The Burnaby, B.C.-based quantum computing firm reported a net loss of US$12.5 million on US$2.4 million in revenue in the fourth quarter of 2022, down 9.4 per cent and up 41.2 per cent year over year, respectively. D-Wave will have immediate access to US$15 million of the debt from PSPIB Unitas Investments II, which is linked to major shareholder PSP, one of Canada’s largest pension managers.
. (The Logic)
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The Burnaby, B.C.-based quantum computing firm reported a net loss of US$12.5 million on US$2.4 million in revenue in the fourth quarter of 2022, down 9.4 per cent and up 41.2 per cent year over year, respectively. D-Wave will have immediate access to US$15 million of the debt from PSPIB Unitas Investments II, which is linked to major shareholder PSP, one of Canada’s largest pension managers.
. (The Logic)
Talking point: Big-name clients are starting to use D-Wave’s quantum computers and services to try to solve real problems; the firm’s sales wins in the fourth quarter included industrial giants ArcelorMittal and BASF, as well as services firms Mastercard and Deloitte. And D-Wave is still spending significant sums to develop its technology, with R&D last year costing US$32.1 million, more than four times its annual revenue. Shares in D-Wave—which went public in August 2022 via SPAC—closed down more than 24 per cent Friday after the firm estimated it would make up to US$13 million in revenue in 2023, down from its US$27-million projection pre-listing.
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