D-Wave (QBTS) Falls 8.9% on Dismal Q3

In its latest earnings release, D-Wave Quantum Inc. (NYSE:QBTS) said it widened its net loss by 516 percent to $140 million from $22.7 million in the same period last year, primarily due to $121.9 million in non-cash, non-operating charges related to the remeasurement of its warrant liability, coupled with realized losses from warrant exercises.

Revenues, on the other hand, soared by 98 percent to $3.7 billion from $1.87 billion year-on-year.

“Our strong third quarter results reflect the momentum we see building across every aspect of our business, with key metrics, including revenue, gross profit, bookings and cash balance, clearly indicating D-Wave’s success in accelerating global quantum computing adoption,” said D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz.

Photo by Anton Maksimov juvnsky on Unsplash

“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,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.