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D-Wave Quantum Inc. (NYSE:QBTS) shares are trading lower on Thursday. The company reported third-quarter financial results before the market opened.
What To Know: D-Wave reported third-quarter revenue of $3.73 million, beating the consensus estimate of $3.03 million, according to Benzinga Pro.
The quantum company reported an adjusted loss of 41 cents per share, missing the consensus estimate for a loss of 7 cents per share. The earnings miss appears to be driving shares lower on Thursday.
Revenue for the quarter ended Sept. 30 rose 100% year-over-year, compared to $1.9 million in the same period last year. GAAP gross profit climbed 156% to $2.7 million, and gross margin improved to 71.4%.
D-Wave said bookings reached $2.4 million for the quarter, up 80% from the prior quarter. The company ended the period with a record $836.2 million in cash, up more than 2,700% from $29.3 million a year ago, supported by warrant exercises.
“The world is watching quantum, and specifically D-Wave, as we deliver quantum computing’s value to businesses, researchers and governments now, while advancing the technology for even greater impact and scale in the future,” said Alan Baratz, CEO of D-Wave.
QBTS Price Action: At the time of publication on Thursday, D-Wave shares are trading 6.93% lower at $28.85, according to data from Benzinga Pro.
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