Filing Flows › D-Wave Quantum (QBTS) › Q4 2024
D-Wave Quantum (QBTS) Q4 2024 earnings results (fourth quarter 2024)
10-K filed Mar 14, 2025
D-Wave Quantum (QBTS) reported revenue of $2.3M for the fourth quarter 2024 (Q4 2024), -21% from a year earlier and +23% from the quarter before. Operating margin was -876.2%.
D-Wave Quantum, Q4 2024: revenue $2.3M (-20% year over year), operating margin -876.2%, net loss $86.1M, operating cash flow $2.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3M | +23% | -21% |
| Operating profit | −$20.2M | — | — |
| Net earnings | −$86.1M | — | — |
| Operating cash flow | $2.0M | — | — |
| Free cash flow | $1.1M | — | — |
What changed
Revenue was $2.3M in Q4 2024, down 21% year over year and up 23% from the previous quarter. QCaaS was the largest line at 72% of revenue.
Gross margin was 63.8%, down 3.9 points from a year earlier. Operating costs exceeded revenue by $20.2M, an operating margin of -876.2%. Operating expenses grew 17% against a revenue fall of 21%. The fastest-growing cost line was Sales & marketing (+59%). The quarter ended with a net loss of $86.1M, wider than the previous quarter's $22.7M loss. Net interest and other expense of $65.8M was the main reason.
Operating cash flow was $2.0M. Non-cash charges added back $316K of depreciation and amortization and $3.9M of share-based compensation. Working capital and other items added $83.9M. Capital expenditures of $0.9M left free cash flow of $1.1M.
Questions
What was D-Wave Quantum's revenue in the fourth quarter 2024?
D-Wave Quantum (QBTS) reported revenue of $2.3M for the fourth quarter 2024 (Q4 2024), -21% from a year earlier and +23% from the quarter before.
Was D-Wave Quantum profitable in the fourth quarter 2024?
Operating loss was $20.2M (-876.2% of revenue) and net loss $86.1M.
Source: D-Wave Quantum 10-K on SEC EDGAR.