D-Wave Provides Update on Its Guidance for Quarter 2 Fiscal and Full Annual Financial Results

Although D-Wave not scheduled to provide their official Q2 financial results until August 10, 2023, they are providing some numbers earlier this week to give investors an early idea of ​​what these results will be. The company indicated that Q2 revenue would be in the $1.65 to $1.8 million range which would be a small increase over Q1 revenue of $1.6 million. Although the company did not previously issue its own earnings guidance for Q1, they did indicate that the consensus estimate for quarterly earnings from financial analysts was $2.281 million. One of the challenges that make these estimates difficult is determining the timing of revenue recognition associated with a firm’s professional services contracts.

Actual orders in Q2 were $2.5 million, down from the $2.9 million orders they had in Q1 2023. The company also updated its 2023 full-year earnings guidance to $11-$13 million from the previous $12-$13 million. Additionally, they indicated that their EBITDA loss for 2023 is expected to be under $58 million, an increase from their previous estimate of under $62 million. The company indicated that it was closing a $15 million second tranche of a $50 million four-year term loan with PSPIB Unitas Investments II Inc. on July 13, 2023

Additional information about this updated forecast is available in a news release posted on the D-Wave website Here.

July 22, 2023