and processes. By bolstering its manufacturing efforts with technology, D-Wave aims to accelerate its cross-platform technology development efforts while maintaining and expanding fundamental components of its supply chain. As part of this initiative, D-Wave is leveraging deep expertise and processes at the NASA Jet Propulsion Laboratory ("JPL"), a research and development lab federally funded by NASA and managed by Caltech. Harnessing JPL's superconducting bump-bond process, D-Wave has demonstrated end-to-end superconducting interconnect between chips, work that D-Wave expects will serve as an important foundation for scaling both D-Wave's annealing architectures and its fluxonium-based gate-model architectures. D-Wave believes that superconducting bump bonds will be key to the scalable control of fluxonium and to interconnectivity in multichip quantum processor architectures. D-Wave is also acquiring equipment and developing processes with a goal to increase circuit densities in its pioneering superconducting printed-circuit-board ("PCB") manufacturing, required for both scaling to larger processors and supporting analog-digital quantum computing technology. Packaging quantum processors involves unique and demanding requirements, including: compatibility with ultra-low temperature operation, extremely low magnetic fields, and fully superconducting interconnects with no interruptions in superconductivity all the way from on-chip circuitry through to external control wiring. D-Wave's differentiated solution encompasses cryogenic compatible mechanical and electromagnetic design, regularly achieves lower qubit temperatures than most in the industry, and supports coherence times that meet the requirements for error-corrected gate-model quantum computing technology. Announcement • Jul 24
D-Wave Quantum Inc. to Report Q2, 2025 Results on Aug 07, 2025 D-Wave Quantum Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 Announcement • Jul 02
D-Wave Quantum Inc. has completed a Follow-on Equity Offering in the amount of $400 million. D-Wave Quantum Inc. has completed a Follow-on Equity Offering in the amount of $400 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Recent Insider Transactions • Jun 19
Independent Director recently sold US$1.8m worth of stock On the 12th of June, Roger Biscay sold around 107k shares on-market at roughly US$16.85 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$2.0m. Insiders have been net sellers, collectively disposing of US$6.6m more than they bought in the last 12 months. Announcement • Jun 11
D-Wave Quantum Inc. has filed a Follow-on Equity Offering in the amount of $400 million. D-Wave Quantum Inc. has filed a Follow-on Equity Offering in the amount of $400 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Recent Insider Transactions • May 25
Independent Director recently sold US$2.0m worth of stock On the 22nd of May, Roger Biscay sold around 112k shares on-market at roughly US$17.68 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.1m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 25
President exercised options and sold US$14m worth of stock On the 21st of May, Alan Baratz exercised 846k options at a strike price of around US$0.91 and sold these shares for an average price of US$17.00 per share. This trade did not impact their existing holding. For the year to December 2021, Alan's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Alan's direct individual holding has increased from 946.02k shares to 1.60m. Company insiders have collectively sold US$14m more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 20
D-Wave Announces General Availability of Advantage2 Quantum Computer, Its Most Advanced and Performant System D-Wave Quantum Inc. announced the general availability of its Advantage2TM quantum computing system, a powerful and energy-efficient annealing quantum computer capable of solving nationally complex problems beyond the reach of classical computers. Featuring D-Wave's most advanced quantum processor to date, the Advantage2 system is commercial-grade, and built to address real-world use cases in areas such as optimization, materials simulation and artificial intelligence (AI). Customers can now access the Advantage2 system via D-Wave's LeapTM real-time quantum cloud service, which is available in more than 40 countries and offers 99.9% availability and uptime, sub-second response times and SOC 2 Type 2 compliance to meet enterprise needs and security requirements. For hyperscalers and supercomputing centers that want to integrate quantum computing into their infrastructure, the Advantage2 system is also available to purchase for on-premises ownership. Designed to tackle highly complex computational problems and facilitate quantum and hybrid-quantum applications for production deployment, the Advantage2 system's key benefits include: Increased qubit connectivity: The Advantage2 processor features the Zephyr™? topology with 20-way connectivity, which enables embedding of more complex problems. Higher energy scale and lower noise: The Advantage2 system offers a 40% increase in energy scale and a 75% reduction in noise, which contributes to higher-quality solutions for complex calculations. Greater coherence: A twofold increase in coherence allows the Advantage2 quantum processor to achieve faster time-to-s solution. Hybrid solver integration: Now integrated with the full Advantage2 system, the hybrid solvers in the Leap quantum cloud service--including the powerful nonlinear hybrid solver--support up to two million variables and constraints, allowing businesses to run large-scale, business-critical applications in production. Organizations regularly face the limitations of legacy computing solutions, leading to a growing demand for D-Wave's annealing quantum computing technology to tackle hard problems such as optimizing mobile networks, creating more efficient workforce scheduling, and streamlining automotive manufacturing processes. More than 20.6 million customer problems have been run on the Advantage2 prototypes available in the Leap cloud service since June 2022, with customer use up 134% in the last six months. An Advantage2 prototype was used by Japan Tobacco in a proof-of-concept project that utilized quantum computing and AI in the drug discovery process, and the Julich Supercomputing Center and Los Alamos National Laboratory have used the prototypes to advance their research. Beginning May 20, 2025, a full-scale generally available Advantage2 system is accessible in the Leap quantum cloud service for all D-Wave customers. In addition, D-Wave continues to expand its fleet of annealing quantum computers hosted around the world. The forthcoming Advantage2 system hosted on-premises at Davidson Technologies is intended to serve as a focal point for national security-focused quantum research. Also, the system currently located at the Julich Supercomputing Centre (JSC) at Forschungszentrum Julich (FZJ) will be upgraded to an Advantage2 system and is expected to connect with the JUPITER supercomputer, Europe's first and only exascale HPC, to facilitate breakthroughs in artificial intelligence and quantum optimization applications. Learn more and begin using the D-Wave Advantage2 quantum computer here here. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: US$0.019 loss per share (improved from US$0.11 loss in 1Q 2024). Revenue: US$15.0m (up US$12.5m from 1Q 2024). Net loss: US$5.42m (loss narrowed 69% from 1Q 2024). Revenue exceeded analyst estimates by 43%. Earnings per share (EPS) also surpassed analyst estimates by 62%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 09
Price target increased by 10% to US$10.58 Up from US$9.58, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of US$10.42. Stock is up 695% over the past year. The company is forecast to post a net loss per share of US$0.28 next year compared to a net loss per share of US$0.75 last year. Announcement • Mar 20
D-Wave Introduces Quantum Blockchain Architecture, Featuring Enhanced Security and Efficiency over Classical Computing D-Wave Quantum Inc. announced that it has published a new research paper introducing a novel blockchain architecture that uses techniques from its quantum supremacy demonstration. By adding quantum to traditional blockchain computation, the new architecture could enhance blockchain security and efficiency. As part of this research, D-Wave scientists deployed the blockchain architecture across four of its cloud-based annealing quantum computers in Canada and the United States, performing distributed quantum computing for the first time. An illustration from a new research paper published by D-Wave introducing a novel blockchain architecture that leverages the company's quantum supremacy achievement. The illustration depicts how a "proof of quantum" algorithm developed by D-Wave uses quantum computation to generate and validate blockchain hashes. The new research paper, "Blockchain with Proof of Quantum Work," highlights how D-Wave built and tested a "proof of quantum" algorithms that uses quantum computation to generate and validation blockchain hashes. Classical computers currently used for hashing and proof of work consume significant amounts of electricity. Each year, the power consumption of Bitcoin alone-- just one application of blockchain-- is estimated to be comparable to the power consumption of the entire country of Poland. D-Wave's research indicates that using quantum computation for hashing and proof of work could require a fraction of the electricity used by classical resources alone and potentially reduce electricity costs by up to a factor of 1,000. The paper introduces a new quantum-powered method to securely and efficiently create hashes by mapping classical functions to the complex programmable spin glasses simulated in D-Wave's recent supremacy demonstration. The proof of quantum algorithm presented in the paper is designed to incorporate hashes generated by a quantum computer, excluding classical computation from the process and adding an enhanced layer of security. Initially developed to enable cryptocurrencies such as Bitcoin, blockchain technology has a diverse range of applications across supply chain management, healthcare, identity verification, and decentralized finance. The D-Wave™? annealing quantum computers used in the Company's recent quantum supremacy demonstration and this new blockchain research are available for customers to use via D-Wave's Leap™? real-time quantum cloud service. D-Wave plans to continue to drive the development of this capability and work with partners to bring to market products based on this new blockchain architecture. Price Target Changed • Mar 14
Price target increased by 18% to US$9.08 Up from US$7.67, the current price target is an average from 6 analysts. New target price is 31% above last closing price of US$6.91. Stock is up 235% over the past year. The company is forecast to post a net loss per share of US$0.35 next year compared to a net loss per share of US$0.75 last year. Reported Earnings • Mar 13
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: US$0.75 loss per share (further deteriorated from US$0.60 loss in FY 2023). Net loss: US$143.9m (loss widened 74% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 84%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Mar 13
D-Wave Quantum Inc. First to Demonstrate Quantum Supremacy on Useful, Real-World Problem D-Wave Quantum Inc. announced a scientific breakthrough published in the esteemed journal Science, confirming that its annealing quantum computer outperformed one of the world's most powerful classical supercomputers in solving complex magnetic materials simulation problems with relevance to materials discovery. The new landmark peer-reviewed paper, "Beyond-Classical Computation in Quantum Simulation," validates this achievement as the world's first and only demonstration of quantum computational supremacy on a useful problem. A close-up look at D-Wave's Advantage2 annealing quantum computer prototype. Since February 2024, D-Wave customers have run nearly 9.5 million problems on the Advantage2 annealing quantum computers prototype. Realizing an Industry-First Quantum Computing Milestone The behavior of materials is governed by the laws of quantum physics. Understanding the quantum nature of magnetic materials is crucial to finding new ways to use them for technological advancement, making materials simulation and discovery a vital area of research for D-Wave and the broader scientific community. Magnetic materials simulations, like those conducted in this work, use computer models to study how tiny particles not visible to the human eye react to external factors. Magnetic materials are widely used in medical imaging, electronics, superconductors, electrical networks, sensors, and motors. Materials discovery is a computationally complex, energy-intensive and expensive task. Today's supercomputers and high-performance computing (HPC) centers, which are built with tens of thousands of GPUs, do not always have the computational processing power to conduct complex materials simulations in a timely or energy-efficient manner. For decades, scientists have aspired to build a quantum computer capable of solving complex materials simulation problems beyond the reach of classical computers. D-Wave's advancements in quantum hardware have made it possible for its annealing quantum computers to process these types of problems for the first time. The results shown in "Beyond-Classical Computations" were enabled by D-Wave's previous scientific milestones published in Nature Physics (2022) and Nature (2023), which theoretically and experimentally showed that quantum annealing provides a quantum speedup in complex optimization problems. These scientific advancements led to the development of the Advantage2 prototype's fast anneal feature, which played a a a critical part of the world's first first and only demonstration of quantum computing systems, software, and services. The results shown in " Beyond-Classical Computation in quantum Simulation" were enabled by D- Wave's previous scientific milestones published in nature Physics (2022) and nature (2023, which theoretically and experiments showed that quantum anneal provides a quantum speed up in complex optimization problems. These Scientific advancements led to the development of The Advantage2 prototype's fast ananeal feature, which played a unique unique unique unique unique unique unique technology. Announcement • Feb 27
D-Wave Quantum Inc. to Report Q4, 2024 Results on Mar 13, 2025 D-Wave Quantum Inc. announced that they will report Q4, 2024 results Pre-Market on Mar 13, 2025 Announcement • Feb 13
D-Wave Announces On-Premises Systems Offering to Push Boundaries of Quantum-Fueled Research and Advance Quantum + AI Development D-Wave Quantum Inc. announced that it is enabling research centers, academic institutions, and governments to purchase on-premises D-Wave™ Advantage™ quantum computing systems to help customers push the boundaries of quantum-fueled experimentation, development and usage. Supported by today’s announcement that Forschungszentrum Jülich (FZJ) is the first high-performance computing (HPC) center in the world to purchase a D-Wave Advantage quantum system, D-Wave expects the new systems offering to drive advanced research and new discoveries in areas such as artificial intelligence (AI) and quantum simulation. Customers have the ability to purchase on-premises D-Wave Advantage systems, the world’s largest annealing quantum computers with more than 5,000 qubits and 15-way connectivity. With tailored pricing to meet the unique requirements of each customer, the new offering includes shipping, installation, calibration and ongoing maintenance of the system to ensure optimal performance as well as assistance in setting up local hybrid quantum solvers. On-premises installation and system ownership provide customers the ability to tightly integrate with existing classical and HPC systems, leverage and tune system parameters, and take advantage of new system innovations, such as advanced analog-digital features, as they are developed. D-Wave vice president of infrastructure, Irwan Owen, is leading the systems go-to-market effort. The Company also announced the new “Quantum Uplift” program to address the growing number of customers expressing disappointment with competitor quantum systems that are incapable of solving problems of practical value and lack reliable uptime and availability. The Quantum Uplift program offers incentives toward the purchase of a D-Wave Advantage system for any organization that is dissatisfied with their current quantum computer. D-Wave’s quantum computers are highly performant, reliable and available, helping customers solve complex problems that are beyond the reach of classical computers. More than 100 organizations trust D-Wave with their toughest computational challenges, providing them with the opportunity to realize the value of quantum computing today. Organizations are increasingly looking to quantum computers to accelerate research, bolster national security and global competitiveness, and explore how the technology can address challenges resulting from AI's escalating power consumption. In fact, a study conducted by Hyperion Research reported that the increased focus on AI and compute-intensive technology is generating demand for on-premises quantum computers, particularly in HPC environments. Nearly 20% of respondents said that they prioritize the control, security, and immediacy provided by on-site quantum computing infrastructure. Modern HPC environments are built with tens of thousands of graphics processing units (GPUs) working together simultaneously to perform calculations. While the GPU excels at executing AI tasks such as data mining, pattern matching, and predictions, the quantum processing unit (QPU), used in quantum computers, brings unique strengths in solving complex problems that can enhance AI capabilities and drive compute efficiencies while helping reduce power consumption. Announcement • Jan 23
D-Wave Quantum Inc. has completed a Follow-on Equity Offering in the amount of $150 million. D-Wave Quantum Inc. has completed a Follow-on Equity Offering in the amount of $150 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Price Target Changed • Jan 17
Price target increased by 14% to US$6.29 Up from US$5.54, the current price target is an average from 6 analysts. New target price is 19% above last closing price of US$5.27. Stock is up 669% over the past year. The company is forecast to post a net loss per share of US$0.42 next year compared to a net loss per share of US$0.60 last year. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 40% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (36% average weekly change). Negative equity (-US$17m). Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$64m net loss in 3 years). Price Target Changed • Dec 12
Price target increased by 28% to US$3.63 Up from US$2.83, the current price target is an average from 6 analysts. New target price is 7.3% below last closing price of US$3.91. Stock is up 283% over the past year. The company is forecast to post a net loss per share of US$0.42 next year compared to a net loss per share of US$0.60 last year. Announcement • Dec 10
D-Wave Quantum Inc. has filed a Follow-on Equity Offering in the amount of $75 million. D-Wave Quantum Inc. has filed a Follow-on Equity Offering in the amount of $75 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Dec 03
D-Wave Quantum Inc. to Showcase Real-World Quantum Computing Applications in Action At Second B24 Silicon Valley D-Wave Quantum Inc. announced it will highlight the transformative power of quantum optimization and its impact on today's businesses at second quarter of 2024. Murray Thom, D-Wave vice president of quantum technology evangelism and featured speaker at the event, will discuss the evolution of quantum applications moving from proof of concept to production deployment. Uniquely aligned with Q2B24 Silicon Valley's theme of "The Roadmap to Quantum Value," Thom will highlight the measurable impact that D-Wave's annealing quantum computing solutions are creating for customers, including: An 80% reduction in the effort needed to create retail workforce schedules at Pattison Food Group, the largest purveyor of food and healthcare products in western Canada. An 83% reduction in the time needed to create manufacturing production schedules at Ford Otosan, a joint venture between Ford Motor Company and Koc Holding, an industrial conglomerate in Turkey. A 15% improvement in the utilization of mobile network resources at NTT Docomo, Japan's mobile phone operator. Announcement • Nov 26
D-Wave Quantum Inc. Appoints Sharon Holt to Its Board of Directors D-Wave Quantum Inc. announced the appointment of Sharon Holt to its board of directors. The appointment comes on the heels of the October 2024 additions of John DiLullo and Rohit Ghai to the D-Wave board, as the company continues to usher in the era of commercial quantum computing. Holt is a seasoned technology executive, investor, and board director with extensive global industry experience in semiconductors, embedded technologies, and intellectual property. Her executive roles have spanned business unit leadership, P&L ownership, business development, sales, marketing and engineering. Holt has served as a principal at Fraser Stuart Ventures, LLC, a private investment and advisory firm since 2016. Prior to that, she served as senior vice president and general manager of the semiconductor business group at Rambus Inc., a leading technology development and licensing company. Prior to Rambus, Holt held executive roles at Agilent Technologies and HP. She serves on the board of directors of Infinera Corp., a publicly traded leading supplier of intelligent transport network solutions, and previously served as chairman of the board of directors of Immersion Corporation, a publicly traded developer of haptics technology for cell phones and other devices. Major Estimate Revision • Nov 21
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$10.1m to US$8.76m. EPS estimate reaffirmed at -US$0.423 per share. Software industry in the US expected to see average net income growth of 18% next year. Consensus price target up from US$2.29 to US$2.83. Share price rose 5.3% to US$1.97 over the past week. New Risk • Nov 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$61m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-US$17m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$74m net loss in 3 years). Shareholders have been diluted in the past year (40% increase in shares outstanding). Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.11 loss per share. Revenue: US$1.87m (down 27% from 3Q 2023). Net loss: US$22.7m (loss widened 41% from 3Q 2023). Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 4.8%. Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in the US. Announcement • Nov 15
D-Wave Quantum Inc. Provides Earnings Guidance for the Fourth Quarter of Fiscal 2024 D-Wave Quantum Inc. provided earnings guidance for the fourth quarter of fiscal year 2024. For the period, Company expects Revenue to improve over the third quarter Revenue. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$60m free cash flow). Negative equity (-US$22m). Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$71m net loss in 3 years). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding).