Mentioned:
Quantum computing is starting to become a big business. And D-Wave Quantum is on the leading edge of it.
What’s happening:
- D-Wave Quantum (NYSE: QBTS) has announced their most recent quarterly financial results, which saw a major expansion in both total revenue and new partnerships
By the numbers:
- D-Wave Quantum generated $15M USD of revenue in their most recent quarter, which is a 509% increase from their previous quarter
- D-Wave Quantum currently has a cash position of more than $300M USD, which is the largest in the history of the company
- In the past year D-Wave Quantum has landed a total of 133 different customers across commercial and government partnerships
Why it matters:
- D-Wave Quantum is one of the most advanced publicly traded quantum computing companies in North America and has multiple notable existing partnerships including with NASA and Lockheed Martin (NYSE: LMT)
Going deeper:
- D-Wave Quantum has also been making waves in quantum computing technology innovation lately, including recently making a major scientific breakthrough through using their quantum computers to outperform the world’s most powerful classical computers for solving a complex magnetic materials simulation problem
Market reaction:
- Shares of D-Wave surged more than +50% following the announcement
