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D-Wave Quantum Inc. (QBTS) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details D-Wave Quantum's financial performance, showing consistent revenue of $8.8 million for 2024, matching the previous year. The company reported a net loss of $143.9 million, an increase from the $82.7 million loss in 2023.
Cost of revenue decreased by 21% to $3.3 million, attributed to reductions in stock-based compensation and personnel costs. Operating expenses saw a slight decline, with research and development costs decreasing by 7% to $35.3 million.
General and administrative expenses fell by 12% to $32.4 million, primarily due to reduced professional fees and insurance costs. However, sales and marketing expenses rose by 47% to $15.1 million, driven by increased personnel and marketing costs.
Interest expense increased significantly to $3.9 million, primarily due to interest related to the Term Loan and the SIF Loan. The company fully repaid the Term Loan in October 2024.
D-Wave Quantum's liquidity position improved with cash and cash equivalents rising to $178.0 million as of December 31, 2024, following successful equity offerings and the repayment of the Term Loan.
The company continues to focus on its growth strategy, emphasizing the development of its quantum computing technology and expanding its customer base across various sectors.
D-Wave Quantum's leadership team remains committed to advancing the science of quantum computing and improving its technology to meet market demands and achieve long-term business objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the D-Wave Quantum Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.