D-Wave Quantum reported third-quarter revenue of $4.5 million, marking a 21% increase compared to the same period last year. For the first nine months of the year, the company recorded $37.4 million in bookings, representing a 611% year-over-year growth.
The company's remaining performance obligations reached $38.3 million, a 1,221% increase from the previous year. D-Wave expects approximately 59% of this backlog to convert into revenue within the next 12 months.
D-Wave secured up to $100 million in funding under the US CHIPS Act. Additionally, the company delivered Italy’s first annealing quantum computer, featuring over 4,400 qubits, and reported that NTT DOCOMO used its technology to reduce signal peaks by 65.3%.
Strategic developments include a partnership with LG CNS announced around October 28 and a multi-year extension of the collaboration with SkyWater. The company is actively expanding its customer base across Asia and Europe.
