Driven by the first sale of its Advantage annealing quantum computing system, D-Wave Quantum Inc. (QBTS, Financial) had its fiscal 2024 bookings jump 120% to almost $23 million. This represents a significant advance with D-Wave is broadening its revenue model to include on-site solutions in addition to its current cloud offerings.
The quantum computing bellwether's CEO Alan Baratz clapped back at the assertion of effective quantum computing being yet 15 to 30 years away made by Nvidia CEO Jensen Huang. With customers like Mastercard and NTT Docomo leveraging the technology for advanced solutions, D-Wave emphasized how their annealing quantum systems are already addressing practical issues.
With $178 million in cash at the end of 2024, D-Wave demonstrated its financial consistency in the face of market swings. With over 5,000 qubits, its Advantage system—which shows that quantum computing is already having an impact now— attracts curiosity for artificial intelligence, national security, and innovative research.
