D-Wave Quantum Inc. (NYSE:QBTS) posted record revenue in the first quarter, according to financial results released Thursday.
Revenue for the B.C.-founded quantum computer company hit US$15 million in Q1, up 507 per cent from the same period one year ago when revenue sat at US$2.47 million.
The quarterly financial results revealed a net loss of US$5.42 million, down from US$17.31 million during the same period one year ago.
D-Wave CEO Alan Baratz said in a statement the increase in revenue could mainly be attributed to the sale of the company’s first Advantage quantum computer to a major research institution.
A March study published in the Science academic journal concluded that the branch of quantum computing D-Wave specializes in, called annealing, can make computations for real-world problems that a classic computer would never be able to do.
The company announced last November it regained compliance with the New York Stock Exchange, avoiding being delisted. Letters of compliance from the NYSE are sent when shares fall below US$1 for more than 30 days.
D-Wave’s stock closed out October 2024 trading at US$1.06, and ended the year trading at US$8.40.
By close of markets Friday, share prices were trading at just over US$11.
The company’s Quantum Centre of Excellence is located in Burnaby and its global operations are based in Palo Alto, Calif.
—With files from Nelson Bennett and Glen Korstrom
