D-Wave

Quantum computing pioneer D-Wave has raised US$400 million through an at-market equity offering in June, selling shares at an average price of US$15.18. The British Columbia-based firm now holds US$815 million in cash, significantly strengthening its balance sheet. CEO Alan Baratz said the funding will support acquisitions and further development of D-Wave’s quantum technologies.

The company, which lost US$143.9 million last year, previously indicated it could achieve profitability with US$304 million on hand at Q1’s end. This marks the fourth capital raise in just over a year, as D-Wave capitalizes on share-price gains to fuel its ambitious growth strategy.

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Burnaby-based D-Wave saw its stock soar 51.2% Thursday following first-quarter results that showed US$15 million in revenue—a 509% year-over-year increase. The gain was largely driven by the sale of a quantum computer to a German research centre. Despite posting a US$5.4 million loss, the firm maintains US$304.3 million in cash reserves, providing runway toward profitability.

CEO Alan Baratz defended the company’s progress amid skepticism over quantum’s maturity, asserting its systems are already addressing business needs. Future orders total US$1.6 million. The firm’s share price returned to March highs following a prior technology breakthrough announcement.

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D-Wave Quantum has raised $175 million USD to support technical development and operations, ending 2024 with an expected $160 million in cash. CEO Alan Baratz called the funding “a substantial improvement” to the company’s financial strength.

Despite 25 years of development, D-Wave remains in early stages, facing heavy losses. Q3 revenue dropped 27% year-over-year to $1.9 million, while net losses rose 41% to $23 million. Founded in Canada and now headquartered in Palo Alto, D-Wave retains strong ties to Burnaby, BC. Shares, trading at $3.91, reflect both challenges and recent growth.

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Vancouver’s D-Wave announced a study today revealing significant ROI from quantum computing. Presented at D-Wave’s Qubits 2024 user conference, the report by Hyperion Research surveyed 300 enterprises in the US and EU. Results showed that businesses expect up to $51.5 billion in combined financial impact from quantum optimization.

Nearly all respondents plan to commit $3 to $6 million annually, anticipating returns of $60 to $65 million each. Adoption is increasing, with 21% planning production use within 12 to 18 months. Quantum technology is seen as key for enhancing efficiencies, increasing revenues, and driving innovation.

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