D-Wave Quantum (QBTS)2025-05-08 20:35Revenue and Income - Revenue for the three months ended March 31, 2025, increased by $12.5 million, or 509%, to $15.0 million compared to $2.5 million for the same period in 2024, primarily driven by system sales of $12.6 million[122]. - Other income increased by $1.0 million or 89%, reaching a net other income of $2.2 million for the three months ended March 31, 2025, compared to a net other expense of $1.1 million for the same period in 2024[131]. Net Loss and Expenses - Net loss for the three months ended March 31, 2025, was $5.4 million, a decrease of $11.9 million, or 69%, compared to a net loss of $17.3 million for the same period in 2024[121]. - Research and development expenses increased by $1.8 million, or 21%, to $10.3 million for the three months ended March 31, 2025, compared to $8.5 million for the same period in 2024[124]. - Sales and marketing expenses rose by $3.8 million, or 124%, to $6.9 million for the three months ended March 31, 2025, compared to $3.1 million for the same period in 2024[126]. - Total operating expenses increased by $6.0 million, or 31%, to $25.2 million for the three months ended March 31, 2025, compared to $19.2 million for the same period in 2024[121]. - Cost of revenue increased by $0.3 million, or 39%, to $1.1 million for the three months ended March 31, 2025, compared to $0.8 million for the same period in 2024, primarily due to system sales-related costs[123]. Cash Flow and Financing - Net cash used in operating activities was $19.3 million for the three months ended March 31, 2025, an increase of $7.2 million from $12.1 million for the same period in 2024[141]. - Net cash provided by financing activities was $145.6 million for the three months ended March 31, 2025, an increase of $146.3 million from $(0.7) million for the same period in 2024, primarily due to $146.1 million from the issuance of common stock under the $150M ATM[143]. - Net cash used in investing activities was $0.5 million for the three months ended March 31, 2025, a decrease of $0.7 million from $1.2 million for the same period in 2024[142]. - The Company entered into a new at-the-market sales agreement for up to $150.0 million on January 10, 2025, with net proceeds of $146.1 million received as of March 31, 2025[135]. Debt and Liabilities - The accumulated deficit as of March 31, 2025, was $632.4 million[107]. - Interest expense decreased by $0.9 million, or 80%, to $0.2 million for the three months ended March 31, 2025, compared to $1.1 million for the same period in 2024[127]. - The fair value of warrant liabilities decreased to $3.9 million for the three months ended March 31, 2025, compared to an increase of $2.7 million for the same period in 2024[130]. - The Company successfully repaid the entire Term Loan of $30.0 million and $4.3 million in accrued PIK interest on October 22, 2024[138]. - As of March 31, 2025, D-Wave had zero issuance capacity under both the $100M ATM and $75M ATM agreements[133][134]. Future Outlook - The company expects to continue incurring significant losses as it invests in research and development and various go-to-market initiatives[107]. - As of March 31, 2025, D-Wave had $37.8 million of issuance capacity under the Lincoln Park Purchase Agreement[132]. - The Company did not issue any Common Shares to Lincoln Park under the Purchase Agreement during the three months ended March 31, 2025[132]. Exchange Rate Impact - The effect of exchange rate changes on cash and cash equivalents was an increase of $0.5 million for the three months ended March 31, 2025[139].