D-Wave Quantum Inc., announced their fourth quarter and year-end financial results and reported 2023 revenue of $7.1 million, an increase of 14.2% from the $6.2 million reported for 2022. Fourth quarter revenue was $2.4 million, representing a 41% growth. from the third quarter of 2022. Operating loss in 2022 was $59.4 million versus an operating loss of $38.9 million in 2021. In 2022, the company made a significant increase in R&D investment ($25.4 million to $31.1 million ) as well as in Sales & Marketing expenses ($6.1 million to $10.0 million) . And EBITDA for 2022 was $48.0 million compared to $35.7 million the previous year.
For 2023, the company has prospects of achieving between $12 and $13 million in revenue, which would be 76% growth at the midpoint. EBITDA is estimated at less than $62 million. The company already has $4.6 million in contracts in stash with an additional $1.2 million expected to be added from existing contracts that will be renewed. So almost half of the expected 2023 revenue has been identified.
The company demonstrated a significant increase in customer appeal with new or expansion agreements signed with companies such as ArcelorMittal, BASF, Unisys, Mastercard, Deloitte, Davidson Technologies, uptownBasel, Siemens Healthineers and New Mexico Consortium. The company has 67 commercial customers as of 2022. Technical advances continue with the introduction of new software breaker, expansion of their Quantum Leap Cloud Service, development progress of their Advantage2 7000 qubit annealing system, and continued development of their gateway level processor based on fluxonium qubit technology.
The company ended the year with approximately $7.1 million in cash and has raised $15.7 million so far this year from its previously reported Equity Line of Credit (ELOC) with the Lincoln Park Capital Fund. In addition, the company has negotiated a new $50 million four-year loan agreement with PSPIB Unitas Investments II Inc.
April 14, 2023