D-Wave Quantum (QBTS) Q3 2024 Earnings Transcript

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• Leap Quantum Cloud Service has achieved 99.9%+ availability over 2 years

  80% confidence

• D-Wave is the only quantum computing company with commercial production deployments

  80% confidence

• Europe is ahead of US in likely government quantum deployments

  80% confidence

• FY2024 adjusted EBITDA loss will be less than $54.3M

  80% confidence

• D-Wave aims to achieve profitability with substantially less funding than competitors

  80% confidence

• D-Wave goal is to be the first independent public quantum company to achieve sustained profitability

  80% confidence

• Q4 revenue expected to improve over Q3

  80% confidence

• Advantage system with 5,000 qubits is the largest and most powerful quantum computer in the world

  80% confidence

• Advantage 2 will be added to Leap cloud service sooner rather than later

  80% confidence

• The long sought killer use case for quantum is quantum optimization, and evidence shows only annealing quantum systems will deliver speed-up on quantum optimization

  80% confidence

• D-Wave does not sell to China or Chinese companies due to US and Canada government restrictions

  80% confidence

• Production apps generate high $100Ks to $1M+ annual recurring QCaaS revenue

  80% confidence

• D-Wave's intellectual property covers both annealing AND gate model technologies, with majority of 240+ US granted patents covering both

  80% confidence

• D-Wave is the only quantum company offering formal SLAs

  80% confidence

• D-Wave shows versatility once thought limited to gate-based systems

  80% confidence

• Go-to-market hiring expected to complete by mid-Q1 2025

  80% confidence

• NTT DOCOMO deployment achieved 15% reduction in network congestion, solving in 40 seconds vs 27 hours classical compute

  80% confidence

• Work by Chinese researchers shows only quantum system factoring non-trivial numbers is D-Wave annealing

  80% confidence

• Q4 bookings expected to improve over Q3

  80% confidence

• D-Wave's annealing systems are one of few quantum technologies used by organizations to run production use cases to gain business value

  80% confidence

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