D-Wave preliminary Q2 rev $1.65-1.8M (miss consensus); bookings +146% YoY; FY rev guide $11-13M, adj EBITDA worse

D-Wave Quantum Inc.

2023-Q2 EPS reported -$0.40 revenue$3,290,000

Preliminary Q2 revenue range $1.65-1.8M vs FactSet consensus $2.28M; shortfall due to timing of professional services revenue recognition.
Q2 bookings $2.5M, up 146% YoY; first-half bookings $5.4M, up 209% YoY; fifth consecutive quarter of YoY growth.
Average deal size increased 136% in Q2 and 252% in first half YoY.
Closed second $15M tranche of $50M term loan with PSP Investments affiliate; total advances to $30M; loan amended to remove mandatory prepayment on ELOC draws up to $50M.
FY2023 revenue guidance narrowed to $11-13M; Adjusted EBITDA guidance worsened to less than -$58M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

D-Wave Quantum Inc. reported fiscal second quarter ended June 30, 2023 results: revenue $1,650,000 to $1,800,000.

Period: fiscal second quarter ended June 30, 2023
Revenue: $1,650,000 to $1,800,000
Result: preliminary results

Exact text from the filing

Preliminary fiscal second quarter revenue is expected to be in a range of $1,650,000 to $1,800,000 compared with the FactSet analyst consensus estimate of $2,281,000 with the shortfall due primarily to the timing of revenue recognition on certain professional services contracts.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

D-Wave Quantum Inc. reported full year 2023 results: revenue a range of $11 million to $13 million.

Period: full year 2023
Revenue: a range of $11 million to $13 million
Result: guidance update

Exact text from the filing

We expect the fiscal 2023 revenue to be in a range of $11 million to $13 million

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D-Wave Quantum Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-035499

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