secwatch.observer — SEC 8-K summary
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Issuer:     D-Wave Quantum Inc. (QBTS)
CIK:        0001907982
Form:       8-K
Filed at:   2023-07-21T23:59:59+00:00
Accession:  0001140361-23-035499
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1907982/000114036123035499/0001140361-23-035499-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1907982/000114036123035499/brhc20056152_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-035499

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer