D-Wave’s Bookings Spike Keeps QBTS in Play, but the Revenue Math Still Has to Catch Up
D-Wave reported first-quarter bookings of $33.4 million, up nearly 2,000% from a year earlier, driven by a $20 million system sale to Florida Atlantic University. Revenue dropped 81% to $2.9 million, and net loss widened to $18.4 million. QBTS shares closed Monday up 6.47% at $24.03. Operating expenses more than doubled to $56.5 million, partly due to the Quantum Circuits acquisition.