PALO ALTO, Calif. - D-Wave Quantum (NASDAQ:QMCO) Inc. (NYSE:QBTS), known for its quantum computing systems, is taking part in today's Quantum Technologies Forum at the University of Southern California (USC). The company is showcasing its annealing quantum computing technology and sharing customer use cases.
The event marks a continuation of D-Wave's partnership with USC, where the university's Viterbi School of Engineering was the first in the U.S. to house a D-Wave Advantage quantum computing system. This collaboration has enabled USC to conduct extensive research and studies in quantum fields.
Lorenzo Martinelli, D-Wave's Chief Revenue Officer, emphasized the significance of their quantum system at USC in advancing research and education. He mentioned that their 5,000+ qubit quantum computer, the largest globally, offers powerful computational capabilities for complex problem-solving.
The Quantum Technologies Forum focuses on quantum research, workforce development, and the growth of a quantum technology infrastructure in Southern California. It features speakers from various academic and industry backgrounds.
D-Wave is the first commercial supplier of quantum computers and provides both annealing and gate-model quantum computers. The company's mission is to harness quantum computing to address complex problems across various sectors, including logistics, AI, drug discovery, and financial modeling. D-Wave's technology has been utilized by organizations such as Mastercard (NYSE:MA), Lockheed Martin (NYSE:LMT), and Los Alamos National Laboratory.
The information in this article is based on a press release statement.
In other recent news, D-Wave Quantum Inc. has reported substantial growth in the second quarter of 2024, with a 41% increase in revenue to $4.6 million and a 58% increase in bookings to $7.2 million. This growth is accompanied by a significant increase in gross profit, an improved net loss position, and a decrease in operating expenses. The company also announced the expansion of its board of directors by appointing tech industry veterans John DiLullo and Rohit Ghai.
D-Wave Quantum has also been making strides in integrating quantum annealing with artificial intelligence processes, a move that is expected to contribute to its future financial performance. Furthermore, the company has expanded its partnership with Zapata AI and installed a second quantum computer in the U.S.
On the financial front, D-Wave Quantum announced a $175 million S3 shelf registration statement and an equity line of credit of $82.1 million. However, it has reported a non-compliance issue with the New York Stock Exchange listing standards due to its average stock price falling below the required minimum. The company is actively seeking remedies to rectify this deficiency, including a potential reverse stock split, subject to shareholder approval.
In terms of analyst coverage, Roth/MKM lowered D-Wave Quantum's stock price target to $2.00 from $3.00, while maintaining a Buy rating. The firm remains optimistic about D-Wave Quantum's market position, citing consistent revenue and bookings, and the company's focus on strategic vertical opportunities and partnerships. These are among the recent developments for D-Wave Quantum.
InvestingPro Insights
As D-Wave Quantum Inc. (NYSE:QBTS) showcases its quantum computing technology at USC's Quantum Technologies Forum, it's worth noting some key financial insights from InvestingPro. The company's market capitalization stands at $227.62 million, reflecting its position in the emerging quantum computing sector.
D-Wave has shown strong revenue growth, with a 37.07% increase in the last twelve months as of Q2 2023, reaching $10.12 million. This growth aligns with the company's efforts to expand its quantum computing applications across various industries, as mentioned in the article.
However, investors should be aware of some challenges. An InvestingPro Tip indicates that D-Wave is quickly burning through cash, which could be a concern given the capital-intensive nature of quantum computing research and development. Additionally, the company is not profitable over the last twelve months, with an operating income margin of -704.86% for the same period.
Despite these challenges, D-Wave has seen a strong return over the last three months, with a price total return of 39.51%. This positive momentum might reflect growing interest in quantum technologies and D-Wave's partnerships with prestigious institutions like USC.
For readers interested in a deeper analysis, InvestingPro offers 8 additional tips for D-Wave Quantum Inc., providing a more comprehensive view of the company's financial health and market position.
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